The medical gases are considered as the medical products and successively the related equipment are defined as the medical devices. The medical gases are commonly utilized by the healthcare specialists for the treatment procedure and diagnostic purposes. According to the report analysis, ‘Global Medical Gas Market’ states that there are several key players which are presently functioning in this sector more actively for registering the highest value of market share and leading the fastest market growth across the globe during the forecasted period in the near future while producing the medical gases at a reasonable price and advancement in the technologies includes Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, The Linde Group, SOL-SpA, Praxair Technology, Inc., Air Liquide, Atlas Copco, GCE Holding AB, Messer Group, The Southern Gas Limited, Aims Industries Ltd., Amico Group, GCE Group, Crumpton Welding Supplies & Equipment, Zaburitz Pearl Co., Ltd, Ellenbarrie Industrial Gases, Uttam, SCI Analytical, Rotarex, Allied Healthcare Products Inc. several others.
Not only has this, report also suggests that the Global medical gas market is anticipated to register a healthy CAGR of 7.2% in the forecast period of 2019 to 2026. Moreover, the augmenting base of geriatric populace, increasing incidence of the chronic diseases, significant rise in the number of industry-friendly safety initiatives undertaken by the legal authorities, growing requirement for the home healthcare and point of care product and effective acceptance of the U.S. FDA safety and innovation act are some of the foremost aspects for fostering the growth of the medical gases market across the globe in the near future.
Furthermore, the medical gas has varied utilization in the biotechnology industry and pharmaceutical industry which majorly involves cell culture studies, manufacturing of pharmaceuticals and the drug discovery and enhancement. According to the American Public Health Association, in the U.S. out of ten, seven deaths is related to the chronic diseases. Whereas, the Chronic diseases majorly involves asthma, diabetes, cancer, respiratory diseases, cardiovascular diseases, and other non-communicable disease have become a global burden, crippling economies. Such aspects are suggestive of the alarming increase in the chronic diseases which is estimated to propel the market growth of medical gases as they are utilized very frequently in the diagnostic and therapeutic settings.
The significant augment in the requirement for home healthcare and point of care markets is anticipated to boom up the medical gases and equipment market by prompting an increase in the need for packaged medical grade gases.
However, based on the applications, the market is segmented into different sector which majorly includes Therapeutic Applications, Pharmaceutical Manufacturing & Research, Diagnostic Applications, and several others. Whereas, it is anticipated that the therapeutic application held the foremost market revenue in the recent past years due to a broad choice of medical gases utilized to indulgence and manage numerous disease conditions. Therefore, in the near future, it is expected that the market of medical gas will increase across the globe with the significant rise in the applications more positively over the near decades.
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Ankur Gupta, Head Marketing & Communications