Medical Gas Market Size Report, Industry Share, Analysis, Growth 2032

Global Medical Gas Market Insights

Zion Market Research has published a report on the global Medical Gas Market, estimating its value at USD 25.98 Billion in 2023, with projections indicating that it will reach USD 49.82 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 7.5% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Medical Gas Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Medical Gas Market Overview   

Rising incidence of chronic diseases, a growing number of industry-friendly safety initiatives undertaken by the government, implementation of the U.S. FDA safety and innovation act, growing base of geriatric population, and increasing demand for home healthcare and point of care products are a number of the main factors propelling the expansion of the medical gases market. Medical gases are labeled as medical products and subsequently, the related equipment is termed as medical devices. 

They're frequently employed by healthcare professionals for diagnostic and treatment purposes. Additionally, it's varied usage in the pharmaceutical and biotechnology industry, such as pharmaceutical manufacturing, cell culture studies, and drug discovery and development.

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Growth Factors

The increasing geriatric population vulnerable to chronic conditions is additionally expected to spice up demand for technologically advanced equipment that aid in the management and treatment of varied such conditions. Adulthood heightens the necessity for healthcare by making individuals more vulnerable to diseases especially concerning the respiratory system thus triggering patient hospitalization rates. Statistics suggest that 55% to 60% of patients admitted to hospitals are administered with medical gases. Thus, with a rise in the geriatric population globally, the demand for medical gases is expected to rise considerably.

Medical Gas Market: Report Scope

Product Segment Analysis Preview

Based on type, the lung diffusion mixtures segment accounted for the largest share of the medical gas mixtures market in 2020. This can be attributed to the increase in the number of chronic diseases, the high proportion of untreated patients, and the rising aging population.

Application Segment Analysis Preview

Based on applications, the therapeutic applications segment accounted for the highest share of the medical gases and equipment market in 2020. This is due to the high prevalence of cardiovascular diseases and respiratory, which has resulted in increased consumption of medical gases and equipment.

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End-User Segment Analysis Preview

Based on end-users, the hospital's segment accounted for the largest share of the medical gases and equipment market in 2023. This is mainly due to the high consumption of medical gases and equipment by hospitals due to the large patient pool during this COVID-19 pandemic.

Equipment Segment Analysis Preview

The pure gases in high-pressure cylinders are expected to dominate the market in the coming years. This is owing to the widespread use of these devices in home healthcare setups and hospitals. Many of the major players in the medical gases and equipment market also offer products in high-pressure cylinders.

Regional Analysis Preview

Regionally, North America is dominated to carry the most important market size within the medical gases and equipment market during the forecast period, followed by the European region. On the opposite hand, the Asia Pacific market is dominated to witness the very best growth during the forecast period. The rapid climb within the developing healthcare industry across China and India is dominated to supply significant growth opportunities for players operating during this market during the forecast period. 

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Key Market Players & Competitive Landscape

Some of the major players in Medical Gas market are: - 

• Air Products and Chemicals Inc
• Air Liquide
• Atlas Copco
• Airgas
• Praxair Inc
• GCE Holding AB
• The Linde Group

The global Medical Gas market is segmented as follows:   

By Product

• Medical Pure Gases
  • Oxygen gases                                    
  • Carbon dioxide gases                     
  • Nitrogen gases
  • Nitrous oxide gases
  • Medical air gases
  • Helium gases                                      
•     Medical Gas Mixtures
  • Blood gas Mixtures                              
  • Lung diffusion mixtures                               
  • Nitrous oxide-oxygen mixtures                                    
  • Carbon dioxide-oxygen mixtures                                
  • Laser gas mixtures                                  
  • Aerobic mixtures
  • Anaerobic Mixtures                         
  • Ethylene oxide                           
  • Helium-oxygen mixtures

By Medical Gas Equipment

• Manifolds
• Outlets
• Hose assemblies and valves
• Alarm systems
• Cylinders
• Flowmeters
• Regulators
•  Medical air compressors
• Vacuum systems
• Masks  

By Application

• Therapeutic
• Diagnostic
• Others

By End User

• Hospitals
• Home Healthcare
• Emergency Services
• Pharmaceutical Industry
• Academic & Research Institutions

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa