The global medical gases and equipment market is exhibiting steady growth with the surge in demand from hospitals, home care settings, pharmaceutical companies, and other healthcare facilities. A recent study by Fact.MR states that the medical gases and equipment market is anticipated to grow at over 8% CAGR during the forecast period between 2024 and 2030.
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Rising cases of chronic ailments such as diabetes, cancer, asthma, cardiovascular and respiratory diseases, and communicable diseases have been creating scope for expansion. According to the Centers for Disease Control and Prevention, one out of two adults in the U.S. suffer from chronic diseases.
Data obtained from same source revealed that 86% of national expenditure, accounting for US$ 2.7 trillion, were incurred on the treatment of mental health conditions and chronic ailments in the U.S. These facts and figures indicate the surge in incidence of chronic ailments, which is expected to fuel the demand for medical gases and equipment in the coming years.
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Though the outbreak of COVID-19 pandemic has impacted production process across manufacturing units in the first half of this year, the market is forecast to recover soon owing to the rush of patients across healthcare facilities.
Key Takeaways from Medical Gases and Equipment Market Report
- The increase in therapeutic application of medical gases and equipment is forecast to fuel the sales through the forecast period
- Hospitals will continue exhibiting surging demand in the coming years
- North America will dominate in the global medical gases and equipment market, with the U.S at the forefront. The demand from East Asia too is expected to rise in the coming years
- With the on-set of COVID-19 pandemic, the market has been experiencing surge in demand which tends to persist over the next couple of years
“The therapeutic application of medical gases and equipment has risen significantly over the past decade. Due to having diverse advantages such as effective to treat burn, strokes, providing hypoxia therapy in children, and others, the demand for therapeutic medical gases is projected to rise in the coming years,” said a Fact.MR analyst.
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Surge in Demand for Medical Gases Propelling Growth
Medical gases and equipment are used extensively in medical processes such as anesthesia, intensive care treatment, respiratory therapy, and others. Various types of medical gases such as oxygen, nitrous oxide, helium, carbon dioxide, and others are used in medical gas supply systems in hospitals and other healthcare facilities.
With the rapid expansion of healthcare industry, the demand for medical gases is sky-rocketing which is catering to the growth of the market. According to India Brand Equity Foundation (IBEF), the hospital industry in India is growing at a steady pace and is likely to reach at US$ 132.84 billion by fiscal year 2024. This indicates surging prospects for sales across high potential markets.
Furthermore, the rapid growth of pharmaceutical and biotechnology industry is fuelling the demand for medical gases, which in turn is enabling growth in the market.
Medical Gases and Equipment Market: Competitive Landscape
In order to sustain in the positions amid increasing competition, market players in the medical gases and equipment market are emphasizing on launching of broader categories of products.
For instance,
- Airgas Inc. launched its new range of medical-grade gases which are highly efficient in managing medical-grade oxygen, medical-grade liquid nitrogen, and others for various applications such as respiratory therapy, burn therapy, and others in the recent year
- Praxair Inc. launched its new extensive range of medical gases such as trigas which is a mixture of Oxygen, Nitrogen, and Carbon Dioxide and used in In Vitro Fertilization machines, synthetic air for ICU, PICU, and NICU areas, and others in the current year
Some of the companies profiled in the medical gases and equipment market report are Airgas Inc., Atlas Copco AB, GCE Group AB, Matheson Tri-Gas Inc., Messer Group GmbH, and Praxair Inc.
More Valuable Insights on Medical Gases and Equipment Market
In its latest report, Fact.MR has provided detailed analysis on the global medical gases and equipment market, comprising data on historical statistics (2015-2019) and forecasts of demand for the period of 2024 to 2030. The report discusses critical insights on the medical gases and equipment market in terms of product (medical gases (pure medical gases, oxygen, carbon dioxide, nitrous oxide, and 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, and helium-oxygen mixtures), medical gas equipment (gas delivery systems, cryogenic products (freezers), equipment accessories (vacuum systems, manifolds, regulators, flowmeters, hoses, valves with integrated pressure regulators (VIPRS), medical air compressors, and others))), application (therapeutic, pharmaceutical manufacturing & research, diagnostic, and other applications), end user (hospitals, home care settings, pharmaceutical & biotechnology companies, academic & research institutes, and emergency services), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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