Medical Gases And Equipment Market

Global Medical Gases and Equipment Market Size (2024 to 2029)

The global medical gases and equipment market size was worth USD 21.31 billion in 2023. The global medical gases and equipment market size is expected to grow to USD 44.10 billion by 2032 from USD 23.12 billion in 2024, growing at a CAGR of 8.5% during the forecast period.

Medical and pharmaceutical gases are specialized gases used for medical purposes, drug processing, and various biotechnology applications. Medical gases include pure gases and a mixture of gases for various medical processes. Gas equipment such as cylinders and masks store and deliver gas.

MARKET DRIVERS

The rising incidence of respiratory and chronic diseases and technological advancements in the healthcare sector worldwide are propelling the medical gases and equipment market growth.

The need for medical gases is high among respiratory diseases such as COPD and asthma. According to the data published by the World Health Organization (WHO), COPD is a significant health issue worldwide and caused approximately 3.23 million deaths worldwide in 2019. According to the Asthma and Allergy Foundation of America (AAFA), asthma is prevalent in the United States; every one in thirteen people has asthma, and 25 million people have asthma.

In addition, the rising population and prevalence of tobacco consumption rapidly accelerate medical gases and equipment market growth. Moreover, the increasing incidence of preterm birth and the surge in the geriatric population influences the market growth. According to the Centers for Disease Prevention and Control (CDC), 1 in every ten infants is affected by preterm birth in the United States. In addition, in the recent past, the arrival of the global pandemic has increased the demand for home healthcare services, augmenting the market for medical gases and equipment. Furthermore, the rising geriatric population is primarily prone to developing chronic diseases, namely diabetes, cancer, asthma, respiratory diseases, and cardiovascular diseases, which is expected to boost market growth. According to the World Health Organization (WHO), the number of people who turn 60 is anticipated to reach 1.4 billion by 2030.

Furthermore, the emerging countries in the APAC region and the rapid adoption of technologies are expanding the aid of the medical gases and equipment market. Increasing point-of-care services and supportive initiatives by the government and private organizations are most likely to encourage market growth. The rising prevalence of chronic respiratory disorders, the implementation of industry-friendly laws (such as the FDA Safety and Innovation Act), and increased biotechnology research are the important drivers that will propel the worldwide medical gases and equipment market throughout the forecast period.

MARKET RESTRAINTS

The growth of the global medical gases and equipment market is estimated to be restrained due to changes in medical gas calibration standards, the global shortage of helium, and declining federal reimbursements for respiratory therapies during the forecast period. In addition, the lack of comprehensive reimbursement schemes and helium scarcity are two factors that would limit market expansion throughout the forecast period. Furthermore, the Federal Helium Reserve in America would be shut down because of the Helium Privatization Act, and the resources would be turned over to the private sector.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Medical Gases and Equipment Market Analysis By Product

Based on pure medical gases, the oxygen-type segment is predicted to grow at the highest CAGR growth rate during the forecast period due to the large patient pool suffering from respiratory diseases and intensifying many hospitals undergoing emergency medical care.

The pure gases in the high-pressure cylinders segment are predicted to dominate the delivery of pure medical gases globally. The sweeping usage of the devices amidst home healthcare setups and hospitals. Most key players in the medical gases and equipment market offer high-pressure cylinders, pushing the market forward.

Based on the medical gas mixture product type, the lung diffusion mixtures segment accounted for the largest worldwide market share in 2023. The growing number of chronic diseases, the high number of untreated patients, and the rising senior population drive segmental growth.

The oxygen concentrators segment is a promising sub-segment in the medical gas equipment segment owing to the usage of various oxygenation and anesthetic mixtures to manage conditions such as renal dialysis and many more.

Global Medical Gases and Equipment Market Analysis By Application

Based on the application, the therapeutic application held the highest share of the global medical gases and equipment market in 2023 and is expected to grow at a healthy CAGR during the forecast period owing to the wide range of medical devices used in treating and managing various disease conditions.

Global Medical Gases and Equipment Market Analysis By End-users

Based on the end-users, the hospital segments are projected to lead the medical gases and equipment market during the forecast period. They account for the largest worldwide market share in 2023. The high usage of medical gases and equipment by hospitals due to increased patient count boosts segmental growth.

On the other hand, the home healthcare segment is forecasted to have a significant CAGR in the global medical gases and equipment gases during the forecast period. The segment experiences impressive ROI with large-scale demand across hospitals and care centers. In addition, critical care units need substantial support from high-end life support lavishing the growth rate.

REGIONAL ANALYSIS

Regionally, the medical gases and equipment market in North America had the largest share of the worldwide market, followed by Europe in 2023. The growth of the North American market is highly driven due to factors like the presence of a well-established medical gas market, the high prevalence of patients with respiratory disorders, and a growing aging population. The U.S. market is anticipated to hold a major share of the North American market during the forecast period. The various associations, such as the European Industrial Gases Association (EIGA) and Medical Gas Association (MGA) in the European region, make the closest market to the North American region. Therefore, the association mainly contributes to a significant share of the medical gases and equipment market.

The European medical gases and equipment market is expected to grow at a healthy CAGR during the forecast period. The growth of the European market is primarily driven by the growing aging population, increasing adoption of technological advancements, and rising patient count suffering from chronic diseases. Air Liquide, Linde, Praxair, Air Products, and Messer Group are some of the notable players in the European market.

The medical gases and equipment market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period owing to increasing healthcare awareness, rising healthcare expenditures, growth in the aging population, and growth in per capita income. The Asia-Pacific is anticipating the fastest-growing segment due to Furthermore, owing to the population density of nations like China and India. As a result, there is an increase in the expenditure on healthcare in the countries.

The Latin American medical gases and equipment market is expected to hold a considerable share worldwide during the forecast period. Factors such as increasing healthcare expenditure and initiatives from the Latin American governments to promote the healthcare infrastructure promote regional market growth.

The medical gases and equipment market in MEA is predicted to grow at a moderate CAGR in the coming years.

KEY MARKET PARTICIPANTS

The most promising companies dominating the global medical gases and equipment market profiled in this report are Air Products and Chemicals, Inc., The Linde Group, Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., SOL-SpA, Airgas, Inc., Atlas Copco, Messer Group, GCE Holding AB, Beacon Medaes, Medical Gas Solutions Ltd., Matheson Tri-Gas, Taiya Nippon Sanso and Atlas Copco.

RECENT MARKET DEVELOPMENTS

• ALPIFLOW, a next-generation flow meter with a lifetime of over ten years and no further maintenance, was introduced by Ceodeux Meditec in 2018. The device connects directly to the Ceodeux Meditec ALPICONNECT, ALPINOX, or MINOX to control oxygen flow from the hospital pipeline system and portable oxygen cylinders.
• Air Liquide purchased EOVE (France) in 2018 to expand its presence in the home healthcare industry. LOVE is a new firm specializing in producing ventilators for people with chronic respiratory failure who live at home.
• Linde agreed to sell most of its gas business in North America and selected commercial activities in South America to Messer Group and CVC Capital Partners Fund VII in 2018.
• MediVitop, a revolutionary One-Knob Cylinder Valve with Integrated Pressure Regulator, was released by GCE in 2018.
• Atlas Copco extended its innovation center in Bretten, Germany, in 2018 to fulfill increased customer demand for testing and developing novel joining methods.

DETAILED SEGMENTATION OF THE GLOBAL MEDICAL GASES AND EQUIPMENT MARKET INCLUDED IN THIS REPORT

This market research report on the global medical gases and equipment market has been segmented and sub-segmented based on the product, application, end-user, and region.

By Product

• Medical Gases
  • Pure Medical Gases, by Type
    • Oxygen
    • Carbon Dioxide
    • Nitrogen
    • Nitrous Oxide
    • Medical Air
    • Helium
  • Pure Medical Gases, by Form of Delivery 
    • Pure Gases in High-Pressure Cylinders
    • Pure Gases in Liquid Cylinders
    • Bulk Delivery
• Medical Gas Mixtures
  • Blood Gas Mixtures 
  • Lung Diffusion Mixtures
  • Nitrous Oxide-Oxygen Mixtures
  • Carbon Dioxide-Oxygen Mixtures
  • Laser Gas Mixtures
  • Aerobic Mixtures
  • Anaerobic Mixtures 
  • Ethylene Oxide
  • Helium Oxygen Mixtures
• Medical Gas Equipment
  • Equipment Accessories
    • Vacuum Systems
    • Manifolds
    • Regulators
    • Flowmeters
    • Suction Regulators
    • Hose
    • Outlets
    • Monitoring Systems (Alarms & Monitors)
  • Oxygen Concentrators 
  • Gas Delivery Systems 
  • Cryogenic Products (Freezers)

By Application

• Therapeutic
  • Respiratory Diseases 
  • Cardiovascular Diseases 
  • Anesthesia
  • Cryosurgery
• Diagnostic
  • Medical Imaging
  • General Laboratory Use
• Pharmaceutical Manufacturing and Research
  • Drug Discovery
  • Process Development
  • Manufacturing 
  • Quality Control
• Other Applications

By End-users

• Hospitals
• Home Healthcare
• Emergency Services
• Pharmaceutical Industry
• Academic & Research Institutions

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa