Global Medical Gas and Equipment Market Overview
As per MRFR analysis, the Medical Gas and Equipment Market Size was estimated at 91.95 (USD Billion) in 2022. The Medical Gas and Equipment Market is expected to grow from 98.84 (USD Billion) in 2023 to 189.45 (USD Billion) by 2032. The Medical Gas and Equipment Market CAGR (growth rate) is expected to be around 7.49% during the forecast period (2024 - 2032).
Key Medical Gas and Equipment Market Trends Highlighted
Key market drivers include the rising prevalence of chronic diseases, the increasing adoption of minimally invasive surgeries, and the growing demand for home healthcare.
Opportunities to be explored or captured include the development of innovative medical gases and equipment, the expansion into emerging markets, and the adoption of value-based healthcare models.
Recent trends in the Medical Gas and Equipment Market include the increasing use of telemedicine, the adoption of artificial intelligence (AI), and the growing focus on sustainability.
Key market drivers include the rising prevalence of chronic diseases, the increasing adoption of minimally invasive surgeries, and the growing demand for home healthcare.
Opportunities to be explored or captured include the development of innovative medical gases and equipment, the expansion into emerging markets, and the adoption of value-based healthcare models.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Gas and Equipment Market Drivers
Increasing Demand for Advanced Healthcare Infrastructure
One of the critical driving forces of the development of the Medical Gas and Equipment Market is a constantly increasing demand for sophisticated healthcare infrastructure.
Nowadays, a rising number of hospitals and clinics are building up across the globe, and their equipment and medical resources necessaries growing as well.
At the same time, the increasing prevalence of chronic illnesses is detected along with longer life spans. Hence, the demand for more advanced and complex gas and equipment is expected to be increasing over time in correlation with the evolution of the healthcare industry.
Technological Advancements in Medical Gas and Equipment
Along with an increasing emphasis on the new health equipment systems, rapid developments in the medical technology sector have become one of the major factors that drive the growth of the Medical Gas and Equipment Market.
New and innovative medical devices and equipment are designed and introduced on a regular basis, contributing to the enhancement of patient care quality.
Seeing that the development of new anesthesia machines and ventilators, for instance, set the foundation for a continuous improvement in patient safety and the efficacy of patient care, new types of medical gases, such as heliox and xenon, help boost patient care quality further.
Growing Awareness of the Importance of Medical Gas and Equipment
The growing awareness of the importance of Medical Gas and Equipment is also contributing to the growth of the Medical Gas and Equipment Market. This is due to the increasing number of patients who are becoming more informed about their healthcare options.
Additionally, the increasing number of government regulations and standards related to Medical Gas and Equipment is also helping to raise awareness of the importance of these products.
Medical Gas and Equipment Market Segment Insights
Medical Gas and Equipment Market Type Insights
The Medical Gas and Equipment Market is segmented by Type into Medical Gases, Equipment, and Accessories. The Equipment segment held the largest market share in 2023, accounting for over 55% of the Medical Gas and Equipment Market revenue.
The growth of this segment can be attributed to the increasing demand for advanced medical equipment, such as ventilators, anesthesia machines, and patient monitors. The Medical Gases segment is expected to witness significant growth over the forecast period due to the rising demand for medical gases, such as oxygen, nitrogen, and nitrous oxide.
The Accessories segment is also expected to grow at a steady pace due to the increasing demand for consumables, such as masks, tubing, and connectors.
The Medical Gas and Equipment Market is driven by several factors, including the increasing prevalence of chronic diseases, the growing geriatric population, and the rising demand for minimally invasive procedures.
The market is also expected to benefit from the increasing adoption of telemedicine and the growing trend towards home healthcare. Some of the key players in the Medical Gas and Equipment Market include GE Healthcare, Medtronic, Philips Healthcare, and Siemens Healthineers.
These companies are investing heavily in research and development to develop new and innovative products. The growth of the market is expected to be driven by the increasing demand for medical gases and equipment, the growing geriatric population, and the rising prevalence of chronic diseases.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Gas and Equipment Market Gas Type Insights
The Gas Type segment of the Medical Gas and Equipment Market is highly diverse, comprising various types of gases used for medical purposes.
Oxygen, Nitrogen, Argon, Helium, and Carbon Dioxide are key gases in this segment, each with unique applications and properties.
Oxygen, accounting for a significant share of the Gas Type segment, is vital for patient care, particularly in critical care settings, respiratory therapy, and anesthesia. Nitrogen finds applications in cryosurgery, while Argon is utilized in laser surgery and wound healing.
Helium, known for its inert and non-flammable nature, is commonly used in MRI scanners and as a carrier gas in medical equipment. Carbon Dioxide plays a crucial role in laparoscopic surgeries and as a contrast agent in medical imaging.
The Gas Type segment is expected to witness steady growth over the forecast period, driven by the increasing prevalence of chronic diseases, technological advancements in medical equipment, and rising demand for minimally invasive procedures.
The growing adoption of home healthcare and the expansion of healthcare infrastructure in emerging economies are also contributing to the segment's growth.
Medical Gas and Equipment Market End-User Insights
The end-user segment of the Medical Gas and Equipment Market is categorized into hospitals, clinics, nursing homes, ambulatory surgical centers, and home healthcare. Hospitals hold the largest market share, accounting for over 55% of the global revenue in 2023.
The high demand in hospitals is attributed to the extensive use of medical gases and equipment for patient care, surgeries, and diagnostic procedures.
Clinics and nursing homes collectively account for about 30% of the market, driven by the growing number of outpatient facilities and the increasing preference for home care services.
Ambulatory surgical centers are expected to witness significant growth in the coming years due to the increasing adoption of minimally invasive procedures. Home healthcare is also gaining traction, contributing to the overall growth of the end-user segment.
Medical Gas and Equipment Market Application Insights
The Medical Gas and Equipment Market segmentation by Application includes Anesthesia, Respiratory Care, Pain Management, Surgery, and Critical Care. Among these, Surgery held the largest revenue share in 2023, and it is expected to maintain its dominance throughout the forecast period.
This is primarily due to the increasing number of surgical procedures performed worldwide. Respiratory Care is another significant application segment, owing to the rising prevalence of respiratory diseases and the increasing demand for respiratory care devices.
Pain Management is also expected to witness significant growth over the forecast period, driven by the growing awareness of pain management techniques and the increasing adoption of advanced pain management devices.
Anesthesia and Critical Care are other important application segments that are expected to contribute to the overall market growth.
Medical Gas and Equipment Market Technology Insights
The Medical Gas and Equipment Market is segmented by Technology into Bulk Gas Systems, Cylinder Gas Systems, Pipeline Gas Systems, Gas Monitors, and Gas Blenders.
Among these, the Bulk Gas Systems segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for reliable and continuous gas supply in hospitals and healthcare facilities.
Cylinder Gas Systems are expected to witness a steady growth rate during the forecast period, owing to their portability and ease of use in remote areas and during emergencies.
Pipeline Gas Systems are projected to gain significant market share in the coming years as they offer cost-effective and efficient gas delivery solutions for large-scale healthcare facilities. Gas Monitors and Gas Blenders are expected to witness moderate growth, driven by the growing need for accurate gas monitoring and blending in critical care settings.
Medical Gas and Equipment Market Regional Insights
The regional segmentation of the Medical Gas and Equipment Market offers insights into the market's geographic distribution and growth patterns. North America held the largest market share in 2023, accounting for approximately 38.4% of the global revenue.
Europe followed with a significant market share of 32.1%. The APAC region is projected to exhibit the highest growth rate during the forecast period, driven by increasing healthcare expenditure and rising awareness about chronic diseases.
South America and MEA are expected to contribute a notable share of the global market, supported by government initiatives to improve healthcare infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Gas and Equipment Market Key Players and Competitive Insights
Major players in the Medical Gas and Equipment Market are constantly striving to gain a competitive edge through innovation and strategic partnerships. These players are investing heavily in research and development to introduce advanced and user-friendly devices, catering to the evolving needs of healthcare providers and patients.
The Medical Gas and Equipment Market is characterized by intense competition, with leading players adopting various strategies such as product diversification, geographical expansion, and mergers and acquisitions to strengthen their market position.
Air Liquide, a leading player in the Medical Gas and Equipment Market, has established a strong global presence and offers a comprehensive portfolio of medical gases, equipment, and services. The company focuses on patient safety, innovation, and operational efficiency, solidifying its position as a trusted partner in the healthcare industry.
Air Liquide's commitment to sustainability and environmental stewardship further enhances its brand image and strengthens its competitive advantage.
Linde, another key player in the Medical Gas and Equipment Market, is known for its innovative products and solutions. The company has a strong focus on research and development, investing heavily in advanced technologies to cater to the evolving needs of the healthcare sector.
Linde's global presence and extensive distribution network enable it to reach a wide customer base, enhancing its market reach and competitive advantage. The company's emphasis on safety, quality, and customer satisfaction has earned it a reputation for excellence and reliability in the industry.
Key Companies in the Medical Gas and Equipment Market Include
- Matheson TriGas
- Nippon Gases
- Praxair
- Messer
- Chart Industries
- Air Products and Chemicals
- Iwatani Corporation
- Air Liquide
- Linde
- Taiyo Nippon Sanso Corporation
Medical Gas and Equipment Market Developments
The market growth is attributed to the rising prevalence of chronic diseases, increasing demand for minimally invasive surgeries, and technological advancements in medical devices. The increasing focus on healthcare infrastructure development in emerging economies is also expected to drive market growth.
Recent news developments and current affairs in the market include:
Expansion of Production Capacity: Major players such as Linde, Air Liquide, and Air Products are expanding their production capacities to meet the growing demand for medical gases.
Strategic Partnerships: Companies are forming strategic partnerships to enhance their product offerings and expand their geographical reach. For instance, in 2023, Smiths Medical and Drägerwerk AG & Co. KGaA announced a partnership to develop and distribute respiratory care solutions.
Government Initiatives: Governments worldwide are implementing initiatives to improve healthcare infrastructure and access to medical gases and equipment. For example, the Indian government's "National Health Mission" aims to provide affordable healthcare to rural areas.
Technological Advancements: Advancements in medical technology, such as the development of portable oxygen concentrators and non-invasive ventilation devices, are driving market growth.
Medical Gas and Equipment Market Segmentation Insights
Medical Gas and Equipment Market Type Outlook
- Medical Gases
- Equipment
- Accessories
Medical Gas and Equipment Market Gas Type Outlook
- Oxygen
- Nitrogen
- Argon
- Helium
- Carbon Dioxide
Medical Gas and Equipment Market End-User Outlook
- Hospitals
- Clinics
- Nursing Homes
- Ambulatory Surgical Centers
- Home Healthcare
Medical Gas and Equipment Market Application Outlook
- Anesthesia
- Respiratory Care
- Pain Management
- Surgery
- Critical Care
Medical Gas and Equipment Market Technology Outlook
- Bulk Gas Systems
- Cylinder Gas Systems
- Pipeline Gas Systems
- Gas Monitors
- Gas Blenders
Medical Gas and Equipment Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
91.95(USD Billion) |
| Market Size 2023 |
98.84(USD Billion) |
| Market Size 2032 |
189.45(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.49% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Matheson TriGas, Nippon Gases, Praxair, Messer, Chart Industries, Air Products and Chemicals, Iwatani Corporation, Air Liquide, Linde, Taiyo Nippon Sanso Corporation |
| Segments Covered |
Type, Gas Type, End-User, Application, Technology, Regional |
| Key Market Opportunities |
Growing demand for home healthcare Technological advancements Expansion of healthcare infrastructure Increasing prevalence of chronic diseases Government initiatives and regulations. |
| Key Market Dynamics |
Aging population Technological advancements Rising prevalence of chronic diseases Increasing healthcare expenditure Government initiatives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Medical Gas and Equipment Market size is projected to reach USD 189.45 billion by 2032, exhibiting a CAGR of 7.49% during the forecast period.
North America holds the largest market share, followed by Europe and Asia Pacific, with emerging economies in the latter region anticipated to drive future growth.
The rising demand for medical gases for various surgical procedures, coupled with the increasing prevalence of chronic diseases, is a key growth driver.
Medical gases are primarily used in anesthesia, respiratory therapy, and critical care, while medical equipment includes devices such as ventilators, gas analyzers, and anesthesia machines.
Major players include Air Liquide, Linde, Air Products, Messer, and Iwatani Corporation.
The market is expected to witness a CAGR of 7.49% from 2024 to 2032.
Asia Pacific is projected to register the fastest growth due to increasing healthcare expenditure and rising demand for medical gases in emerging economies.
Advancements in medical technology, such as portable oxygen concentrators and home ventilators, are transforming the market landscape.
Stringent regulations governing the production, distribution, and use of medical gases and equipment ensure patient safety and compliance with industry standards.
Fluctuations in raw material prices, supply chain disruptions, and intense competition may pose challenges to market growth.
