The medical gas equipment market is set to grow from its current market value of more than $5 billion to over $8 billion by 2026, gaining remarkable traction over the 2020 to 2026 period, according to a recent study by market research firm Global Market Insights.
With an increasing number of elderly individuals, need for chronic disease management has exponentially grown across the globe. A rise in the number of chronic disorder cases such as high blood pressure, diabetes, respiratory diseases, coronary heart diseases has resulted in exploding demand for medical gas equipment.
The medical gas equipment market is classified into outlets, manifolds, hose assemblies, cylinders, alarm systems, flowmeters, medical air compressors, regulators, masks, and vacuum systems. These products find application in diagnostic procedures, emergency actions, laboratory tests, and surgeries.
In 2019, the hospitals segment contributed major revenue to the global medical gas equipment market size due to patients’ growing preference for diagnostic and surgical procedures and other treatments in hospital settings. This can be attributed to the growing adoption of advanced technology and equipment in the facilities.
New clinical trials conducted in multi-specialty hospitals may create scope for new experimental therapies, attracting more patients. Furthermore, growing demand for respiratory treatments will lead to large-scale adoption of advanced medical equipment over the coming years.
Europe’s developed healthcare infrastructure is the contributing factor for the exponential growth of medical equipment business across the region. Regional government offers a substantial amount of funding for advanced healthcare research as well as for adoption of technologically advanced products.
Favorable health reimbursement policies along with rising respiratory disease cases in European countries will further boost product deployment. According to ELF (European Lung Foundation) estimates, around 600,000 people in the region die due to respiratory diseases annually, and as per Health Europa, around 8.2% of the total deaths in 2019 were due to respiratory diseases.
For more information on the study, visit Global Market Insights.