Medical gases are considered as medical products and those equipment’s that can handle medical gases are termed as medical gas equipment’s. These are frequently used in healthcare by healthcare professionals for diagnostic and treatment of the patients. Additionally, it has varied usage in pharmaceutical and biotechnology industry, such as, pharmaceutical manufacturing, cell culture studies, and drug discovery and development. Commonly used medical gases are Medical air, Oxygen, Nitrous oxide, Nitrogen, Carbon dioxide etc.
Global medical gas and equipment’s market is showing a positive trend of development around the globe. There are many factors which are helping to boost this market such as rising incidence of chronic diseases, growing number of industry-friendly safety initiatives undertaken by the government, implementation of U.S. FDA safety and innovation act, growing base of geriatric population, and increasing demand for home healthcare and point of care products are some of the major factors propelling the growth of the medical gases market.
On the basis of region, the global medical gas and equipment’s market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Due to presence of a well-established medical gases market, high prevalence of patients with respiratory disorders, and growing aging population have contributed to the large share of the North American region. However, the Asia-Pacific region is expected to grow at the highest CAGR; growth in this market can be attributed to increasing healthcare awareness, rising healthcare expenditures, growth in the aging population, and growth in per capita income.
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