Market Size of Global Medical Gases and Equipment Industry
| 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 |
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 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.
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Global Medical Gases and Equipment Market Size Summary
The medical gases and equipment market is experiencing significant growth, driven by the increasing demand for medical gases used in anesthesia, medical devices, and treatment. The COVID-19 pandemic has notably impacted the market, highlighting the critical need for medical oxygen, especially in lower-to-middle-income countries. This surge in demand during the pandemic has accelerated market expansion. Additionally, the rising prevalence of chronic respiratory diseases, such as COPD and asthma, along with the growing need for home healthcare and point-of-care diagnostics, are key factors propelling market growth. Government initiatives and the development of advanced medical gas systems further support this upward trend.
North America holds a substantial share of the medical gases and equipment market, with a steady growth trajectory expected due to the increasing management of respiratory diseases and the presence of advanced healthcare facilities. The United States, in particular, is witnessing a shift towards modernized medical gas standards and home oxygen therapy, driven by a high prevalence of respiratory disorders and a growing geriatric population. The market is moderately consolidated, with major players like Air Liquide, The Linde Group, and Messer Group GmbH leading the industry. Innovations and events, such as those by Gasworld and GCE Healthcare, continue to foster connectivity and equity in the healthcare sector, further enhancing market dynamics.
Global Medical Gases and Equipment Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Home Healthcare and Point-of-care Diagnostics
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1.2.2 Increasing Prevalence of Respiratory Diseases
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1.2.3 Favorable Initiatives Undertaken by Government Organizations
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Process
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1.3.2 Limited Healthcare Reimbursement
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Medical Gases
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2.1.1.1 Pure Medical Gases
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2.1.1.2 Medical Gas Mixtures
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2.1.1.3 Biological Atmosphere
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2.1.2 Medical Gas Equipment
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2.1.2.1 Compressors
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2.1.2.2 Cylinders
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2.1.2.3 Hose Assemblies and Valves
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2.1.2.4 Masks
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2.1.2.5 Vacuum Systems
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2.1.2.6 Other Medical Gas Equipment
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2.2 By End User
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2.2.1 Hospitals
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2.2.2 Ambulatory Care
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2.2.3 Other End Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Medical Gases and Equipment Market Size 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.
