Regional Market Outlook
Medical gases are gases which find direct or indirect uses in the medical sector. The medical gases market has gigantic prospects in the years to come. This is on account of the rising population of aged people and consequent augmentation in chronic respiratory illnesses. Also, developments and innovations in pharmaceuticals are leading to increased demand for the medical gases market.
North America leaded the worldwide market in 2012. It is estimated to lead the market during the coming years as well. The market income of the region was anticipated at about thirty six percent in 2013. It would reduce to around thirty five percent by 2018. The growing demand for permanent medical services in the years ahead is also projected to propel the sales of the medical gases market in North America.
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The Asian Pacific medical gases market is likely to witness a CAGR of about 11.5 percent during the forecast period. It would be steered ahead by fast expansion in the sector of healthcare in China and India. Also, increasing respiratory illnesses and expanding medical infrastructure in the region would add income to the worldwide market.
Financial expansion, coupled with expanding biotechnology and pharmaceutical industries would also drive the market forward in Asia Pacific. Emergent regions, like Canada and the United States occupy maximum share. This is on account of growing disposable incomes and ultra-modern healthcare infrastructure in these regions. Europe’s medical gases market is driven primarily by Germany.
Germany is likely to be steered ahead by increasing population of the aged in the nation. The various geographical regions of the medical gases market are estimated to contribute increased revenue for the latter. All of them are expected to be more or less promising.
The worldwide market is sliced further into products, applications and geographical regions. The products market is segmented on the basis of medical gases and medical gases mixtures. The various application sectors of the medical gases market are biotechnology and pharmaceuticals, hospitals, home healthcare, and research organizations and universities.
Boosting demand for medical gases across these sectors is likely to augment the market through the forecast period. The medical gases market is also segmented in view of regions into Asia Pacific, rest of the world, Europe and North America.
Other Significant Insights
Huge growth in the medical gases market also owes to rising home healthcare amenities and growing asthma and chronic obstructive pulmonary illnesses. Changing authoritarian standards with respect to medical gas policies and the ensuing overblown prices are the prime obstacles that get in the way of the market.
Also, insufficiency of helium gas resources across the world is expected to slow down the progress of the medical gases market. Rising preference for home care over hospitals is also anticipated to generate revenue for the market. Moreover, amplifying demands of patients for emergency care drive the market further.
Rising innovations in the medical field are expected to open expansion prospects for the medical gases market. The market is noticing an upward trend at present and is likely to continue similarly in the future.
Information Source: Grand View Research