Medical Gas Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Medical Gas Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global medical gas market is poised for significant growth, with an average Compound Annual Growth Rate (CAGR) of 9% anticipated between 2024 and 2031, according to a recent market analysis. The market, valued at US$ 7 billion in 2024, is expected to double to US$ 12.5 billion by 2031.

The surge in growth can be attributed to several factors, including the increasing prevalence of chronic diseases, government initiatives supporting home healthcare, and the impact of COVID-19.

COVID-19 Impact on the Medical Gas Market

The COVID-19 pandemic had a profound effect on the medical gas market. The high demand for medical gas supply, especially for treating severe COVID-19 patients, led to the establishment of new manufacturing units in various regions. Oxygen, in particular, witnessed an unprecedented surge in demand as patients suffering from the virus required continuous oxygen support.

Patients grappling with long-term chest infections and respiratory conditions such as asthma, pulmonary hypertension, and chronic obstructive pulmonary disease (COPD) further drove the demand for medical gas. This increased demand extended to home healthcare units, contributing to the market's expansion.

The pandemic also prompted governments to allocate substantial resources to COVID-19 relief packages, including medical gas supplies. As a result, many industrialists invested in setting up new oxygen plants to meet the soaring demand, thereby boosting the sales of medical gas solutions worldwide.

Factors Driving Growth in the Medical Gas Market

The growth of the medical gas market is primarily fueled by the rising number of chronic respiratory diseases (CRDs). Environmental pollution and unhealthy lifestyles have contributed to a surge in CRD cases, including asthma, occupational lung diseases, and pulmonary hypertension.

Oxygen and gas mixtures play a crucial role in treating various respiratory disorders, especially those exacerbated by COVID-19. The pandemic accelerated the demand for oxygen tanks, oxygen systems for home healthcare, and hospital oxygen supplies.

The medical gas market encompasses various gases, including helium, oxygen, carbon dioxide, nitrogen, and nitrogen oxide. The increasing demand for these medical gases, driven by severe COVID-19 cases, has led to the establishment of manufacturing units in multiple regions, further propelling market growth.

COVID-19 triggered an oxygen crisis in several nations, prompting the creation of oxygen plants to supply remote areas, particularly for treating severe COVID-19 patients. Strong government support for COVID-19 relief packages, including medical gas supplies, has incentivized the expansion of the medical gas industry.

Challenges in the Medical Gas Market

Despite its growth potential, the medical gas market faces several challenges, including the emergence of alternative oxygen and gas generators. During the peak of the pandemic, individuals explored alternative oxygen sources such as small nebulizers, which are effective for respiratory disorders.

Lower government spending on healthcare, particularly in developing nations, hampers market growth. The overall decline in the healthcare industry post-COVID-19 has also affected the sales of medical gas in various regions.

High maintenance costs associated with medical gas systems, stringent compliance and regulatory processes, complex storage systems, and expensive transportation operations are additional challenges limiting market expansion.

Furthermore, the cost of training professionals for efficient handling of medical gas equipment adds to the total cost of ownership, further complicating market dynamics.

Segmentation Outlook for the Medical Gas Market

The medical gas market is segmented by gas type, equipment outlook, application, and end user, enabling a comprehensive analysis of market performance in specific regions.

Pure gases, known for their effectiveness in treating chronic diseases, pulmonary lung disorders, and COVID-19-related chest infections, lead the gas type category. The pure gases segment is expected to grow at a CAGR of 7.0% between 2024 and 2031.

Among end users, hospitals are the dominant segment, driven by the influx of COVID-19 patients and an increase in chest and pulmonary diseases among survivors. The hospital segment is projected to grow at a CAGR of 7.4%.

Regional Analysis for the Medical Gas Market

Geographically, the United States stands out as the largest and fastest-growing market, with a CAGR of 6.9% expected between 2024 and 2031. The region is set to generate a market revenue of US$ 4.5 billion by 2031, fueled by a high number of COVID-19 cases and an aging population.

Asia Pacific, led by China with a CAGR of 6.5%, and Japan with a CAGR of 5.5%, is the second-highest growing region. The UK is expected to reach US$ 525.9 million by the end of 2031.

Competition in the Medical Gas Market

The competitive landscape of the medical gas market is evolving in response to emerging trends, supply chain enhancements, and growing demand. Key players in the industry, such as Air Liquide, Praxair, Atlas Copco, The Linde Group, and Airgas, Inc., are adopting new strategies to meet the rising demand for medical gas.

Market Segmentation:

By Gas Type
• Pure Gas
• Mixture Gas

By Equipment Outlook
• Manifolds
• Vacuum Systems
• Alarm Systems
• Flowmeter
• Medical Air Compressor
• Cylinders
• Hose Assemblies and Valves
• Outlets
• Regulators

By Application
• Therapeutic
• Diagnostic

By Gas Type
• Hospitals
• Ambulatory Surgical Centers
• Private Clinics
• Homecare

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

Please note: The PDF e-mail from publisher version of this report is for a global site license. Delivery Timelines - 5 working days.