The global medical gases and equipment market size is expected to grow to USD 32.3 billion by 2028 from USD 21.4 billion in 2023, growing at a CAGR of 8.5% during the forecast period.
Medical and pharmaceutical gases are specialized gases used for medical purposes, drug processing, and various biotechnology applications. Medical gases include pure gases and a mixture of gases for various medical processes. Gas equipment such as cylinders and masks store and deliver gas.
The rising incidence of respiratory and chronic diseases and technological advancements in the healthcare sector worldwide are propelling the medical gases and equipment market growth.
The need for medical gases is high among respiratory diseases such as COPD and asthma. According to the data published by the World Health Organization (WHO), COPD is a significant health issue worldwide and caused approximately 3.23 million deaths worldwide in 2019. According to the Asthma and Allergy Foundation of America (AAFA), asthma is prevalent in the United States; every one in thirteen people has asthma, and 25 million people have asthma.
In addition, the rising population and prevalence of tobacco consumption rapidly accelerate medical gases and equipment market growth. Moreover, the increasing incidence of preterm birth and the surge in the geriatric population influences the market growth. According to the Centers for Disease Prevention and Control (CDC), 1 in every ten infants is affected by preterm birth in the United States. In addition, in the recent past, the arrival of the global pandemic has increased the demand for home healthcare services, augmenting the market for medical gases and equipment. Furthermore, the rising geriatric population is primarily prone to developing chronic diseases, namely diabetes, cancer, asthma, respiratory diseases, and cardiovascular diseases, which is expected to boost market growth. According to the World Health Organization (WHO), the number of people who turn 60 is anticipated to reach 1.4 billion by 2030.
Furthermore, the emerging countries in the APAC region and the rapid adoption of technologies are expanding the aid of the medical gases and equipment market. Increasing point-of-care services and supportive initiatives by the government and private organizations are most likely to encourage market growth. The rising prevalence of chronic respiratory disorders, the implementation of industry-friendly laws (such as the FDA Safety and Innovation Act), and increased biotechnology research are the important drivers that will propel the worldwide medical gases and equipment market throughout the forecast period.
The growth of the global medical gases and equipment market is estimated to be restrained due to changes in medical gas calibration standards, the global shortage of helium, and declining federal reimbursements for respiratory therapies during the forecast period. In addition, the lack of comprehensive reimbursement schemes and helium scarcity are two factors that would limit market expansion throughout the forecast period. Furthermore, the Federal Helium Reserve in America would be shut down because of the Helium Privatization Act, and the resources would be turned over to the private sector.
Impact of COVID-19 on the global medical gases and equipment market:
The sudden burst of COVID-19 has affected millions of people's lives and the medical sector positively and negatively. COVID-19 has moderately involved the medical gases and equipment market in overcoming the restrictions and creating opportunities for key players. The medical gases and equipment market continues to showcase steady growth at the time of the pandemic period. The demand is prepared to increase as the COVID-19 sudden burst stretches its halt worldwide. Until a pharmacological treatment is available for COVID-19, ventilators remain an essential reference for emergency care patients. Most governments ensure industrial gas manufacturers supply gas for medical usage in meeting the huge demand because of the COVID-19 pandemic. In April 2020, the government of India permitted industrial oxygen manufacturers to manufacture and sell the gas for medical use. During the forecast period, the global medical gases and equipment market is anticipated to grow at a healthy CAGR.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Application, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This market research report on the global medical gases and equipment market has been segmented and sub-segmented based on the product, application, end-user, and region.
Medical Gases and Equipment Market – By Product:
Based on pure medical gases, the oxygen-type segment is predicted to grow at the highest CAGR growth rate during the forecast period due to the large patient pool suffering from respiratory diseases and intensifying many hospitals undergoing emergency medical care.
The pure gases in the high-pressure cylinders segment are predicted to dominate the delivery of pure medical gases globally. The sweeping usage of the devices amidst home healthcare setups and hospitals. Most key players in the medical gases and equipment market offer high-pressure cylinders, pushing the market forward.
Based on the medical gas mixture product type, the lung diffusion mixtures segment accounted for the largest worldwide market share in 2022. The growing number of chronic diseases, the high number of untreated patients, and the rising senior population drive segmental growth.
The oxygen concentrators segment is a promising sub-segment in the medical gas equipment segment owing to the usage of various oxygenation and anesthetic mixtures to manage conditions such as renal dialysis and many more.
Medical Gases and Equipment Market – By Application:
Based on the application, the therapeutic application held the highest share of the global medical gases and equipment market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the wide range of medical devices used in treating and managing various disease conditions.
Medical Gases and Equipment Market – By End-users:
Based on the end-users, the hospital segments are projected to lead the medical gases and equipment market during the forecast period. They account for the largest worldwide market share in 2022. The high usage of medical gases and equipment by hospitals due to increased patient count boosts segmental growth.
On the other hand, the home healthcare segment is forecasted to have a significant CAGR in the global medical gases and equipment gases during the forecast period. The segment experiences impressive ROI with large-scale demand across hospitals and care centers. In addition, critical care units need substantial support from high-end life support lavishing the growth rate.
Medical Gases and Equipment Market – By Region:
Regionally, the medical gases and equipment market in North America had the largest share of the worldwide market, followed by Europe in 2022. The growth of the North American market is highly driven due to factors like the presence of a well-established medical gas market, the high prevalence of patients with respiratory disorders, and a growing aging population. The U.S. market is anticipated to hold a major share of the North American market during the forecast period. The various associations, such as the European Industrial Gases Association (EIGA) and Medical Gas Association (MGA) in the European region, make the closest market to the North American region. Therefore, the association mainly contributes to a significant share of the medical gases and equipment market.
The European medical gases and equipment market is expected to grow at a healthy CAGR during the forecast period. The growth of the European market is primarily driven by the growing aging population, increasing adoption of technological advancements, and rising patient count suffering from chronic diseases. Air Liquide, Linde, Praxair, Air Products, and Messer Group are some of the notable players in the European market.
The medical gases and equipment market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period owing to increasing healthcare awareness, rising healthcare expenditures, growth in the aging population, and growth in per capita income. The Asia-Pacific is anticipating the fastest-growing segment due to Furthermore, owing to the population density of nations like China and India. As a result, there is an increase in the expenditure on healthcare in the countries.
The Latin American medical gases and equipment market is expected to hold a considerable share worldwide during the forecast period. Factors such as increasing healthcare expenditure and initiatives from the Latin American governments to promote the healthcare infrastructure promote regional market growth.
The medical gases and equipment market in MEA is predicted to grow at a moderate CAGR in the coming years.
KEY MARKET PARTICIPANTS:
The most promising companies dominating the global medical gases and equipment market profiled in this report are Air Products and Chemicals, Inc., The Linde Group, Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., SOL-SpA, Airgas, Inc., Atlas Copco, Messer Group, GCE Holding AB, Beacon Medaes, Medical Gas Solutions Ltd., Matheson Tri-Gas, Taiya Nippon Sanso and Atlas Copco.
RECENT MARKET DEVELOPMENTS:
The global medical gases and equipment market size was worth USD 19.8 billion in 2022.
The North American region is anticipated to grow the fastest CAGR in the worldwide market during the forecast period.
Yes, we have studied and included the COVID-19 impact on the global medical gases and equipment market in this report.
Air Products and Chemicals, Inc., The Linde Group, Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., SOL-SpA, Airgas, Inc., Atlas Copco, Messer Group, GCE Holding AB, Beacon Medaes, Medical Gas Solutions Ltd., Matheson Tri-Gas, Taiya Nippon Sanso and Atlas Copco are some of the notable companies in the medical gases and equipment market.
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