The global medical vacuum systems market is projected to reach USD 1.6 billion by 2024 from USD 1.1 billion in 2018, at a CAGR of 6.3%. Technological advancements in vacuum systems, stringent regulatory frameworks mandating the use of vacuum systems, the increasing number of target surgical procedures across major markets, and the rising number of diagnostic imaging procedures are the major factors driving the growth of the global medical vacuum systems market.
An analysis of market developments between 2015 and 2019 has revealed that several growth strategies, such as product launches, product approvals, acquisitions, expansions, and agreements, were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical vacuum systems market. Product launches and acquisitions were the most widely adopted growth strategies by market players in the last four years.
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Atlas Copco AB (Sweden) is one of the leading companies in the field of medical vacuum systems and pumps. It develops, manufactures, and sells oil-lubricated rotary vane pumps, oil-sealed vacuum pumps, and other related accessories. Atlas Copco has strengthened its presence in the medical vacuum systems market through growth strategies such as product launches, acquisitions, and expansions. For instance, during 2015–2019 the company acquired many other firms in Germany, the US, and the UK for the enhancement of its vacuum pump business. Furthermore, in 2017, Atlas Copco also inaugurated a manufacturing plant in the US in order to increase the company’s productivity in this region. Through such strong business strategies, the company is expected to witness high growth in the medical vacuum systems market in the coming years.
Busch Holding GmBH (Germany) is one of the largest manufacturers of vacuum pumps, blowers, and compressors on a global scale. Its product range consists of vacuum and overpressure technology for all the industrial sectors worldwide. The company offers oil-lubricated rotary vane vacuum pumps, dry rotary vacuum pumps & compressors, dry rotary screw vacuum pumps, sealed rotary vane vacuum pumps, side-channel blowers, liquid ring vacuum pumps, dry rotary vane vacuum pumps, scroll vacuum pumps, and other related accessories. The company has strengthened its presence in the medical vacuum systems market through growth strategies such as product launches, and agreements. For instance, in November 2018, the company entered into a strategic agreement with Pfeiffer Vacuum Technology AG (Germany) to enhance segments such as sales & services and R&D and improve the vacuum product line. With its strong brand image, the company is expected to witness high growth in the medical vacuum systems market in the coming years.
Medical Vacuum System Market by Product (Standalone, Centralized, Portable), Technology (Dry Claw, Oil Sealed Rotary Vane, Liquid Ring), Application (Diagnostic, Wound Care, GYN), End user (Pharmaceutical, Diagnostic Labs) - Global Forecast to 2024
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