According to a new report published by Allied Market Research, titled, Medical Gas Analyzers Market, by Product, Modality Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $235 million in 2017, and is expected to reach $325 million by 2025, growing at a CAGR of 4.1% from 2018 to 2025.
Medical gas analyzers are used for the measurement of concentration and purity of medical gas such as oxygen, carbon dioxide, nitrogen, or nitrous oxide. These gases are widely used in hospitals, ambulatory surgery centers, and pharmaceutical & biotech companies for gas therapy, sterilization, and insulation. The medical gas analyzers market is anticipated to show significant growth during the forecast period, due to upsurge in adoption of medical gas analyzers, stringent regulation for medical gas system, and increase in demand for advanced medical gas analyzing systems.
Depending on product, the market is bifurcated into single gas analyzer and multiple gas analyzer. At present, single gas analyzer is major revenue generator, due to lower cost, convenience, and accuracy it offers. However, the demand for multiple gas analyzers is expected to be highest during the forecast period, owing to technological advancements in multi-gas analysis systems.
According to modality, the market is categorized into handheld, portable, and benchtop. Presently, portable analyzers segment generates the highest revenue, and is anticipated to show dominance during the forecast period, due to ease of handling, cost-effectivity, and test convenience. However, the handheld segment is anticipated to exhibit the highest growth rate, owing to the technological advancements and surge in adoption of handheld analyzers.
By end user, the market is classified into hospitals, ambulatory surgery centers, pharmaceutical industry, and others. The hospitals segment occupied the largest share in 2017, and is anticipated to continue its dominance during the forecast period, due to rise in need for medical gas piping and surge in usage of medical gas therapies among the hospitals. However, the ambulatory surgery centers segment is anticipated to show fastest growth, owing to increase in number of surgery centers and rise in awareness of these centers among the developing countries.
North America held the largest market share in 2017, and is expected to remain dominant throughout the forecast period. This is attributed to higher demand for medical gas analyzers, stringent regulation for medical gas systems, developed healthcare infrastructure, and higher number of hospitals & healthcare systems. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to upsurge in number of medical gas therapies and rise in number of surgeries & emergency room patient population.
Key Findings of the Medical Gas Analyzers Market:
- Based on product, the multiple gas analyzers segment is expected grow at a CAGR of 4.5% from 2018 to 2025.
- Depending on modality type, the portable analyzers held more than half of global market share in 2017, and is expected to remain dominant throughout the forecast period.
- By end user, the ambulatory surgery centers exhibited fastest growth, registering a CAGR of 5.6%.
- Region wise, Asia-Pacific is expected to experience growth at the highest CAGR of 5.4% during the forecast period.