Medical Gases and Equipment Market

Medical Gases and Equipment Market Outlook (2023 to 2033)

Expanding rapidly at a CAGR of 8%, the global medical gases and equipment market is forecasted to increase from a valuation of US$ 20 billion in 2023 to US$ 43 billion by 2033-end. The therapeutic application of medical gases and equipment is gaining traction due to high demand from healthcare facilities.

The market for medical gases and equipment has significant growth potential due to the rapidly growing elderly population and new developments in the pharmaceutical sector. In addition to the risk of contracting an infection from medical gases, the purity of the gas is crucial to a patient's recovery. Because of this, particular specifications must be followed while manufacturing medical gases.

The prevalence of chronic respiratory diseases is rising, industry-friendly regulations are being implemented and biotechnology research is intensifying. These are the main factors that will propel the market growth during the forecast period.

Additionally, the market for medical gases and equipment will be significantly influenced by government measures to improve access to emergency care in emerging economies. Preterm birth rates are on the rise, which will boost demand for medical gas equipment and accelerate market growth.

Increasing healthcare expenditure and technological innovation are the main factors that will accelerate market expansion. The market will also benefit from the increase in demand for point-of-care diagnostics and home healthcare. Rapid urbanization, changing lifestyles, and rising disposable income levels in both developing and developed countries boost market expansion.

In addition, the launch of new goods, the installation of backup systems, and the introduction of modern medical gas equipment will all present favorable chances for market expansion. The need for medical gas equipment is also expected to rise in emerging markets, and there will be an increase in government and private sector measures to support this demand.

A disease condition known as a respiratory disease affects the lungs and other organs of the respiratory system. The market for medical gases and equipment will increase at a rapid rate due to the rise in respiratory disease cases caused by cigarette usage and rising pollution levels. The market will expand as more respiratory disorders are treated using medical gases and equipment as a result of an increase in such diseases.

Increasing demand for medical gases and various medical gas mixtures has been catering to the growth of the medical gases and equipment market for the past decade. The growth registered in the hospital industry, coupled with the expanding home care settings sector, is projected to push the market value during the forecast period. In addition to this, the rising therapeutic and diagnostic applications are likely to fuel the demand for various medical gas mixtures and medical gases such as laser-gas mixtures, aerobic gas mixtures, nitrous oxide, and others, besides medical gas equipment.

Report Attributes	Details
Medical Gases and Equipment Market Size (2023)	US$ 20 Billion
Projected Market Value (2033)	US$ 43 Billion
Global Market Growth Rate (2023 to 2033)	8% CAGR
Market Share of Medical Gases	60%
Key Companies Profiled	Airgas Inc. Atlas Copco GCE Group Messer Group GmbH Praxair Inc. Matheson Tri-Gas, Inc. Air Liquide Air Products and Chemicals Inc. Amico Group of Companies BeaconMedaes Flogas The Linde Group

Which Key Elements are Influencing the Medical Gases and Equipment Market?

“Technological Advancements in Medical Gases and Equipment”

Medical gases and equipment used in hospitals and at-home care now have a wider range of functional possibilities thanks to technological innovations. The technologically advanced equipment offers a complementing system of monitoring and therapeutic delivery, along with training materials and communication between patients and healthcare professionals, as opposed to older equipment.

Additionally, recent advancements to various related medical gas equipment are being made to provide a higher standard of care. A boon to the expanding home healthcare sector is the development of lightweight, transportable medical gas-handling equipment. The development of more compact and portable gas delivery systems that patients may carry is currently the focus of various firms that provide medical gas equipment.

Numerous manufacturers are concentrating on releasing advanced products in light of the potential opportunities in the market. The integration of multiple types of gas-handling equipment and the creation of lighter, more portable homecare equipment are two examples of innovation that are anticipated to offer considerable growth prospects to key market participants.

“Increasing Adoption of Point-of-care Diagnostics”

The rising frequency of respiratory diseases and the development of point-of-care diagnostics (POCD) are expected to have a substantial positive impact on the global market for medical gas equipment. POCD may be essential for the market for home healthcare as well as the need for medical gas equipment.

One of the common methods for detecting diseases at the patient's bedside is POCD, which is quicker than other procedures. Because the probability of disease transmission could worsen when a patient visits a healthcare facility, POCD is anticipated to benefit from the rising prevalence of respiratory disorders.

An increase in disorders that result in immobility is expected to increase demand for medical gas equipment in the home healthcare market. Asthma and chronic obstructive pulmonary disease (COPD) are two of the most immobilizing disorders that can be managed at home with improved convenience.

The introduction of new products that are adaptable to client needs in the global market for medical gas equipment may prove to be crucial for the expansion of key competitors. Customers are becoming more aware of the benefits of combining a cylindrical valve and pressure regulator into a single device that performs all necessary control tasks. Additionally, this might aid in guaranteeing a faster gas supply.

What is Hampering Global Demand for Medical Gases and Equipment?

“Stringent Regulatory Environment and Limited Healthcare Reimbursement”

A global helium shortage as well as a stringent regulatory environment may restrain market expansion. The medical gases and equipment industry will also be affected by limited healthcare reimbursement and changes in medical gas calibration standards.

Pricing trends indicated that the costs related to professional training to use medical gas equipment effectively will raise the overall cost of ownership of this equipment, which may restrain market expansion. In addition, the price of medical gas equipment is also affected by ongoing maintenance and cleaning expenses and regular service charges.

Which Region is Predicted to Lead Market Expansion Going Forward?

“Increased Use of Medical Gases in Treatment of Respiratory Conditions in North America”

North America is the leading market for medical gases and equipment accounting for 50% share. The presence of well-established healthcare and pharmaceutical sectors and the increased use of medical gases in the treatment of respiratory conditions are driving market growth.

Country-wise Insights

Why is the United States Commanding the North American Market?

“Rising Prevalence of Cardiovascular & Lifestyle-related Diseases”

Market growth in the United States is attributed to the presence of key market participants. A rise in hospitals, the growing prevalence of cardiovascular & lifestyle-related diseases, and the availability of advanced healthcare facilities are supporting market expansion.

What is the Medical Gases and Equipment Demand Outlook in Germany?

“High Adoption in Home Healthcare Settings”

An increase in hospitals coupled with the high adoption of home healthcare settings is propelling market growth in Germany. The increasing rate of care-dependent old people is expected to drastically change the home care settings industry in Germany.

How is Japan Aiding Market Growth in Asia Pacific?

“Increase in Government Measures to Support Healthcare Infrastructure”

The market in Japan is expected to register prominent growth during the forecast period due to the huge demand for emergency medical service products. Market expansion is aided by elements, including rising healthcare expenditure, a rise in home oxygen treatment use, a growing geriatric population, and an increase in government measures to support the healthcare infrastructure.

Category-wise Insights

Which Product is Forecast to Gain a Prominent Market Share?

“Increasing Need for Effective Treatment of Chronic Diseases Driving Demand for Medical Gases”

Under product, the market is segmented into medical gases, medical gas mixtures, and medical gas equipment. Medical gases account for 60% share of the global market. Medical gases such as pure medical gases, oxygen, carbon dioxide, nitrous oxide, helium, and others are highly required by the healthcare segments, pharmaceutical companies, and others.

Oxygen, being used in anesthesia machines, ventilation, and others, is witnessing a surge in demand. Carbon dioxide is used for insufflations purpose in open heart surgery and laparoscopy procedures. The rise in cases of cardiovascular diseases has been a major factor in fueling the demand for medical gases. Rising spending on effective treatment for chronic diseases is expected to boost the demand for medical gases.

Where are Medical Gases and Equipment Used the Most?

“Easy Accessibility of Various Medical Equipment in Hospitals to Deliver Critical Care Treatment for Patients”

Hospitals have emerged dominant among end users, followed by home care settings, pharmaceutical & biotechnology companies, academic & research institutes, and emergency services. Medical gases and equipment being an integral part of the hospital industry are witnessing a significant surge in demand with the increase in hospitals across the globe.

Various medical equipment such as flowmeters, cryogenic products, regulators, medical air compressors, and others, are often required to deliver treatment to patients requiring critical care. These devices are therefore used in intensive care units (ICUs) to operation theatres (OTs) across hospitals.

Furthermore, the rising investment of government funds in healthcare is spurring the growth of the market. These factors are boosting the expansion of the healthcare sector and driving demand for advanced services.

Competitive Landscape

Leading companies are engaged in product launches, quality control, collaborations, supply chain management, and joint ventures to expand their product lines. Key players in the market are focusing on launching an extensive range of cost-effective products following safety regulations.

A crucial trend that is becoming more popular in the medical gas and equipment industry is product innovation. To improve their position, major players in the medical gas and equipment industry are concentrating on enhancing product standards and offering innovative technological solutions to lower the environmental impact.

For instance,

• GCE Group AB launched its new medical equipment along with the installation standard ISO 7396 which includes high-pressure manifolds, stabilizers, accessories, ball valves, shut-off valve boxes, and others.
• Atlas Copco AB launched its new wide range of medical gas equipment such as Medical Air Purifier- MED (+), Oil-Free Scroll Compressor- SF- MED, Oil-Free Rotary Tooth Compressor- ZT- MED, and others.
• In 2021, Swedish high-pressure gas equipment maker GCE Healthcare introduced MediTec, a new high-pressure gas regulator that can produce up to 25 lpm and be used for resuscitation and the treatment of cluster headaches. In an improbable circumstance, MediTec's special self-centering feature permits gas to flow to guarantee that the device flow selector is positioned halfway between two settings. With a flow selector and the choice of a quick hookup for various tasks, this device assures gas control.

Medical Gases and Equipment Industry Research Segmentation

• By Product :

  • Medical Gases
    • Pure Medical Gases
    • Oxygen
    • Carbon Dioxide
    • Nitrous Oxide
    • Helium
  • Medical Gas Mixtures
    • Blood Gas Mixtures
    • Lung Diffusion Mixtures
    • Nitrous Oxide-Oxygen Mixtures
    • Carbon Dioxide-Oxygen Mixtures
    • Laser-Gas Mixtures
    • Aerobic Gas Mixtures
    • Anoerobic Gas Mixtures
    • Ethylene Oxide/Sterilant Gas Mixtures
    • Helium-Oxygen Mixtures
  • Medical Gas Equipment
    • Gas Delivery Systems
    • Cryogenic Products
    • Equipment Accessories
    • Vacuum Systems
    • Manifolds
    • Regulators
    • Flowmeters
    • Hoses
    • Valves With Integrated Pressure Regulators
    • Medical Air Compressors
    • Others

• By Application :

  • Therapeutics
  • Pharmaceutical Manufacturing & Research
  • Diagnostics
  • Others

• By End User :

  • Hospitals
  • Home Care Settings
  • Pharmaceutical & Biotechnology Companies
  • Academic & Research Institutes
  • Emergency Services

• By Region :

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