Medical Gases and Equipment Market Analysis and Forecast to 2031: By Product Type (Medical Gases, Medical Gas Mixture, Biological Atmospheres, Medical Gas Equipment), End User (Clinics, Hospitals, Research Institutions, Home Healthcare, Pharmaceutical Ind

Medical Gases and Equipment Market Analysis and Forecast to 2031: By Product Type (Medical Gases, Medical Gas Mixture, Biological Atmospheres, Medical Gas Equipment), End User (Clinics, Hospitals, Research Institutions, Home Healthcare, Pharmaceutical Industry, Biotechnology Industry), and Region

The global medical gases and equipment market was valued at USD 6.5 billion in 2021 and it is anticipated to grow further till USD 13.0 billion by 2031, at a CAGR of 7.2% during the forecast period.

Medical gases are specialized gases used in biotechnology research, drug production, and medical applications. A single pure gas or a combination of several gases can be used as a medical gas. Oxygen, ammonia, hydrogen, nitrous oxide, nitrogen, and carbon dioxide are the most frequently used gases. Gas is stored and delivered via gas delivery equipment, such as cylinders and masks. The market for medical gases and equipment has large growth potential because of the growing elderly population and advancements in the pharmaceutical sector.

Global Medical Gases and Equipment Market Scope and Report Structure

Market Trends and Drivers

The need for medical gases and equipment, which are a vital component of the hospital sector, has significantly increased as hospitals spread across the globe. To provide therapy to patients needing critical care, a variety of medical equipment, including flowmeters, cryogenic goods, regulators, medical air compressors, and others, is frequently needed. As a result, this equipment is standard in hospitals' intensive care units (ICUs) and operating rooms (OTs). Additionally, the industry is expanding due to the increasing government expenditure in healthcare. For instance, India's healthcare industry is growing quickly, especially now that the government has permitted foreign direct investment (FDI) in the field.

Market Restraints and Challenges

The stringent regulatory process coupled with limited healthcare reimbursement is anticipated to hinder the growth of the market during the forecast period.

Global Medical Gases and Equipment Market Segmental Overview

The global medical gases and equipment market is segmented into product type, end user, and region.

Global Medical Gases and Equipment Market by Product Type

Based on the product type, it is segmented into medical gases, medical gas mixtures, biological atmospheres, and medical gas equipment. The medical gas segment is anticipated to dominate the market during the forecast period. The Centers for Disease Control and Prevention (CDC) estimate that between 2014 and 2015, heart illnesses cost US $219 billion annually. This included money spent on prescription drugs, medical services, and lost productivity due to mortality. Rising investment in effective cardiovascular disease treatment is anticipated to be positive for the medical gas market segment.

Global Medical Gases and Equipment Market by End User

Based on the end user, it is segmented into clinics, hospitals, research institutions, home healthcare, the pharmaceutical industry, and biotechnology industry. The hospital segment is anticipated to dominate the market during the forecast period. The increasing count of geriatric population and advancements in the pharmaceutical industry is boosting the growth of the market.

Geographical Analysis of the Global Medical Gases and Equipment Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Backed by the presence of well-established healthcare and pharmaceutical sectors, growth witnessed in North America is poised to surge considerably in the upcoming year.

Major Players in the Global Medical Gases and Equipment Market

The key players studied in the report are Air Liquide, Air Products and Chemicals Inc., Amico Group of Companies, Atlas Copco, BeaconMedaes, the Linde Group, Flogas, Messer Group GmbH, Matheson Tri-Gas Inc., and Taiyo Nippon Sanso Corporation among others.

COVID-19 Impact

Manufacturing activity were slowed down earlier this year by the COVID-19 pandemic because of the prolonged lockdown that was followed by an economic catastrophe. The pandemic, on the other hand, has led to an increase in patients in the diagnostics, hospital, and emergency services sectors, which has led to a rise in demand for medical gases and equipment. The post-pandemic awareness among the populace is anticipated to fuel the medical gases and equipment market's smoother rise as the world begins to recover from pandemic-related constraints and obstacles.

Recent Developments

February 2022, Gasworld launched a brand-new event for the medical gases community, in the name of more connected and equitable healthcare sector for all.

June 2021, GE Healthcare has launched a brand-new design for high pressure gas regulator called MediTec. The MediTec regulator, which can provide up to 25 lpm, can be used for both resuscitation and cluster headache treatment.

Frequently Asked Questions

Q1. How big is the Medical Gases and Equipment market?

Ans. The global Medical Gases and Equipment market size was USD 6.5 billion in 2021 and it is anticipated to grow further till USD 13.0 billion by 2031, at a CAGR of 7.2% from 2022 to 2031.

Q2. What is the Medical Gases and Equipment market growth rate?

Ans. The growth rate of the Medical Gases and Equipment market is 7.2%.

Q3. Which region holds a major market share for the Medical Gases and Equipment market?

Ans. North America holds a major market share of the Medical Gases and Equipment market in 2021.

Q4. Which segment accounted for the largest Medical Gases and Equipment market share?

Ans. By end user, the hospitals segment accounted for the largest Medical Gases and Equipment market share.

Q5. Who are the key players in the Medical Gases and Equipment market?

Ans. The global Medical Gases and Equipment market report includes players such as Air Liquide, Air Products and Chemicals Inc., Amico Group of Companies, Atlas Copco, BeaconMedaes, the Linde Group, Flogas, Messer Group GmbH, Matheson Tri-Gas Inc., and Taiyo Nippon Sanso Corporationamong others.

Q6. What are the factors driving the Medical Gases and Equipment market growth?

Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7. What are the key growth strategies of Medical Gases and Equipment market players?

Ans. The key growth strategies of Medical Gases and Equipment market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Medical Gases and Equipment market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Medical Gases and Equipment market during the forecast period.