October 13, 2021
According to the research report titled ‘Medical Gases Market Size By Gas Type (Pure Gases {Oxygen, Carbon Dioxide, Helium}, Gas Mixtures {Medical Air, Nitrous Oxide}), By End-use (Hospitals, Ambulatory Surgical Units, Specialized Clinics), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global medical gases market is anticipated to grow significantly through 2027.
As per the report findings, global medical gases market is driven by surge in demand for medical products in healthcare facilities to address the rising incidences of infectious diseases.
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Elaborating on COVID-19 impact, the pandemic enhanced the industry growth as governments worldwide prioritized the improvement of existing medical infrastructure. Import, as well as local manufacturing and distribution of medical oxygen gas were given special attention to ensure continuous supply to approved COVID-hospitals.
Based on gas type, the market is divided into two categories, namely, pure gases and gas mixes. The gas mixes sub-segment was worth USD 6.2 billion in 2020 and is expected to grow consistently in the coming years.
In terms of end-use, the industry is fragmented into hospitals, ambulatory surgical units, specialized clinics, and others. Rising demand for medical gases at specialized clinics for patients requiring intensive care and life support systems is anticipated to contribute to expansion of specialized clinics sub-segment, with a CAGR of 5.7% over forecast period.
Parallelly, nursing homes and long-term care facilities are other end-users that are anticipated to represent almost 3.7% of the industry share by the end of projection period.
From the regional perspective, market size spans across North America, Latin America, Asia Pacific, Middle East & Africa, and Europe. Experts cite that Latin America market is estimated to observe steady growth at a CAGR of 6.2% over the forecast timeframe owing to rising demand for medical gases for COVID-19 patients. The region is witnessing an inflated requirement for medical oxygen, upgradation of distribution equipment, and healthcare personnel in the wake of the second wave of the virus.