The medical gases used in a hospital are the life-supporting element that gives direct influence in maintaining the life of a patient. The increasing hospitality infrastructure, advancement in the life-supporting equipment that requires medical gases, and the ongoing COVID-19 pandemic are expected to drive the medical gas market. For instance, in March 2020, the United States Army converted the Javits convention center into a 2,900-bed hospital in just four days and moreover, two 1,000-bed hospitals are coming up in New York. As per World Health Organization (WHO), more than 3 million people die each year from chronic obstructive pulmonary disease (COPDs), an estimated 6% of all deaths worldwide, and about 235 million people have asthma. WHO predicts that COPD (a common lung disease that requires supportive gases for breathing) may become the third leading cause of demise worldwide by 2030. The aforementioned factors are anticipated to drive the demand for the medical gasses market in the coming days. But the price hike comes at a time when suppliers are aware of the increase in demand and the hike in the price of the medical gases will act as a major restraint for the market.
Key Market Trends of the Market
- Pure gases are expected to drive the market, owing to the extensive use of oxygen gas. The oxygen gas provides a base for all modern anesthetic techniques and life support for artificially ventilated patients.
- Moreover, the rising incidence of chronic diseases and road accidents worldwide are significant factors that boost the market growth. For instance, in 2018, around 151 thousand people died in India due to road accidents. Further, in the United States, an estimated 38,800 people lost their lives in car crashes, and about 4.4 million people were harmed severely enough to require medical attention in crashes in 2019. Hence, owing to the increasing cases of road accidents, there likely to be a massive demand for oxygen in various life care settings.
- Also, the patients admitted to intensive care units and ambulatory care for multiple surgeries require oxygen gas for life support. Therefore, increasing the need for life-supporting gases and an increased rate of road accidents are expected to rive the pure gas market.
- North America is one of the advanced and developed regions in the world. Countries such as the United States and Canada hold the primary market for the healthcare industry and the medical gases.
- Existence of state-of-the-art healthcare facilities, chiefly intensive care units, well-established medical gas market, a significant prevalence of patients with respiratory disorders, and increasing geriatric population have contributed to the largest share of the United States and Canada in the global market.
- Further, the rising incidences of COPD, asthma, and other medical conditions, such as cardiovascular and lifestyle diseases, are anticipated to drive the demand for medical gas production and equipment in the United States.
- Moreover, the need for medical gases is expected to increase due to the increasing COVID-19 cases. COVID-19 is predominantly a respiratory disorder, and as patient counts continue to rise, there has been a sharp rise in demand for medical gases. For instance, in April 2020, Linde plc, and Airgas, two of the largest industrial gas suppliers in the United States, announced that they had seen an increased demand for oxygen from hospitals, medical centers, and providers COVID-19 cases. Therefore, owing to the above factor, the market for industrial gases is expected to be on the positive side.
Future Outlook
The future of the medical gases market is likely to be on the positive side due to the ongoing pandemic and increasing rate of respiratory diseases. As the cases of COVID-19 are increasing day by day and reaching up to 11.1 Million by 6th July 2020, the demand for medical grade gases is expected to get high for the next 9-10 months and then likely to continue on the moderate rate.
Detailed analysis of the Impact of Covid-19 on Medical Gases Market will be available in our Full Report.
