The global medical gases and equipment market is poised to grow significantly through to 2021, driven by evolving regulation and various demographic factors, according to a report by Research and Markets.

The market is projected to reach $19.96bn by 2021, from $13.58bn in 2016, at a CAGR of 8% during the forecast period.

The market will primarily driven by the implementation of the US Food and Drug Administration (FDA) Safety and Innovation act, the increasing prevalence of respiratory diseases, a growing home healthcare market, and the rising ageing population.

Rapid urbanisation and the high prevalence of tobacco smoking will also play a part in such growth, says the report.

It segments the medical gases and equipment market on the basis of product, application, end-user, and region. Each is then further segmented for specific categorisation.

On the basis of product, for example, the market is segmented into pure gases, medical gas mixtures, and medical gas equipment. The pure gases segment is then further categorised on the basis of type and form of delivery.

Similarly, the medical gas equipment segment is categorised into equipment accessories, oxygen concentrators, gas delivery systems, and cryogenic products (freezers). The medical gases and equipment market, by application, is segmented into therapeutic, diagnostic, pharmaceutical manufacturing and research, and other applications.