Medical Gas Market is geared to grow at a CAGR of 7.7% from 2023 to 2032, owing to the rising incidence of preterm births | insightSLICE
The global Medical Gas market size was estimated to be US$ 12.3 billion in 2021 and is expected grow at a CAGR of 7.7% between 2023 to 2032.
Modern medicine is primarily reliant on the administration of gases to the patient. Gases assist in respiration and anesthesia, as well as allowing doctors to examine the airways and cardiovascular system.
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They are indeed utilized in cryosurgery and medical diagnostic procedures as well. Medical gas is a term used to describe medicinal gaseous substances that would provide healthcare solutions.
Medical gas is required to be clean and contaminant-free. It is utilized in institutions to synthesize, sanitize, or isolate activities or products that enhance human health, and it is breathed by patients as part of a procedure known as gas therapy.
The key players of the Global Medical Gas Market are:
Air Products Inc., Air Liquide, Aims Industries Pvt. Ltd., Atlas Copco AB, Amico Group, Ellenbarrie Industrial Gases, Linde Plc, Messer Group GmbH, GCE Group, Praxair Technology, Inc., Rotarex, Taiyo Nippon Sanso Corp., Scicalgas, SOL Group, Zaburitz Pearl Energy Co., Ltd., and others are among the key players in the medical gas market.
Driving factors for the growth of Global Medical Gas Market
Rising levels of pollution around the world, as well as a high frequency of drug and cigarette use among the young, cause a variety of respiratory disorders. Furthermore, the rising occurrences of chronic disorders and premature births are among the most common reasons driving the global medical gas market expansion.
Furthermore, increasing public and private healthcare expenditures, as well as increased demand for innovative medical gas equipment including vacuum systems and valves, are likely to drive market expansion.
Furthermore, increased awareness among physicians and patients about chronic diseases, as well as a growth in home healthcare applications, support the market’s expansion over the anticipated year.
An expansion in investment for medicinal gas-related scientific research, together with increased investments in extended R&D activities, is also expected to boost the market growth.
The advent of sophisticated backup systems, in conjunction with cutting-edge medical gas equipment, has accelerated the growth pace of the medical gas market.
Moreover, new technical developments in science and medicine and market expansion in developing countries have created several attractive prospects for both new and current market participants.
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COVID-19 impact on Medical Gas market
During the COVID-19 pandemic, there was an unusual spike in instances of numerous respiratory disorders worldwide. As a result, demand for medical gases had skyrocketed because contemporary medicine relies significantly on them. Medical gases were sterilized, contaminant-free, and vital medicinal treatments for patients during that period.
The medical gas market was severely impacted as a result of the COVID-19 pandemic due to increased consumption and medical gas shortages required for patient treatment.
Several public-sector initiatives, such as transitory health centers and structural renovations for COVID-19 quarantine centers, have been prioritized. Initially, the global supply chain was disrupted because of limitations on people and goods mobility, which had a minimal impact on business growth.
However, as conditions are favorable and international trade improves, the medical gas markets will progressively gather impetus for long-term growth.
Furthermore, medicinal gases are critical for accurate diagnosis and cryosurgery. In hospitals, medical gases are employed to insulate processes and synthesize compounds that promote human health.
Gas therapy refers to the practice of patients inhaling medical gases which can have therapeutic components in them. Well-established market companies are shifting their focus to numerous technological breakthroughs to increase production rates. Such policies will lead to rapid commercialization in a variety of economies.
Global Medical Gas Market Key Segments:
- Medical Gases
- Pure medical gases
- Type of delivery:
- Carbon dioxide, oxygen, nitrogen, nitrous oxide, medical air and helium
- Form of delivery:
- Liquid cylinders, high pressure cylinders and bulk delivery
- Medical gas mixtures
- Laser-gas mixtures, lung diffusion mixtures, blood-gas mixtures, anaerobic gas mixtures, nitrous oxide–oxygen mixtures, aerobic gas mixtures, carbon dioxide–oxygen mixtures, and ethylene oxide and helium-oxygen mixtures
- Medical Gas Equipment
- Oxygen concentrators
- Cryogenic products
- Equipment accessories
- Gas delivery systems
- Pharmaceutical Manufacturing and Research
- Pharmaceutical manufacturing
- Drug discovery
- Quality control
- Process development
- Diagnostic Applications
- Medical imaging
- General laboratory use
- Therapeutic Applications
- Cardiovascular diseases
- respiratory diseases
By Method of Separation
- Physical Separators
- Fractional Distillation
- Molecular Sieve
- Semipermeable Membrane
By End User
- Home Healthcare
- Pharmaceutical and Biotechnology Companies
- Academic and Research Institutions
- Emergency Service Providers
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
The development in these categories will assist investors in analyzing meager growth segments in businesses and providing users with a beneficial market overview and industry insights to assist them in making key decisions for discovering main competitive opportunities.
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Regional performance of Medical Gas Market
North America has the world’s largest marketplace for medical gases and equipment. Expansion in North America is expected to accelerate in the next years, because of the presence of well-established medical and pharmaceutical industries. Europe is the world’s second-largest market for medical gases and equipment.
Increasing hospital numbers, combined with increased acceptance of homecare facilities in nations such as the United Kingdom, France, Italy, and others, are fueling Europe’s market expansion. East Asia is another profitable area in the worldwide market that is predicted to expand the most over the forecast period.
Growth is being fueled by an increase in the number of fully advanced manufacturing units, advancements in the healthcare and diagnostics sectors, and an aging population.
Growth limiting factors of Medical Gas Market
Several incidents involving the failure of medical gas equipment have sadly ended in patient deaths and disability. As a result, government officials have set a slew of severe regulations and standards governing medical gas equipment, which is projected to limit the market growth.
Furthermore, changes in medical gas calibration standards and decreased public payments for respiratory therapy will limit the overall market growth.
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