Asia Pacific Medical Gas Equipment Market size crossed USD 585.7 million in 2021 and is anticipated to exhibit a CAGR of 7.8% from 2022 to 2028. Increasing geriatric population across the Asia Pacific region is expected to boost the market demand.
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Presence of untapped opportunities in emerging economies such as India and China will supplement the market growth. For instance, rising healthcare expenditure from public and private authorities, particularly in India and China, attracts global medical gas equipment manufacturers to expand their operations in the region. Also, various medical gas equipment companies are focusing on untapped market of Asia-Pacific and Middle East & Africa region due to huge growth opportunities.
Asia Pacific Medical Gas Equipment Market, By Product
The manifolds segment will likely showcase 8.1% growth rate during the forecast timeframe. Medical gas manifolds are used and designed to supply the right volume and pressure of gas from gas tanks or cylinders to a healthcare facility’s pipeline system. Thus, manifolds play a crucial role in the supply of medical gases. Furthermore, increasing prevalence of chronic diseases will spur the demand of medical gas equipment in the healthcare facilities, thereby accelerating the market revenue.
Asia Pacific Market, By Country
China medical gas equipment market size will grow at 8.7% CAGR to surpass USD 294.2 million by 2028, owing to the presence of regional and small players of medical gas equipment. Moreover, growing disposable income along with increasing volume of surgeries in the country are few major factors for the adoption of medical gas equipment. For instance, according to the Macrotrends LLC report, in 2021, the per capita disposable income of residents in China reached USD 5,511.6.
Competitive Industry Landscape
Prominent participants operating across the Asia Pacific market include Air Liquide S.A., Allied Healthcare Products Inc., Amico Group of Companies, Atlas Copco Group, Coflax Corporation (GCE Group AB), GENTEC (Shanghai) Corporation, Linde plc, Rotarex S.A., and Taiyo Nippon Sanso Corporation, among others. Companies undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position.