Global medical gases and equipment market estimated to reach USD 14,953 million by 2018

Global-medical-gases_pi

According to a report published by ReportsnReports, the global medical gases and equipment market is expected to reach USD 14,953 million by 2018. The paramount aspects bestowing growth of the worldwide market cover rising burden of diseases owing to the geriatric population base and the increasing number of patients suffering from chronic diseases and governments’ encouragement to reduce the healthcare costs by adopting treatment in home care settings. The Latin American markets are witnessing growth of the market due to government initiatives to reform the healthcare infrastructure across the region and increasing disposable income. Factors restricting the growth of the market also co-exist, which include unstable regulatory norms and inefficient reimbursement policies. According to the report, North America is leading the market since 2013 and will continue to do so through 2018. However, the rising demand of medical gases and equipment in APAC, mainly China and India and Latin American countries, may lead to reduction in North America’s market share. Less recognition and a lack of organized distribution network may impede the market growth in Latin America. The report suggests that oxygen will dominate the medical gases market due to existence of a large number of patients suffering from respiratory diseases such as COPD and sleep apnea syndrome. Observing the growth of home healthcare market, a number of manufacturers have started to manufacture lightweight and portable cylinders with different types of visible and audible alert provisions contributing to enhanced patient safety. The report lists Air Products and Chemicals, Praxair, Taiyo Nippon Sanso, SOL SpA, Airgas, Atlas Copco and Messer Group as the major global companies of the market. The top 10 players collectively covered around 70-75% of the global medical gases and equipment market in 2012.

(Image Courtesy: Camcarb)

Read the full article at medGadget

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