Medical Air Compressor Market Analysis | 2023-2028

Market Insights

The medical air compressor market was estimated at USD 2.3 billion in 2022 and is likely to grow at a CAGR of 4.74% during 2023-2028 to reach USD 3.03 billion in 2028.

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Market Dynamics

Introduction

A medical air compressor is a device used in hospitals for various purposes such as patient breathing, laboratory use, air filtration in the duct system, sterilization of equipment, and powering hand-held medical tools. Various commercial and industrial-grade compressors available in the market are used in hospitals. The selection of air compressors depends on various factors including point of use, frequency of use, and full load air capacity.

COVID-19 Impact

The COVID-19 outbreak impacted the growth of the Medical air compressor market positively. Medical air compressors are primarily used to deliver good-quality air to hospitals. Additionally, high-pressure breathing air machines are used to support in-room air storage cylinders for doctors in hazmat suits. Compressors are also used in medical gas equipment that operates ventilators. All the above factors resulted in increased demand for medical air compressors amid the pandemic.

Market Drivers

The widespread use of air compressors in all hospitals for various day-to-day operational functions is propelling market growth.

• The growth of the global medical air compressor market is primarily driven by increasing demand for clean and sanitary air specifically for patients.
• Increasing investment in building healthcare infrastructure, particularly in developing countries is expected to create lucrative opportunities for the market players.
• Growing emphasis on product innovations the prominent noticed in the global medical air compressor market.

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Key Players

Key players operating in the global market are-

• Werther International (The U.S),
• Precision Medical (The U.S),
• Powerex Corp. (Canada),
• FS-Elliott Co., LLC (The U.S),
• Sullair (The U.S),
• EKOM SPOL. S R.O. (Slovakia),
• FPS Air Compressors (UK),
• Gardner Denver (The U.S),
• Hitachi Industrial Equipment Systems Co.,Ltd. (Japan),
• RIX Industries (The U.S),
• Atlas Copco (Sweden), and
• Bambi Air Compressors Ltd (UK).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

Based on product type, the market has been segmented into lab air systems and lab vacuum systems.

• The lab air systems segment accounted for the largest market share in 2022 owing to increasing demand for clean air in the hospitals particularly for the patient’s health and wellbeing.
• The lab vacuum system is projected to register a healthy CAGR during the review period.

Regional Insights

Geographically, the market in North America accounted for the largest market share in 2022 and is projected to continue its dominance during the review period.

• The market growth can be attributed to the presence of an established healthcare industry and high demand for innovative and technologically advanced products.
• The market in Asia-Pacific is expected to increase at a healthy CAGR during the review period on account of expanding healthcare infrastructure due to increased spending on healthcare coupled with rising per capita disposable income.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects medical air compressor market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The medical air compressor market is segmented into the following categories.

By Product Type

• Lab Air Systems
• Lab Vacuum Systems

By Application Type

• Oilless Multiple Scroll Medical Systems
• Plants Packaged Systems
• Hospitals
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.