Medical Gas Analyzer Market to reach US$ 179.24 Mn by 2024; increasing demand for safety standards and regulatory compliances likely to boost market growth

According to the report, global medical gas analyzer market was valued at US$ 136.91 Mn in 2015 and is projected to expand at a CAGR of 3.1% from 2016 to 2024 to reach US$ 179.24 Mn by 2024. In terms of volume, medical gas analyzer market was counted at 190,438 number of units and is anticipated to increase its number to 250,231 units by the end of 2024. This report offers a thorough understanding of Medical gas analyzer market across the globe its key trends, drivers, restraints, opportunities.

Medical gas analyzer are medical devices used for detection, measurement and analysis of pure and mixtures of medical gases in healthcare facilities. There are two types of medical gas analyzer viz. single gas analyzer and multiple medical gas analyzer. For detection and measurement of variety of medical gases, different gas sensing technologies such as electrochemical, paramagnetic, infrared, optical, zirconia cell etc. are used. These devices are required by hospitals, ambulatory surgery centers, diagnostics centers, research institutes, pharmaceutical and food packaging industries. As gas analyzer are required in health care and related industries, accuracy and safety play a vital role. There is continuous rise in demand for safety of medical gas analyzer by the End-user. There has been continuous monitoring of compliance by regulatory bodies to ensure accurate levels of gases used for medical applications. Moreover, demand for safety standards in health care facilities for safety of patients as well as medical staff is high. This increased demand for safety standards highlight the growth opportunity for gas analyzer manufacturers.

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The portable characteristic of medical gas analyzer and simultaneous measurement of multiple gases allows medical professionals for easy measurement and analysis of gases within minutes rather than in hours. In comparison with chemical analysis of gases, these are quite safe to use as these do not require the use of hazardous chemicals for gas detection. Newer technologies have been developed for gas measurement such as electrochemical, paramagnetic, and infrared sensor technology. These technologies enable safer and quicker measurement of medical gases. These factors are expected to drive the growth of global medical gas analyzer market during forecast period from 2016 to 2024. On the other side, Technical and safety complications in achieving desired quality for detection of gas leakages in health care sector, and lack of standardizations to meet specific needs in hospitals are the key restraining factors of the medical gas analyzer market.

Global medical gas analyzer market has been segmented based on type of analyzer, End-user and region. Based on type of analyzer, market is segmented into single gas analyzer and multiple gas analyze. Single gas analyzer are widely used across the globe and accounts to key share in global medical gas analyzer market. The low cost of single gas analyzer in comparison with multiple gas analyzer and easy and safe operating features of single gas analyzer would be the key driving factor toward the growth of this segment. Market for this segment is anticipated to grow at CAGR of 3.2 % during forecast period from 2016 to 2024. Market for multiple gas analyzer is projected to grow at CAGR of 3.5 % and is expected to lose its market share to single gas analyzer during forecast period from 2016 to 2024. Multiple gas analyzer facilitates the detection and measurement of multiple medical gases at parts per million (PPM) level of concentration using various technologies such as paramagnetic, zirconia, electrochemical, etc. Use of multiple gas sensing technology in single device increases the cost of device which restricts the buyers’ preference for purchasing of multiple gas analyzer. However with increasing demand for safety standards and more accurate measurement of medical gases in developed regions such as the U.S. and Europe would drive the growth of this segment. Based on technology used for gas sensing, single gas analyzer are further segmented into electrochemical, infrared and optical. Electrochemical gas sensing technology accounted for largest share in single gas analyzer market. This segment is anticipated to grow at CAGR of 3.8 % during forecast period from 2016 to 2024 owing to its specific application to measure oxygen gas concentration and low purchase and maintenance cost. While Infrared gas sensing technology is specifically used for measurement of CO2 and NO2 gases. Optical gas sensing technology is used as secondary source for detection of medical gases.

On the basis of End-user, medical gas analyzer market is segmented into hospitals, ambulatory surgery centers, pharma and food industries and other End-users which includes the diagnostics centers, research institutes and laboratories. Medical gas analyzer are most frequently required and used by hospitals and it accounts to key shareholder of global medical gas analyzer market. This segment is anticipated to grow at CAGR of 3.1 % during forecast period from 2016 to 2024. Hospital segment is projected to grow owing to increase in number of hospitals across the globe especially in developing countries. Pharma and food industries are expected to grow at highest CAGR during given forecast period owing to increased practice of Modified atmospheric packaging by these industries and increased number of pharmaceutical and food industries in emerging economies such as India, China, Japan etc.

Geographically the global Medical gas analyzer market is segmented in to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America region dominated the global medical gas analyzer market and is projected to grow at CAGR of 2.8 % for given forecast period from 2016 to 2024. High expenditure in healthcare infrastructure, implementation of safety standard policies in most of healthcare facilities and pharma industries are the factors projected to drive growth for medical gas analyzer market in North America. Asia Pacific region is anticipated to grow at highest CAGR of 3.6%. The growth of this market is attributed to increased number of hospitals and ambulatory surgery centers, heavy investments by foreign companies in healthcare and pharma industry in emerging economies.

Major companies competing in the medical gas analyzer market, and profiled in the report include Fluke Inc., Teledyne Technologies Incorporated, Servomex Group Limited, Geotechnical Instruments (UK) Ltd., TSI Incorporated, Maxtec LLC, WITT-GASETECHNIK GmbH & Co KG, Drägerwerk AG & Co. KGaA, Sable Systems International, Systech Instruments Ltd., Illinois Instruments, Inc., Critical Environment Technologies Canada Inc., and VISCIANO s.a.s,

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