The Medical Gases and Equipment market in the Asia-Pacific Medical Gases and Equipment market has been estimated at USD 4.39 Billion in 2022. It is projected to reach USD 6.85 Billion by 2027, at a CAGR of 9.3% during the forecast period from 2022 to 2027.
The rising prevalence of lifestyle diseases is expected to play a pivotal role in the growth of the medical gases and equipment market in the APAC region during the forecast period, as medical gases are a critical component of various long-term care treatments for several chronic conditions, including cardiovascular diseases, chronic respiratory diseases, and cancer.
Obesity is one of the key causes of the rising prevalence of chronic diseases such as heart disease and diabetes. According to the WHO, the prevalence of diabetes, heart disease, and other non-communicable diseases have increased significantly over the previous two decades. This prevalence was considerably rising in the APAC countries and projected to boost the demand levels for medical gases and equipment in this region.
The rising incidence of COPD, asthma and other medical disorders such as cardiovascular and lifestyle-related diseases are expected to drive growth for medical gases and equipment in the Asia Pacific during the forecast period. Furthermore, Y-O-Y growth in the road accidents happening in the APAC countries is another significant factor promoting the market growth. In addition, life support is required for patients admitted to intensive care units and ambulatory care for various procedures.
The medical gas business is susceptible to global Good Manufacturing Practice (GMP) rules. Previously, the FDA and the medical gas industry had agreed that expiration dating and stability testing for medical gases were unnecessary. As a result, most medical gas manufacturers have abandoned the practice of including an expiration date on their high-pressure and cryogenic liquid cylinders. On the other hand, the FDA has decided to reject the Compressed Gas Association's (CGA) petition for an exemption and reinstate the expiration date requirement. Putting an expiration date on cylinders is a complex task. According to the guideline, expiration dates must be backed up by reliable stability assessments.
This research report on the European medical gases and equipment market has been segmented and sub-segmented into the following categories:
Geographically, the Medical Gases and Equipment market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing healthcare awareness, rising healthcare expenditures, growth in the aging population, and growth in per capita income. In addition, the presence of cutting-edge healthcare facilities, particularly intensive care units, a well-established medical gas market, a high prevalence of patients with respiratory disorders, and an aging population have all contributed to China and India holding the largest share of the Asia-Pacific medical gases and equipment market.
During the forecast period, the Asia-Pacific medical gas equipment market is expected to rise exponentially. The availability of novel products is one of the key reasons contributing to the increased revenue proportion in the regional market. In addition, most firms in Asia Pacific countries seek product certification in China, India, and Japan to gain better regional visibility for their products.
KEY MARKET PLAYERS:
Air Products and Chemicals, Inc., The Linde Group, Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., SOL-SpA, Airgas, Inc., Atlas Copco, Messer Group, GCE Holding AB, Beacon Medaes, Medical Gas Solutions Ltd., Matheson Tri-Gas, Taiya Nippon Sanso, Atlas Copco, are the major players of Asia-Pacific Medical Gases and Equipment market.
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