PUBLISHER: Grand View Research | PRODUCT CODE: 1679558
PUBLISHER: Grand View Research | PRODUCT CODE: 1679558
The global cryogenic gases market size is anticipated to reach USD 110.3 billion by 2030, registering a CAGR of 6.7% during the forecast period, according to a new report by Grand View Research, Inc. The demand for cryogenic gases in the pharmaceutical industry is experiencing significant growth, driven by advancements in drug formulation and preservation technologies. Cryogenic processes utilizing liquefied gases like nitrogen and helium are increasingly being employed to enhance the bioavailability of Active Pharmaceutical Ingredients (APIs), allowing for more effective drug delivery with reduced side effects.
The oxygen product segment dominated the cryogenic gases industry with the largest revenue share in 2024. The segment's growth is driven by its critical applications in healthcare, metal processing, and chemical industries. Liquid oxygen is essential for respiratory treatments, surgical procedures, and medical emergencies, fueling demand in the healthcare sector. Additionally, its use in enhancing combustion efficiency in steel manufacturing and industrial processes is a key driver supporting market growth.
The healthcare application segment dominated the market in 2024. The segment growth is driven by the increasing demand for medical gases such as liquid oxygen and nitrogen for respiratory therapy, cryosurgery, and medical diagnostics. Cryogenic gases play a crucial role in preserving biological samples and supporting advancements in biotechnology and regenerative medicine. Additionally, the rising prevalence of respiratory diseases and expanding healthcare infrastructure worldwide are key drivers fueling market growth.
Asia Pacific dominated the market with a share of 50.7% in 2024. Industrial growth is driving market expansion, further supported by the region's shift toward sustainable energy solutions. As countries prioritize cleaner energy sources and invest in infrastructure, the demand for specialized cryogenic gases is expected to rise steadily in the coming years.