PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490271
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490271
Medical Gas & Equipment Market size was valued at USD 21.982.43 million in 2023, expanding at a CAGR of 7.08% from 2024 to 2032.
Medical gases and equipment are in high demand due to increased investments in healthcare infrastructure. A few typical kinds of medical gas equipment are valves, alarm systems, outlets, regulators, and cylinders. Further factors expected to propel the expansion of the medical gases and equipment business during the projected period include the rise in technical advancements in these fields as well as the aging population's increased prevalence of heart disease and respiratory conditions including COPD and dyspnea.
Medical Gas & Equipment Market- Market Dynamics
Increasing cases of respiratory diseases across the world propelling the need for medical gas & equipment market
Conditions like chronic obstructive pulmonary disease (COPD), asthma, and lung cancer are becoming more common due to factors such as aging populations, smoking, and environmental pollution. As an example, the National Centre for Environmental Health 2023 reports that 25,257,138 Americans have asthma in 2020. Among the 25,257,138 asthma patients, 4,226,659 were under the age of 18, and 21,030,479 were above the age of 18. Outbreaks of infectious respiratory diseases, including influenza and COVID-19, have underscored the need for adequate respiratory support infrastructure. Many governments are increasing healthcare spending, focusing on improving respiratory care infrastructure and ensuring better availability of medical gases and related equipment. The private sector's investment in healthcare infrastructure, including hospitals and home healthcare services, is also boosting market growth.
Medical Gas & Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.08% over the forecast period (2024-2032)
Based on product type segmentation, Medical Air Compressors was predicted to show maximum market share in the year 2023
Based on application segmentation, Therapeutic was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Medical Gas & Equipment Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into four categories based on application: Therapeutic, Diagnostics, Pharmaceutical Manufacturing and Research, and Other.
Due to the increasing use of medical gases and equipment for treating illnesses, as well as the rise in heart disease cases that required oxygen gas, the therapeutic segment of the market had a dominant position. Due to an increase in endoscopy procedures utilizing medical gases and equipment as well as a rise in the demand for medical gases for diagnostic purposes such as an increase in the use of lung diffusion mixture for pulmonary function testing the diagnostics segment is anticipated to grow at the highest rate during the forecast period.
The market is divided into seven categories based on product: Vacuum Systems/Pumps, Manifolds, Alarm Systems, Flowmeters, Medical Air Compressors, Cylinders and Accessories, and Hose Assemblies and Valves. The medical gases segment saw the highest revenue generation because of the high demand for medical gases and the increased adoption of medical gases as a result of COVID-19. This same segment is anticipated to grow at the highest rate throughout the forecast period because of the rise in respiratory diseases that necessitate medical oxygen and the rise in the use of medical gases for diagnostic purposes.
Medical Gas & Equipment Market- Geographical Insights
North America is a significant market for medical gases and equipment due to the high demand for advanced healthcare facilities and services. The region has a large number of hospitals, research facilities, and home healthcare services that utilize medical gases. There is a strong presence of major industry players and advanced healthcare infrastructure in North America. Furthermore, Europe also holds a substantial share of the medical gas and equipment market, driven by the well-established healthcare systems in countries like Germany, France, and the UK.
Major players in the medical gas & equipment market include Air Liquide S.A., Atlas Copco Group, Linde plc, Allied Healthcare Products Inc., Amico Corp, Taiyo Nippon Sanso Corporation, etc. Air Liquide S.A. focuses on supplying medical gases such as oxygen, nitrogen, and nitrous oxide. Linde plc is a global leader in medical gases and associated equipment. It offers services including the provision of oxygen therapy and home healthcare solutions. Companies invest in compliance to ensure product safety and efficacy. Increased investments in healthcare infrastructure drive demand for medical gases and equipment. For instance, In April 2022, Messer and Serbia have agreed to a Memorandum of Understanding (MoU) to ensure that, in a state of emergency, the provision of medical gases and equipment to the Serbian population will have priority.
In December 2023, Technik Spirits Inc., a medical innovation company engaged in the production of medical gas plant room gear announced the recent grant of a patent for its innovative medical gas systems. This initiative will address the long-ignored limitations of traditional medial air compressors and vacuum pumps.
In January 2023, ESAB Corporation purchased Ohio Medical, a worldwide leader in oxygen regulators and central gas structures. This transaction enlarges the medical gas control offerings as well as service offerings of the company.
GLOBAL MEDICAL GAS & EQUIPMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Air Liquide S.A.
Atlas Copco Group
Linde plc
Airgas Inc.
Allied Healthcare Products Inc.
Powerex
Amico Corp
Gentec Corp.
Taiyo Nippon Sanso Corporation
Colfax Corporation (GCE group AB)
Others