The global medical gases and equipment market is estimated to be valued at US$ 12.6 billion in 2023 and is expected to exhibit a CAGR of 8.2% during the forecast period (2023-2030).
Analysts’ Views on the Global Medical Gases and Equipment Market:
The increasing prevalence of Chronic Obstructive Pulmonary Diseases (COPDs) will contribute to the growth of the global medical gases and equipment market over the forecast period. For instance, more than 3 million people each year die from Chronic Obstructive Pulmonary Disease (COPD), accounting for an estimated 6% of all fatalities worldwide, and around 235 million people have asthma, according to the World Health Organization (WHO) figures updated in May 2022. By 2030, according to the WHO, COPD will be the third biggest cause of death worldwide. Despite the fact, that these diseases cannot be cured, various forms of treatment can widen airways, alleviate shortness of breath, and enhance overall quality of life for those who have these conditions.
Figure 1. Global Medical Gases and Equipment Market Share (%), By Product Type, 2023
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Global Medical Gases and Equipment Market - Drivers
Figure 2. Global Medical Gases and Equipment Market Share (%), By Region, 2023
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Global Medical Gases and Equipment Market - Regional Analysis
Among regions, North America is estimated to hold a dominant position in the global medical gases and equipment market over the forecast period. The global medical gases and equipment market is expected to witness significant growth in the near future, and this is attributed to rising burden of respiratory diseases such as COPD and asthma in this region. For instance, according to Center for Disease Control and Prevention (CDC), as of 2021, there were around 34 million people in the U.S. who suffered from COPD. In order to handle these disorders, there will be a demand for medical gases and equipment.
Medical Gases And Equipment Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 12.6 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.9% | 2030 Value Projection: | US$ 21.4 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc. |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Medical Gases and Equipment Market - Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of products from one place to another.
However, the COVID-19 pandemic had a positive impact on the global medical gases and equipment market. Due to the pandemic's increased demand, there was shortage of medical oxygen, which ultimately created a significant disruption in the medical gases and equipment market and supply chain breaks. For instance, according to data from Business Standard Private Ltd., the demand for Liquid Medicinal Oxygen (LMO) in India was 700 tons per day (TPD) before the pandemic. The demand for LMO surged by a factor of four during COVID-19's initial wave, reaching 2,800 TPD. The second wave of pandemic has also resulted in a rise in the demand for 5,000 TPD, or more than seven times the pre-COVID-19 levels.
Global Medical Gases and Equipment Market Segmentation:
Global medical gases and equipment market is segmented into product type and region.
Global Medical Gases and Equipment Market - Cross Sectional Analysis:
The market studies will be supported by the expansion of new product development, which is anticipated to fuel market expansion in Asia-Pacific region. For instance, in August 2020, Panasonic Corporation, an electronics company, developed an ultrasonic gas flow and concentration sensor for hydrogen that enables the real-time simultaneous measurement of the flow rate and concentration of hydrogen under a highly humid environment for the first time in the industry.
Global Medical Gases and Equipment Market: Key Developments
In June 2023, Blue-Zone Technologies Ltd., a Canada-based cleantech pharmaceutical company, announced that it has signed a letter of intent with Canada's leading medical gas equipment manufacturer, distributor, and service provider, Class 1 Incorporated.
In March 2023, ESAB Corporation, a leader in fabrication and gas control technology, announced that it had acquired Therapy Equipment Ltd. The acquisition strengthened the company’s leading global gas control equipment portfolio and represented the third acquisition for the corporation.
Global Medical Gases and Equipment Market: Key Trends
Global Medical Gases and Equipment Market: Restraint
Global Medical Gases and Equipment Market - Key Players
The major players operating in the global medical gases and equipment market include Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc.
*Definition: Oxygen is a medical gas used for life support and during the treatment of diseases such as respiratory illnesses, carbon monoxide poisoning, and cardiovascular diseases. Liquid nitrogen is used in the treatment of cancer. In cryosurgery, the cold gas is used to remove tumors and skin lesions.
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About Author
Manisha Vibhute
Manisha Vibhute is a consultant with over 5 years of experience in market research and consulting. With a strong understanding of market dynamics, Manisha assists clients in developing effective market access strategies. She helps medical device companies navigate pricing, reimbursement, and regulatory pathways to ensure successful product launches.
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