US Leads the Charge in Global Market for Medical Gas Equipment
It’s expected that the global market for medical gases and equipment will grow in the US, with an estimated compound annual growth rate (CAGR) of 8% from 2012 to 2018. It’s also predicted that the market’s value will increase over 40%, from $5.3 billion in 2011 to $9 billion in 2018.
Globally, the medical gas equipment market is expected to grow at a CAGR of 8% over the next six years to reach $5.3 billion in 2020. North America is still in the lead for the worldwide medical gas equipment market by 40% to 50%. It’s been estimated that North America’s demand for medical services is the reason for the increase.
Read on to find out more about what’s causing the US to lead the growth in medical gases and equipment.
Recent Drivers of Growth
US Food and Drugs Administration (FDA) Safety and Innovation Act
- It establishes designated medical gases with the protection of approved drug status for the common purse medical gases and mixtures.
- If a company develops a new medical gas, the act provides property protection.
- A certification process is established for designated medical gases to be produced.
- It requires the FDA to consult with the industry about the need for regulations.
The implementation of the US Food and Drugs Administration Safety and Innovation Act has shown a boost the medical and healthcare infrastructure. As a result, there’s a rise of disposable incomes and consumer awareness.
Opening of Doe Canyon Helium Facility in Colorado
The Doe Canyon helium facility is the only plant that can extract helium from a gas stream composed mainly of carbon dioxide. Helium is widely used in the medical field and is necessary for MRIs, breathing atmospheres for deep diving, and unique blood gas mixtures.
Helium is in short supply, so Doe Canyon is contributing to the medical gas market in a big way. The market now welcomes an additional 230 million standard cubic feet of helium annually.
It will also deliver helium to customers by liquefying purified helium on site.
The medical gas equipment market is growing rapidly and predicted to see even further growth in the future. Supporting this growth is CPV Manufacturing, offering the most sustainable valves and fittings in the market.
CPV Manufacturing serves the following industries: shipbuilding, petrochemical, and industrial gases. In these industries, valves and fittings must be high quality and perform efficiently and accurately. A faulty product could result in disastrous damage, and that’s why companies in these industries rely on CPV for their non-failing valves and fittings.
Click here to contact CPV Manufacturing and learn more about their products.