The global medical gas market size is anticipated to reach USD 25.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The rapid rise in the prevalence of chronic diseases, which necessitates the use of medical gases at various stages of disease management and control, is a major factor driving the market forward. According to the WHO, there has been a significant increase in the prevalence of diabetes, heart disease, and other non-communicable diseases worldwide over the last two decades. For instance, as per the CDC data, in 2018, 51.8% of US adults suffered from at least 1 chronic condition, and 27.2% had multiple chronic conditions.
Medical Gas Market Report Highlights
- Based on product, the pure gas segment dominated the market with a share of 57.0% in 2021 owing to the presence of a huge patient base suffering from respiratory disorders, and increasing number of patients requiring emergency medical care
- Based on application, the therapeutic segment is expected to witness a CAGR of 8.0% over the forecast period. This is owing torise in the number of chronic diseases, and an increasing geriatric population
- The hospital segment dominated the market in 2021, owing to hospitals’ extensive use of medical gases and equipment as a result of their large patient pool
- North America dominated the market and accounted for the highest revenue share of 45.3% in 2021. The growing awareness about chronic diseases, rising adoption of technologically advanced therapeutic and diagnostic products is projected to contribute to the regional market growth
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Medical gas in hospital settings is widely used for mechanical ventilation, infant resuscitation, aerosol drug delivery, & neonatal environment control. oxygen is an essential medicine required & it is estimated that 20 to 40% of deaths could be prevented using oxygen therapy. The Healthcare industry is evolving toward personalized medicine, DIY healthcare, and the homecare model, propelled by technological advancements and financial pressure. Home oxygen therapy, respiratory treatments, sleep therapy, and positive airway pressure devices have increased the demand for medical gases. Market shift has created some major opportunities in the medical gases industry.
The COVID-19 pandemic in 2019 has accelerated the need for oxygen supplies globally. Medical gases are an important component of many long-term care treatments for chronic conditions, and thereby rising prevalence of these diseases is expected to drive the growth of the medical gases market in the coming years. Furthermore, increased demand for advanced medical gas equipment such as vacuum systems and manifolds is expected to drive market growth. For instance, Powerex is the first manufacturer of medical gas systems to test and certify manifolds. In addition, lately, healthcare has been evolving toward personalized medicine, DIY healthcare, and the homecare model, driven by technological advancements and financial pressure. This dramatic shift has created some significant opportunities in the medical gases industry. Home oxygen therapy, respiratory treatments, sleep therapy, and positive airway pressure devices have all increased demand for medical gases, and this is expected to continue over the next decade.
Medical Gas Market Insights By Demographics
North America dominated the medical gas market and accounted for the largest revenue share in 2021 and is expected to witness a considerable growth rate over the forecast period. The rising prevalence of COPD, asthma, and other medical conditions such as cardiovascular and lifestyle-related diseases are predicted to drive demand for medical gases in the U.S. during the projected timeline. Europe was closely followed by North America and is expected to expand at a healthy CAGR over the forecast period. The presence of numerous associations such as the EIGA (European Industrial Gases Association) and MGA (Medical Gas Association), that enable providing standard rules and regulations for medical gas manufacturers is one of the major factors contributing to the growth of this region. Europe was closely followed by North America and is expected to expand at a CAGR of 7.9% over the forecast period. The presence of numerous associations such as the EIGA (European Industrial Gases Association) and MGA (Medical Gas Association), that enable providing standard rules and regulations for medical gas manufacturers is one of the major factors contributing to the growth of this region.
Medical Gas Market Competitive Analysis By Companies
The market is moderately consolidated, owing to the presence of a few key players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers, and acquisitions to strengthen their product portfolios. with various strategies acquired by leading players, the market is expected to impel during the forecast period. Some of the prominent players in the medical gas market include Linde plc.; Air Liquide; Atlas Copco; Messer; Air Products Inc.; Taiyo Nippon Sanso Corporation; Matheson Tri-Gas Inc.
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Medical Gas Market Segmentation
Grand View Research has segmented the global medical gas market on the basis of product, application, end-user, and region
- Medical Gas Product Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Gas Application Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Gas End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Medical Gas Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of the Medical Gas Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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