We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image

MEDICAL GASES AND EQUIPMENT MARKET ANALYSIS

Medical Gases And Equipment Market, By Product Type (Medical Gases (Pure Gases and Gas Mixtures) and Medical Equipment (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders and Accessories, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems, and Masks), By End User (Hospital, Ambulatory Care, Other End Users), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

  • Published In : Sep 2023
  • Code : CMI3826
  • Pages :135
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

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

MEDICAL GASES AND EQUIPMENT MARKET

To learn more about this report, request sample copy

Global Medical Gases and Equipment Market - Drivers

  • Increasing supply of medical gases and equipment: The increasing supply of medical gases and equipment of regulatory authorities is expected to drive the global medical gases and equipment market over the forecast period. For instance, in April 2020, the U.S. Food and Drug Administration (FDA) issued a temporary policy to help increase the number of portable cryogenic oxygen and nitrogen containers.
  • Increasing adoption of growth strategies: Lucrative market expansion will result from the leading companies' core strategies including collaborations, investments, mergers, acquisitions, and technical innovations. For instance, in January 2022, NOVAIR, a leading manufacturer of on-site gas production systems, announced the acquisition of OGSI - Oxygen Generating Systems Intl., a U.S.-based manufacturer of industrial and medical oxygen generators. Through this acquisition OGSI and the U.S. market, gain access to a wide range of high-end solutions.

Figure 2. Global Medical Gases and Equipment Market Share (%), By Region, 2023

MEDICAL GASES AND EQUIPMENT MARKET

To learn more about this report, request sample copy

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
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:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Medical gases (Pure Gases, Gas Mixtures), Medical equipment, Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders and Accessories, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems, Masks
  • By End User: Hospitals, Ambulatory Care, Other End Users
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.

Growth Drivers:
  • Increasing supply of medical gases and equipment 
  • Increasing adoption of growth strategies 
Restraints & Challenges:
  • Shorage of oxygen cylinders 

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

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.

  • By product type, the market is segmented into medical gases (Pure Gases, Gas Mixtures), medical equipment (manifolds, outlets, hose assemblies and valves, alarm systems, cylinders and accessories, flowmeters, regulators, medical air compressors, vacuum systems, masks). Out of which, the cylinders and accessories segment is expected to hold a dominant position in the global medical gases and equipment market during the forecast period, and this is attributed to technological advancement of the devices.
  • By end user, the market is segmented into hospital, ambulatory care, other end users. Out of which, the hospital segment is expected to hold a dominant position in the global medical gases and equipments market over the forecast period and this is attributed to the rising number of patient admissions.

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

  • Introduction of medical gases and equipment devices in the market: The introduction of medical gases and equipment devices in the market is expected to drive the growth of the global medical gases and equipment market over the forecast period. For instance, in June 2021, GCE Healthcare, medical manufacturing company, launched Meditec high-pressure regulator, a brand new innovative design blending extensive manufacturing expertise with professional medical knowledge.

Global Medical Gases and Equipment Market: Restraint

  • Shorage of oxygen cylinders: Shortage of oxygen cylinders for the treatment of respiratory diseases is expected to hamper the growth of the medical gases and equipment market over the forecast period. For instance, in September 2021, according to an article published in National Center for Biotechnology Information, in 2021, the COVID-19 pandemic had accelerated the demand for oxygen supplies globally. Many countries have not witnessed such high demand before the pandemic in order to meet their daily oxygen requirements.

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.

Share

About Author

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.

Missing comfort of reading report in your local language? Find your preferred language :

Frequently Asked Questions

The global Medical Gases And Equipment Market size was valued at USD 12.6 billion in 2023 and is expected to reach USD 21.4 billion in 2030.

The global medical gases and equipment market is estimated to be valued at US$ 12.6 Bn in 2023 and is expected to exhibit a CAGR of 8.2% between 2023 and 2030.

Increasing supply of medical gases and equipment and increasing adoption of growth strategies is expected to drive the market growth.

Cylinders and accessories is the leading product type segment in the market.

Shortage of oxygen cylinders is expected to hinder the market over the forecast period.

The major players operating in the market are 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.
Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Select a License Type





Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.