Growing Incidences of Respiratory Diseases to Drive India’s Medical Gases Market
Rising Medical Tourism and Government Initiatives for Improving Healthcare Infrastructure are Boosting Demand for Medical Gases in India
The medical gases market is directly linked to growth in healthcare industry and infrastructure. Though India’s healthcare industry has witnessed a significant growth over the past decade, the industry is far from reaching its full potential. The key reason can be attributed to inappropriate allocation of funds towards healthcare sector by government of India. This can be witnessed from the fact that in2011, total healthcare expenditure amounted to merely 1.04% of the country’s GDP. However, the Indian government is taking various initiatives to improve the healthcare services& infrastructure in the country, and has planned to increase the allocation of funds to 2.5% of GDP during 12thfive year plan (2012-17). The initiative is expected to increase the bed to population ratio in the country, adhering to the standards set by World Health Organization. This, in turn, is expected to increase the number of people treated in the coming years, consequently, increasing the demand for medical gases in India.
Further, a huge share of India’s population is affected by various non-communicable diseases, such as cardiovascular and respiratory diseases. The growing incidence of these diseases is increasing the demand for medical gases, which act as mandatory medical aid for patients with respiratory diseases. Apart from this, increase in cardiovascular patients is also driving the demand for oxygen ventilators as well as surgeries requiring medical oxygen and nitrous oxide. As a result, increasing disease burden is one of the driving factors that is boosting the medical gases market in the country.
According to recently published report by TechSci Research “India Medical Gases Market Forecast and Opportunities, 2019”, the medical gases market in India is projected to grow at a CAGR of about 15% during 2014-19. The medical gases market is primarily dominated by INOX Air Products and Linde India, with considerable presence of regional players in medical oxygen market.
The report reveals that India’s medical gases industry is majorly dominated by medical oxygen and nitrous oxide. This is due to continuous use of medical oxygen in healthcare service delivery and essential usage of nitrous oxide during surgeries.
“Medical gases are very essential for medical establishments, and as a result, rise in the medical gases market is directly linked to growth in the healthcare sector. The Indian market is witnessing increasing competition due to presence of domestic players coupled with innovative services delivery mechanisms of multinational players. All these factors along with anticipated merger & acquisition activities are expected to drive India’s medical gases market over the next five years,’’ said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Medical Gases Market Forecast and Opportunities, 2019” has evaluated the future growth potential of India’s medical gases market and provides statistics and information on market structure and industry behaviour trends. The report includes medical gases market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in medical gases market in India.