Medical Gases and Equipment Market
Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 14.50 billion |
|
Revenue Forecast in 2031 |
US$ 26.21 billion |
|
CAGR |
6.80% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the medical gases and equipment market was valued at US$ 14.50 billion in 2022 and is expected to register a revenue CAGR of 6.80% to reach US$ 26.21 billion by 2031.
Medical Gases and Equipment Market Fundamentals
Medical gases and equipment are essential in healthcare settings for various diagnostic, therapeutic, and life support purposes. They are used to deliver respiratory support, anesthetics, and other medical treatments. These specialized gases, such as oxygen, nitrous oxide, and carbon dioxide, are utilized in various medical procedures and therapies. Medical gases are administered through advanced equipment like oxygen concentrators, cylinders, and flowmeters, ensuring precise delivery and monitoring. Oxygen, for instance, is fundamental for respiratory support, while nitrous oxide acts as an anesthetic. Additionally, equipment like ventilators and oxygen concentrators assist or replace respiratory function in patients. The proper selection and use of medical gases and equipment are vital to providing optimal care, and healthcare professionals rely on their expertise to ensure the safety and well-being of patients.
Medical Gases and Equipment Market Dynamics
The global medical gases and equipment market is driven by several factors contributing to its growth and expansion. The demand for medical gases and equipment is driven by the increased prevalence of chronic respiratory disorders (CRDs), including pulmonary hypertension, chronic obstructive pulmonary disease, occupational lung illnesses, and asthma. For instance, according to WHO data, more than 3.0 million people globally die from chronic obstructive pulmonary disease (COPD) yearly, accounting for around 6% of all fatalities. By 2030, COPD may overtake cancer as the world's third greatest cause of death. Additionally, according to the same report, asthma affects almost 235.0 million individuals. These respiratory diseases are treated and diagnosed using medical gases, including oxygen, lung gas mixes, and heliox. In addition, the pandemic has led to innovations that would help many individuals suffering from respiratory illnesses get the oxygen they need.
Additionally, the industry will be driven post-COVID-19 by the growing use of home healthcare. Further, the market is developing due to increasing FDA approvals for medical gas equipment. The Food and Drug Administration (FDA) recommends updating its Current Good Manufacturing Practise (CGMP) regulations to incorporate new color, labelling, design, and dedication standards for medical oxygen gas compartments and closures. The demand for medical gases is anticipated to be indirectly driven by the aging, rising population who are more prone to chronic illnesses. Due to reduced immune systems, the elderly are more susceptible to chronic illnesses. The WHO estimates that by 2050, there may be 2.1 billion persons worldwide who are 60 years of age or older. Moreover, by 2050, there will be 426 million people who are 80 years of age or older. The number of elderly people has significantly increased, which has led to an increase in the prevalence of respiratory diseases.
However, the global medical gases and equipment market is subject to stringent regulatory standards and compliance requirements. Manufacturers and suppliers need to meet specific quality and safety regulations to ensure the effectiveness and reliability of their products. Compliance with these regulations can increase costs and time-to-market, potentially limiting market growth.
Medical Gases and Equipment Market Ecosystem
The global medical gases and equipment market is analyzed from the following perspectives: type, application, end user, and region.
Medical Gases and Equipment Market by Type
Based on the type, the medical gases and equipment market is segmented into medical gas and equipment. The medical gas segment is sub-segmented into medical pure gas and medical gas mixture. The equipment segment is sub-segmented into vacuum systems, air compressors, outlets, manifolds, monitoring systems, valves & hose assemblies, and others (flow meters and regulators).
The medical gas segment accounts for the largest revenue share in the global medical gases and equipment market. Oxygen and nitrogen gases are essential for life support systems and anesthetic operations. Therefore, a rise in the number of surgical procedures and patient hospitalizations is anticipated to spur revenue growth in the market for medical gases. For instance, according to statistics from the United Nations 2021, 50 million injuries and 1.3 million deaths worldwide occur each year due to traffic accidents. The need for oxygen therapy in various life care settings is developing significantly due to increased traffic accidents.
Medical Gases and Equipment Market by Application
Based on the application, the medical gases and equipment market is segmented into therapeutic applications, diagnostic applications, and other applications (pharmaceutical and biotechnology research applications).
The therapeutic application segment accounts for the largest market share of 40% in the global medical gases and equipment market. This is because a wide variety of medical gases are utilized to control and treat a number of different illness problems. Gases used therapeutically are categorized as medications and must adhere to strict purity and quality standards. In terms of therapeutic gases, the most common ones are oxygen, medical air, nitric oxide, carbon dioxide, and helium-oxygen combinations. From anesthesia to inhalation therapy, medical oxygen is frequently employed in healthcare settings.
The diagnostics segment is projected to experience a high revenue CAGR during the forecast period. The fastest rise can be attributed to its expanding use in general laboratory applications and medical imaging. One of the culture growth applications utilized in labs is controlled aerobic or anaerobic incubator settings for biological cell culture or tissue growth. Anaerobic conditions are created by hydrogen- or carbon dioxide-rich mixtures, whereas controlled aerobic conditions are created by oxygen-rich mixtures. They are typically employed for patient diagnostics, including blood gas analysis and lung function tests. For instance, an MRI requires liquid helium to cool down the scanners' superconductive magnets.
Medical Gases and Equipment Market by End User
Based on the end user, the medical gases and equipment market is segmented into hospitals, diagnostic laboratories, academic & research institutes, and others (pharmaceutical & biotechnology companies and home care settings).
The hospital segment accounts for the largest revenue share of around 27.5% in terms of revenue. All commercially available medical gases, including carbon dioxide (CO2), oxygen (O2), nitrogen (N2), medicinal air, and nitrogen protoxide (N2O), are frequently utilized in hospitals. The high prevalence of medical procedures conducted globally and the usage of medical gases in surgical procedures, intensive care, and emergency response all contribute to the segment's dominance.
Medical Gases and Equipment Market by Region
Geographically, the global medical gases and equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a significant revenue share of the global medical gases and equipment market. The vast population, rising healthcare costs, and rising incidence of chronic diseases in the region contribute to the market growth. According to the Centers for Disease Control and Prevention (CDC), approximately sixteen million Americans have been diagnosed with COPD, while an estimated twelve million more may have undiagnosed COPD. The prevalence of COPD in the United States is around 6.2%. Additionally, the demand for medical gases and equipment in the area is driven by improvements in healthcare technology and a focus on improving patient outcomes. In North America, the movement towards patient-centered care and home healthcare is gaining ground. Portable medical gases and equipment that enable patients to receive treatment in the comfort of their homes are in higher demand. This expanding market area is served by portable oxygen concentrators, oxygen cylinders, and other products that give patients convenience and flexibility. Healthcare technology developments are leading the way in North America. The area constantly sees advancements in medical gases and equipment, including sophisticated ventilators, oxygen concentrators, and anesthesia devices. These technological developments encourage using new and enhanced medical gas delivery equipment and systems, improving patient care and therapeutic results.
The Asia Pacific region is projected to experience a high revenue CAGR in the medical gases and equipment market. A considerable proportion of the population in the Asia-Pacific area is elderly. Elderly people are more likely to develop chronic illnesses and frequently need medical gases and equipment for anesthesia, respiratory support, and other treatments. The demand for medical gases and equipment is fueled in part by the aging population's increasing healthcare needs. In the Asia Pacific, home healthcare is becoming more popular, just like in other regions. There is an increasing need for portable and user-friendly medical gases and equipment due to the rise in home-based medical care and oxygen therapy. The popularity of these solutions is fueled by home healthcare's affordability and convenience.
Medical Gases and Equipment Market Competitive Landscape
The prominent players operating in the global medical gases and equipment market are: -
Medical Gases and Equipment Market Strategic Developments
In healthcare settings, medical gases and equipment are crucial for a variety of diagnostic, therapeutic, and life support functions. They are employed to administer anesthetics, breathing support, and other medical treatments.
The global medical gases and equipment market during the forecast period is expected to grow at a revenue CAGR of 6.80%.
Air Liquide, Praxair Technology, Inc., Taiyo Nippon Sanso Corporation, SOL Spa, and Atlas Copco are the major players in the medical gases and equipment market.
The Asia Pacific region is the key growth region in the global medical gases and equipment market.
The proper functioning and maintenance of medical gases and equipment require adequate infrastructure and technical expertise. In regions with limited healthcare infrastructure or a shortage of trained healthcare professionals, adopting and utilizing complex medical gas systems and equipment may be challenging, impeding market growth.
*Insights on financial performance are subject to the availability of information in the public domain