Medical Gases Market Forecast 2024-2032 | Share, Scope, Growth
Global Medical Gases Industry: Key Statistics and Insights in 2024-2032
Summary:
The global medical gases market size reached USD 14.5 Billion in 2023.
The market is expected to reach USD 26 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
North America leads the market, accounting for the largest medical gases market share.
Pure gases accounts for the majority of the market share in the gas type segment due to their utilization in life-saving treatments
Therapeutic holds the largest share in the medical gases industry.
Hospitals remain a dominant segment in the market owing to their extensive need for gases like oxygen, nitrous oxide, and medical air for surgeries, critical care, and respiratory therapies.
The rising healthcare expenditure is a primary driver of the medical gases market.
The increasing prevalence of chronic diseases is reshaping the medical gases market.
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Industry Trends and Drivers:
- Rising healthcare expenditure:
As healthcare spending is rising, more individuals are seeking medical care for preventive services, treatment of acute conditions, and management of chronic diseases. Medical gases are essential in various medical procedures and treatments, such as anesthesia delivery during surgeries, oxygen therapy for respiratory conditions, and nitrous oxide for pain management. The increased utilization of healthcare services consequently drives up the demand for medical gases. Moreover, high healthcare spending often leads to the construction and expansion of hospitals, clinics, and other healthcare facilities. These facilities require a steady supply of medical gases for a range of applications, including anesthesia, respiratory therapy, and diagnostic procedures.
- Increasing prevalence of chronic diseases:
Many chronic diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis, result in respiratory insufficiency or failure. Medical gases like oxygen are essential for providing respiratory support to patients with these conditions. Oxygen therapy helps alleviate symptoms, improve exercise tolerance, and enhance the quality of life for individuals with chronic respiratory diseases. As the prevalence of these conditions is rising, the demand for medical gases for respiratory support is increasing. In addition, chronic pain is a common symptom of many chronic diseases, such as arthritis, neuropathy, and cancer. Nitrous oxide, commonly known as laughing gas, is used for pain management in various medical procedures and treatments. Its analgesic properties make it valuable for alleviating pain and discomfort in patients with chronic conditions.
- Technological advancements:
Innovations in technology are leading to the creation of sophisticated medical devices and equipment that rely on medical gases for various functions. Anesthesia machines, ventilators, and respiratory therapy devices utilize medical gases, such as oxygen, nitrous oxide, and carbon dioxide, to support patient care. As these medical devices are becoming more advanced and widely adopted, the demand for medical gases is increasing. Furthermore, advancements in technology are enabling the miniaturization and portability of medical devices, allowing for greater flexibility in healthcare delivery. Besides this, technological innovations are leading to the development of more efficient and precise delivery systems for medical gases.
The medical gases market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.
Medical Gases Market Report Segmentation:
Breakup By Application:
Therapeutic
Diagnostic
Biotechnology and Pharmaceutical Industry
Others
Therapeutic accounts for the majority of the market share as it plays a crucial role in a wide array of medical procedures and treatments, ranging from respiratory support in intensive care units to anesthesia during surgical procedures.
Breakup By End User:
Hospitals
Home Healthcare
Academic and Research Institutions
Hospitals hold the biggest market share owing to the diverse range of medical procedures and treatments conducted within these facilities.
Breakup By Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America enjoys the leading position in the medical gases market on account of advanced healthcare infrastructure and a robust regulatory framework.
Top Medical Gases Market Leaders:
The medical gases market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
Air Products and Chemicals Inc.
Airgas Inc. (Air Liquide S.A.)
Ellenbarrie Industrial Gases Ltd
Linde plc
Matheson Tri-Gas Inc. (Mitsubishi Chemical Holdings Corporation)
Messer Group GmbH
SCI Analytical Laboratories Inc
Sharjah Oxygen Company
SOL Spa
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