Medical Gases and Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Gases and Equipment Market Analysis
The medical gases and equipment market is projected to register a CAGR of 8.1% over the forecast period (2022-2027). Medical gases are used for various purposes in healthcare. For instance, some gases are used for anesthesia, some for driving medical devices and tools, and some gases are used in treatment.
COVID-19 pandemic has a wide impact on the market studied. In the year 2021, a large number of people died due to the lack of medical oxygen in a healthcare facilities in various countries. This contributed to the high demand for pure medical gases and helped grow the market. As per the July 2021 data from the World Health Organization, more than half a million people in lower-to-middle-income countries were estimated to need oxygen treatment every day during the second wave of the coronavirus pandemic. Also, the same data suggests that USD 90 million in immediate funding was required to meet the urgent need for oxygen in more than 20 low-and-middle-income countries. The data indicate that medical gas oxygen was in high demand during COVID-19. Hence, the market was positively impacted as a result of the pandemic.
Other major factors driving the growth of the medical gases and equipment market include the rising demand for home healthcare and point-of-care diagnostics, the increasing burden of respiratory diseases, and favorable initiatives undertaken by government organizations. Chronic respiratory diseases (CRDs) are chronic diseases of the airways and other structures of the lung. Common lung diseases include asthma, chronic obstructive pulmonary disease, occupational lung diseases, and pulmonary hypertension.
According to the World Health Organization (WHO) data updated in May 2022, more than 3 million people die each year from chronic obstructive pulmonary disease (COPDs), an estimated 6% of all deaths worldwide, and about 235 million people are suffering from asthma. WHO estimates COPD to become the third leading cause of death globally by 2030. Though these are not curable, various forms of treatment help dilate air passages and improve shortened breath and increase the quality of life for people suffering from these diseases.
Oxygen therapy is used for some chronic lung conditions, and COPD is one of these conditions. Oxygen is used to take the strain off one's heart, not lungs. It helps in preventing pulmonary artery hypertension. Long-term oxygen use can help relieve the strain on the heart. Other medical gases are also used to treat different chronic respiratory conditions, and the increasing prevalence of respiratory diseases acts as a driver for the growth of the medical gases and equipment market.
Medical Gases and Equipment Market Trends
This section covers the major market trends shaping the Medical Gases & Equipment Market according to our research experts:
The Pure Medical Gases Sub-segment is Expected to Show Good Growth over the Forecast Period
The pure medical gas sub-segment is expected to be the fastest-growing segment, owing to the large usage of oxygen gas, as the oxygen gas provides a base for all modern anesthetic techniques and life support for artificially ventilated patients. The rising incidence of chronic diseases and road accidents across the world are major factors boosting the growth of the market. The patients admitted to intensive care units and ambulatory care for various types of surgeries require oxygen gas for life support. The oxygen supply sources are divided into two categories, namely bulk oxygen systems and cylinder-manifold-supply systems.
During the year 2021, the second wave of COVID-19 arose during which, demand for oxygen hiked drastically. For instance, as stated in the article by World Bank 2022, more than 3,500 Pressure swing adsorption (PSA) oxygen generating plants are being installed in India among which over 1,200 are from the PM Care Fund, an initiative of the Prime Minister of India to cope with healthcare challenges. Such initiatives are expected to propel the growth of the segment.
As stated by Compliant Healthcare Technologies, LLC, some of the widely used pure medical gases include Medical air, Oxygen, Nitrogen, Carbon dioxide, and Nitrous Oxide, among others. Owing to the rising understanding of medical gases and their importance in healthcare, the market studied is growing rapidly across the globe.
North America is Expected to Account for the Largest Market Share
North America held a major share in the medical gases and equipment market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. This steady growth rate is majorly attributed to the increasing use of medical gases and equipment in the management of various respiratory diseases, such as COPD and asthma.
As stated by the Center for Disease Control and Prevention (CDC), as of the year 2021, there are around 34 million US people who suffer from COPD. The growing incidences of COPD, asthma, and other medical conditions, such as cardiovascular and lifestyle-related diseases, are expected to drive the demand for medical gases and equipment in the United States, during the forecast period.
The presence of state-of-the-art healthcare facilities, especially intensive care units, a well-established medical gas market, a high prevalence of patients with respiratory disorders, and the growing geriatric population have contributed to the largest share of the United States market. In the United States, the medical gas sector is in the middle of a shift in standards, analysis, and delivery procedures, which results from the current increase in the use of home oxygen therapy to the modernization of medical gas standards and the means of supply.
Therefore, with the above-mentioned factors, the market for medical gases is expected to witness high growth over the forecast period.
Medical Gases and Equipment Industry Overview
The market studied is moderately consolidated, owing to the presence of a few key players in the market. Some of the market players are Air Liquide, Air Products and Chemicals Inc., Amico Group of Companies, Atlas Copco, BeaconMedaes, the Linde Group, Flogas, Messer Group GmbH, Matheson Tri-Gas Inc., and Taiyo Nippon Sanso Corporation.
Medical Gases and Equipment Market Leaders
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Air Liquide
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Atlas Copco
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Amico Group of Companies
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The Linde Group
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Messer Group
*Disclaimer: Major Players sorted in no particular order
Medical Gases and Equipment Market News
- In February 2022, Gasworld launched a brand new event for the medical gases community, in the name of a more connected and equitable healthcare sector for all.
- In June 2021, GCE Healthcare launched Meditec high-pressure regulator, a brand new innovative design blending extensive manufacturing expertise with professional medical knowledge.
Medical Gases and Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Rising Demand for Home Healthcare and Point-of-care Diagnostics
- 4.2.2 Increasing Prevalence of Respiratory Diseases
- 4.2.3 Favorable Initiatives Undertaken by Government Organizations
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4.3 Market Restraints
- 4.3.1 Stringent Regulatory Process
- 4.3.2 Limited Healthcare Reimbursement
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Product
- 5.1.1 Medical Gases
- 5.1.1.1 Pure Medical Gases
- 5.1.1.2 Medical Gas Mixtures
- 5.1.1.3 Biological Atmosphere
- 5.1.2 Medical Gas Equipment
- 5.1.2.1 Compressors
- 5.1.2.2 Cylinders
- 5.1.2.3 Hose Assemblies and Valves
- 5.1.2.4 Masks
- 5.1.2.5 Vacuum Systems
- 5.1.2.6 Other Medical Gas Equipment
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5.2 By End User
- 5.2.1 Hospitals
- 5.2.2 Ambulatory Care
- 5.2.3 Other End Users
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Air Liquide
- 6.1.2 Air Products and Chemicals Inc.
- 6.1.3 Amico Group of Companies
- 6.1.4 Atlas Copco
- 6.1.5 BeaconMedaes
- 6.1.6 Flogas
- 6.1.7 Matheson Tri-Gas Inc.
- 6.1.8 Messer Group GmbH
- 6.1.9 Taiyo Nippon Sanso Corporation
- 6.1.10 The Linde Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMedical Gases and Equipment Industry Segmentation
As per the scope of this report, medical gases and equipment are defined as gases and equipment used for therapeutic diagnosis and curative purposes, as well as for pharmaceutical and biotechnology research. The Medical Gases and Equipment Market is segmented by Product Type (Medical Gases and Medical Gas Equipment), End User (Hospital, Ambulatory Care, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report offers the value (in USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally.
| By Product | Medical Gases | Pure Medical Gases |
| Medical Gas Mixtures | ||
| Biological Atmosphere | ||
| By Product | Medical Gas Equipment | Compressors |
| Cylinders | ||
| Hose Assemblies and Valves | ||
| Masks | ||
| Vacuum Systems | ||
| Other Medical Gas Equipment | ||
| By End User | Hospitals | |
| Ambulatory Care | ||
| Other End Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle-East and Africa | GCC |
| South Africa | ||
| Rest of Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Medical Gases and Equipment Market Research FAQs
What is the current Global Medical Gases and Equipment Market size?
The Global Medical Gases and Equipment Market is projected to register a CAGR of 8.10% during the forecast period (2024-2029)
Who are the key players in Global Medical Gases and Equipment Market?
Air Liquide, Atlas Copco, Amico Group of Companies, The Linde Group and Messer Group are the major companies operating in the Global Medical Gases and Equipment Market.
Which is the fastest growing region in Global Medical Gases and Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Medical Gases and Equipment Market?
In 2024, the North America accounts for the largest market share in Global Medical Gases and Equipment Market.
What years does this Global Medical Gases and Equipment Market cover?
The report covers the Global Medical Gases and Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Medical Gases and Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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