PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1563537
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1563537
The medical gas and equipment market is projected to reach USD 26.44 billion by 2029 from USD 19.90 billion in 2024, at a CAGR of 5.8% during the forecast period. The medical gas and equipment market has had strong growth due to a number of factors such as the rising incidences of chronic respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, pulmonary fibrosis, and bronchiectasis. Moreover, the initiatives to develop healthcare infrastructure in underdeveloped regions demand more medical gases and related equipments. Additionally, the growing trend of home healthcare services has also played a major role in the market's growth, due to the availability of portable oxygen systems.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | By Type, Application, End User and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the GCC countries |
"By type, medical gases segment is expected to have the largest market share in the medical gas and equipment market."
Based on the type, the medical gases segment is expected to dominate the the medical gas and equipment market due to several factors. Medical gases such as oxygen, nitrous oxide, carbon dioxide and medical air are necessary for different medical procedures including anesthesia, respiratory therapies and surgical interventions. The high number of people suffering from chronic diseases like COPD or asthma as well as the increased number of surgical operations lead to high demand for these gases. Furthermore, innovations in gas delivery systems and their applications in new areas like biotechnology or drug discovery further support the growth of this market.
"By application, therapeutics application segment is expected to have the largest market share in the medical gas and equipment market."
Based on application, the therapeutics application segment is expected to hold the largest market share in the medical gas and equipment market due to its vital role in treating various ailments. Essential for life support, anesthetics or anesthetic gases like oxygen, nitrous oxide as well as heliox (helium-oxygen mixture) are important medical gases of today's healthcare systems. For example, oxygen therapy is commonly used to treat chronic respiratory diseases among other emergency conditions. The increasing incidence rate of chronic illnesses coupled with the rising number of older people has necessitated a greater demand for therapeutic gases and related devices in homes. Moreover, availability and portability have been ensured by advancements made in gas delivery systems such as portable oxygen concentrators which have also contributed to an increase in this segment's share of the market.
"By end user, hospitals & clinics segment is expected to have the largest market share in the medical gas and equipment market."
Based on end user, the hospitals & clinics segment accounted for the largest market share of the medical gas and equipment market. They serve primarily as centers for surgeries, emergency treatments, and intensive care where medical gases such as oxygen, nitrous oxide and nitrogen, are mandatory for these services. This has created a huge demand for these gases in hospitals and clinics due to their high frequency of use in anesthesia, respiratory support or even other life-saving procedures. Additionally, the availability of more advanced healthcare infrastructure and rising chronic diseases today has necessitated prolonged oxygen therapy or other gas related treatments leading to a higher growth rate in this market.
"By region, North American region is expected to have the largest market share in the medical gas and equipment market."
North America to register for the highest share of the medical gas and equipment market during the forecast period due to several factors. The presence of advanced healthcare infrastructure, high health expenditure rates and the presence of a large elderly population drive the demand for medical gases and their related devices in this region. Chronic diseases such as asthma and chronic obstructive pulmonary disease (COPD) which require long-term oxygen therapy, are on the rise in this region thus fuelling industry growth. Furthermore, the existence of large pharmaceutical and biotech companies as well as a comprehensive government and regulatory support framework fuel the market growth in this region.
Prominent players in the medical gas and equipment market are Air Liquide (France), Linde Plc (Germany), Taiyo Nippon Sanso Corporation (Japan), Air Products and Chemicals Inc. (US), Atlas Copco AB (Sweden), GCE Group (Sweden), Messer SE & Co. KGaA (Germany), SOL Spa (Italy), Rotarex (Europe), Norco Inc. (US), Genstar Technologies (US), Southern Gas Limited (India), Calox Inc. (US), Ellenbarrie Industrial Gases (India), Steelman Gases Pvt. Ltd. (India), Butler Gas Products Company (US), SCI Analytical (US), Amico Group of Companies (US), Oxygen & Argon Works Ltd. (Israel), AOPL (India), Apex Medical Gas Inc. (US), Chengdu Taiyo Industrial Gases Co., Ltd. (China), Carbide and Chemicals (India), Holston Gases (US), and MEC Medical Ltd. (UK).
The report analyzes the medical gas and equipment market and aims at estimating the market size and future growth potential of this market based on various segments such as type, application, end user and region. The report also includes a competitive analysis of the key players in this market along with their company profiles, service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall medical gas and equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.