The Medical Gas Analyzer market studied is anticipated to grow with a CAGR of 3.4%, during the forecast period. The major factors attributing to the growth of the medical gas analyzer market include a rising number of surgical procedures across the globe, advancement in medical gas analyzers, and increasing geriatric population as it increases the health issues.
As the global geriatric and obese population is increasing it is more likely to lead to health consequences, like greater incidences of diseases. Consequently, the geriatric population and population with obesity are at a higher risk of getting multiple disorders and diseases. And each year the aged population is increasing across the globe. For instance, according to the United Nations report in 2017, there were an estimated 962 million people who are of aged 60 or above in the world, comprising 13% of the global population.
The geriatric population who are all aged 60 or above is growing at a rate of about 3% per year. Thus, the rise in the geriatric population is acting as a major driver for the growth of the medical gas analyzers market.
Key Market Trends
Hospitals Segment is Expected to Grow with High CAGR During the Forecast Period
The medical gas analyzer is more frequently required and used in the hospitals as the ICU, and Operative rooms require the medical gas analyzers. The number of patients hospitalized is increasing every year with the increase in the population.
Developing countries are witnessing rapid growth in the number of hospitals which is the prime factor responsible for the growth of this segment in these countries. As a result, the hospital's segment in the end-user will be having the dominant share in the global medical gas analyzer market.
Another major end-user segment of the medical gas analyzer is the pharma and food industries which are also expected to grow with a promising CAGR over the forecast period. This is majorly attributed to the increased adherence to the practice of modified atmospheric packaging in the pharma industry. The increased number of pharmaceutical and food industries in the emerging Asian countries such as India and China is propelling the demand for medical gas analyzers.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall gas analyzer market, throughout the forecast period. This is due to the increasing adoption of new technology and the availability of advanced healthcare infrastructure. In the North America region, the United States holds the largest market share due to factors such as increasing count of geriatrics, along with the growing healthcare industry, which is anticipated to stimulate the demand in this region.]
Furthermore, the Asia-Pacific region is expected to grow with the high growth rate during the forecast period and this is due to factors such as an increasing number of diseases, rising patient hospitalization and the growing air pollution specifically in countries such as India, China, and Japan.
The medical gas analyzers market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Ans some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe.
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