The global medical gases and equipment market is driven by factors such as increase in the adoption of medical gases and equipment, surge in cases of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, dyspnea, and the rise in awareness regarding improvement of healthcare infrastructure in developing countries.
PORTLAND, Ore., May 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Gases and Equipment Market: By Product Type (Medical Gases, and Medical Gas Equipment), By Application (Therapeutic, Diagnostics, and Others), By End User (Hospitals, Ambulatory Surgical Centers, Diagnostic and Research Laboratories, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global medical gases and equipment industry generated $14.3 billion in 2022, and is anticipated to generate $28.9 billion by 2032, witnessing a CAGR of 7.6% from 2023 to 2032.
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Prime determinants of growth
The global medical gases and equipment market is driven by factors such as increase in the adoption of medical gases and equipment, surge in cases of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, dyspnea, and the rise in awareness regarding improvement of healthcare infrastructure in developing countries. However, the stringent regulations regarding manufacturing and sales of medical gases and equipment is hampering the medical gases and equipment market growth. On the contrary, the increase in adoption of key strategies by key players, and the rise in aging population suffering from respiratory disease and cardiovascular disease are expected to offer remunerative opportunities for expansion of the medical gases and equipment market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $14.3 billion |
Market Size in 2032 | $28.9 billion |
CAGR | 7.6 % |
No. of Pages in Report | 416 |
Segments covered | Product Type, Application, End User, And Region |
Drivers | Surge in cases of chronic obstructive pulmonary disease Rise in prevalence of asthma Rise in prevalence of cardiovascular diseases |
Opportunities | Rise in geriatric population Increase in adoption of key strategies by key players |
Restraints | Stringent regulations |
Covid-19 Scenario
- Due to the high demand for medical oxygen gas during COVID-19 pandemic, the medical gases and equipment market faced an excellent growth.
- This notable growth is expected to continue during the forecast period as healthcare systems around the world continue to invest in medical gases and equipment to improve their capacity to respond to future pandemics and other healthcare challenges.
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The medical gases segment to maintain its leadership status throughout the forecast period.
Based on product type, the medical gases segment held the highest market share in 2022, accounting for nearly three-fourths of the global medical gases and equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in adoption of medical gases and increase in focus for the improvement of healthcare infrastructure. The same segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032, as increase in awareness regarding use of medical gases for treatment & diagnostic purpose and rise in demand of medical gases.
The therapeutic segment to maintain its leadership status throughout the forecast period
Based on application, the therapeutic segment held the highest market share in 2022, accounting for more than half of the global medical gases and equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of medical gases and equipment for treatment and rise in use of medical gases for treatment of respiratory disease. However, the diagnostics segment is projected to manifest the highest CAGR of 8.5% from 2023 to 2032, owing to an increase in endoscopy procedure that requires medical gases and equipment and rise in demand of medical gases for diagnostic purpose, such as increase in use of lung diffusion mixture for pulmonary function testing.
The hospital to maintain its dominance by 2032
Based on end user, the hospitals segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global medical gases and equipment market revenue,and is likely to dominate the market during the forecast period. This is due to an increase in number of patient visit in hospital, and high demand of medical gases and equipment from hospitals. The other segment is expected to witness the fastest CAGR of 9.0% from 2023 to 2032 , owing to increase in use of medical gases in home healthcare, and rise in geriatric population in home healthcare who required care and medical gas.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global medical gases and equipment market revenue, and is expected to maintain its dominant status throughout the forecast period. The growth is attributed to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.5% from 2023 to 2032 owing to a rise in number of respiratory diseases, unmet medical demands, and high population base.
Leading Market Players: -
- Advin Health Care
- Air Liquide (Air Liquide Medical Systems)
- Air Products and Chemicals Inc
- Atlas Copco AB
- DCC plc (Flogas)
- ESAB (GCE Holding AB)
- Linde Plc
- Matheson Tri-Gas Inc.
- Messer Holding GmbH
- Rotarex
The report provides a detailed analysis of these key players in the global medical gases and equipment market. These players have adopted different strategies such as acquisition, product launch, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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