Sellbyville, DE -- (SBWIRE) -- 03/06/2019 -- The Medical Gas Equipment Market to exceed USD 7 billion by 2024 as per a new research report.
Increasing global geriatric population base, rising incidence of chronic diseases, favorable government regulations will drive industry growth over the forecast period.

Growth of home healthcare, point of care markets and rising number of hospitalizations will fuel market growth over the coming years. Rising demand for medical grade gases, increasing prevalence of unhealthy habits such as smoking, lack of physical exercise and increasing pollution lead to respiratory problems. Thus, stimulating market growth.

Presence of untapped market opportunities in developing countries and successful implementation of U.S. Food and Drug Administration Safety and Innovation Act will positively affect market growth. Helium is used as medical gas in treating respiratory conditions such as COPD, asthma exacerbation and croup. Scarcity of helium gas will hinder medical gas equipment market in coming years.

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Vacuum system contributed largest revenue share in 2016 due to growing adoption rate of this system in an aesthetic and therapeutic treatment. Robust R&D investments to develop innovative vacuum systems delivering precise results should foster market growth over the forecast timeline.

Medical air compressor systems market will experience significant growth during the forecast timeframe. Development of automated medical air compressor to enhance patient safety and treatment should drive growth of this segment.

U.S. medical gas equipment market dominated regional revenue share in 2016. Owing to adoption of sedentary lifestyle, rising prevalence of respiratory ailments and high disposable income will boost U.S. medical gas equipment market growth. Favorable government regulations such as U.S. Food and Drug Administration Safety and Innovation Act along with rapid adoption of technological advancements will positively impact market growth.

Rising healthcare spending and favorable health insurance policies in Brazil will drive Brazil medical gas equipment market. Increasing prevalence of unhealthy habits such as smoking and growth of home care segment in the country should propel market during the forecast period.

Increasing number of baby boomers coupled with government initiatives to reduce respiratory disease burden prevailing in the country will drive Indian medical gas equipment market. Furthermore, rapid development of healthcare infrastructure, growing patient awareness and high pollution levels in India will foster industry growth.

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Few industry players are Matheson Tri-Gas, Praxair, Air Gas, Medical Gas Solutions, Ohio Medical, Amico Corp, Air Liquide, Air Products Chemicals, Linde Gas, BeaconMedaes, Allied Health Care, Powerex and Gentec Corp.

Merger and acquisition, product innovations and increasing investment in R&D are key strategies followed by industry players for consolidating their market position. Presence of numerous local manufacturers along with new entrants entering the market with large revenues intensifies medical gas equipment industry rivalry.