The Medical Gases and Equipment market size in North America has been estimated at USD 7.09 Billion in 2023. It is projected to reach USD 10.82 Billion by 2028, at a CAGR of 8.2% from 2023 to 2028.
The market for gases and medical equipment in North America has evolved considerably due to various technological advances. Factors such as the increasing prevalence of chronic diseases, increasing incidence of respiratory diseases due to high prevalence of smoking and growing pollution levels, the rapid growth of the geriatric population, l increasing incidence of preterm births, and growing demand for home health care to stimulate market growth in the years to come. With changes in lifestyle and eating habits, the number of people suffering from obesity and related disorders worldwide has dramatically increased in recent years, the prevalence of diabetes, heart disease, and other non-communicable diseases in the world.
According to the American Hospital Association, in 2020, approximately 150 million people in the United States suffered from at least one chronic disease, such as high blood pressure, heart disease, and respiratory disease. By 2030, that number is expected to reach 183 million. Since medicinal gases are an essential component of various long-term care treatments for various chronic diseases, including cardiovascular disease, chronic respiratory disease, and cancer, the increasing prevalence of lifestyle-related diseases is expected to play a role fundamental role in the growth of medicinal gases and the equipment market in the years to come.
The global helium shortage due to the Federal Helium Reserve's closure is a significant challenge for market growth. Due to the helium privatization law in the United States, the Federal Helium Reserve would be closed, and resources would be transferred to the private sector.
This research report on the North America Medical Gases and Equipment Market has been segmented and sub-segmented into the following categories:
Geographically, North America is the biggest market in terms of market share across the globe. The market in North America is highly driven due to factors like the presence of a well-established medical gas market, high prevalence of patients with respiratory disorders, and the growing aging population. The increased demand for medical services and healthcare facilities in the North American region is estimated to impact the North American gas and medical equipment market in the area between 2020 and 2025 significantly. Besides, the increase in population expenditure in countries like the United States and Canada further stimulates the growth of this industry. According to the World Health Organization. Spending on personal health care in the United States, as reported by the Centers for Disease Control and Prevention, is expected to increase by an annual percentage change of 5.2% during the period 2015-2020 with a total expenditure from USD 2,041 billion in 2015, which rose to USD 3,871 billion in 2020. It can be attributed to the significant demand for new medical and healthcare technologies in North America.
Companies playing a dominant role in the North America 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.
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