Medical Gas Equipment Market Outlook
Current Trends in the Medical Gas Equipment Market
The medical gas equipment market is expected to increase by $3.79 billion by 2025.
Increasing product innovations will fuel the growth of the global medical gas equipment market. End-users in the medical gas equipment market require customizable solutions for different applications. Hence, vendors have developed innovative products that installers can customize. Customization without compromising product quality is a popular strategy followed by vendors. Currently, Tri-Tech Medical has multiple patented innovations. Tri-Tech Medical is increasing its efforts to ensure that healthcare facilities can use these patents to improve its existing products. Miniaturization is also another major trend in the market. Medical gas vendors have realized the significance of integrating the cylinder valve and the pressure regulator into a single device with all necessary control functions combined. This customization makes delivering gases easier and faster, especially for medical gas therapy. Key executives of leading companies believe that the trend of miniaturization will gain popularity in the future.
There has been a positive impact on market growth during and after the COVID-19 era. The growing home healthcare market is notably driving the growth of medical gas equipment. There are several current trends in the medical gas equipment market, including:
- Increase in demand for home healthcare: The need for medical gas equipment is increasing as more patients prefer to receive treatment in the comfort of their homes. This trend is driven by factors such as convenience, cost savings, and the availability of portable medical gas equipment.
- Advancements in technology: There have been significant advancements in medical gas equipment technology, including developing more compact, lightweight, and portable devices. These devices have increased the use of medical gases in remote and rural areas where medical facilities may be limited.
- Growth of the Biomed gas market: The Biomed gas market is proliferating as more hospitals and clinics adopt biomed gases as a safe and reliable alternative to traditional medical gases. Biomed gases are produced using advanced technologies and meet strict quality standards, making them suitable for medical applications.
- Focus on safety and regulation: There is a growing focus on security and law in the medical gas equipment market. Governments and regulatory bodies are increasingly imposing strict medical gas equipment standards to ensure patients receive safe and effective treatment.
- Rising demand for medical oxygen: The need for medical oxygen is growing due to the increasing prevalence of respiratory diseases and the aging population. These factors have led to a growing demand for medical oxygen equipment, such as oxygen concentrators and oxygen cylinders, used to provide oxygen therapy to patients with respiratory problems.
Key Medical Gas Equipment Market Drivers
The growing Point-Of-Care Diagnostics (POCD) and home healthcare markets are major driving factors for the growth of the medical gas equipment market. POCD and home healthcare are two closely associated markets for medical gas equipment, as breathing devices and breathalyzers are used extensively in POCD and home healthcare. The increasing prevalence of respiratory infections drives the demand for POCD, as these infections increase the risk of disease transmission when the patient visits a healthcare facility. In developed countries, the cost burden of sexually transmitted diseases (STDs) and respiratory infections is increasing. Hence, the demand for POCD is also growing, as it helps diagnose diseases faster than conventional methods.
Moreover, lower costs and improved healthcare convenience drive the market’s growth. Respiratory conditions such as asthma and COPD are some of the leading causes of immobilization among patients, affecting the demand for home healthcare.
Several other critical drivers of the medical gas equipment market are outlined below:
Key Medical Gas Equipment Market Challenges
The declining reimbursements for respiratory therapies are a significant challenge for the global medical gas equipment market growth. Globally, asthma, respiratory allergies, and COPD prevalence is increasing. However, reimbursements for treatments are reducing. Hence, patients are beginning to explore other options, and the cost is also high. Moreover, many programs struggle to stay in operation due to the low reimbursement from the Centers for Medicare and Medicaid Services (CMS). Limited rebates also discourage the development of new therapies. The CMS system reduces reimbursements for respiratory care. The implementation of the CMS system also affects the home healthcare market. Home respiratory therapy providers continue to face reductions in reimbursements. However, as per the formal policies that have yet to be revised to provide an adequate refund to patients undergoing respiratory therapy, the cost is being incurred by patients. Hence, vendors in the home healthcare market are unable to sell their respiratory products. The non-coverage of respiratory conditions is likely to affect the growth of the global medical gas equipment market.
The medical gas equipment market faces several other challenges, including:
Who are the Major Medical Gas Equipment Market Vendors?
There are many significant vendors in the medical gas equipment market, including:
Medical Gas Equipment Market Value Chain Analysis
The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The medical gas equipment market value chain can be analyzed as follows:
These are the critical components of the medical gas equipment market value chain, and each element plays a crucial role in the production and distribution of medical gas equipment. The market value chain is complex, and it requires close collaboration between the various components to ensure that medical gas equipment is manufactured, distributed, and used effectively to support the respiratory needs of patients.
Which are the Key Regions for Medical Gas Equipment Market?
The medical gas equipment market is global, and it is snowballing in several key regions, including:
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 in North America fueled the demand for medical gas equipment, primarily in hospitals and clinics and in-home healthcare settings. This impact has propelled the need for medical gas equipment, such as vacuum systems, manifolds, flowmeters, compressed oxygen cylinders, and medical air compressors, specifically in critical care units treating COVID-19 patients in ventilators with prescribed supplemental oxygen. The demand for medical gas equipment will continue to grow due to the rising number of people with chronic respiratory diseases in the region.
What are the Revenue-generating End-user Segments in the Medical Gas Equipment Market?
Hospitals and clinics use medical gas equipment for therapy and diagnosis. Various gases such as oxygen, nitrogen, medical air, and carbon dioxide are used in patient rooms to sterilize the environment and for respiratory therapy. The medical gas equipment market serves a wide range of end-user segments, and the following are some of the significant revenue-generating end-user segments in the market:
These are the major revenue-generating end-user segments in the medical gas equipment market. The demand for medical gas equipment is expected to grow in these segments in the coming years.
What is the future outlook of the medical gas equipment market?
The future outlook for the medical gas equipment market is buoyant and expected to grow significantly in the coming years. Some of the factors that are expected to drive the growth of the market include:
Based on these factors, the future outlook for the medical gas equipment market is positive, and the market is expected to grow significantly in the coming years.