Medical Gas Market Size, Share & Trends Analysis Report By Product (Pure Gases, Gas Mixtures), By Application (Therapeutic, Diagnostics), By End-use (Hospitals, Home Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Medical Gas Market Size, Share & Trends Analysis Report By Product (Pure Gases, Gas Mixtures), By Application (Therapeutic, Diagnostics), By End-use (Hospitals, Home Healthcare), By Region, And Segment Forecasts, 2023 - 2030

Medical Gas Market Growth & Trends

The global medical gas market size is expected to reach USD 25.55 billion by 2030, expanding at a CAGR of 8.14% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapid rise in the prevalence of chronic diseases, which necessitates the use of medical gases at various stages of disease management and control, is a major factor driving the market forward. According to the WHO, there has been a significant increase in the prevalence of diabetes, heart disease, and other non-communicable diseases worldwide over the last two decades. For instance, as per the CDC data, in 2018, 51.8% of US adults suffered from at least 1 chronic condition, and 27.2% had multiple chronic conditions.

Medical gases are an important component of many long-term care treatments for chronic conditions, and thereby rising prevalence of these diseases is expected to drive the growth of the medical gases market in the coming years. Furthermore, increased demand for advanced medical gas equipment such as vacuum systems and manifolds, are expected to drive market growth. For instance, Powerex is the first manufacturer of medical gas systems to test and certify manifolds. In addition, lately, healthcare has been evolving toward personalized medicine, DIY healthcare, and the homecare model, driven by technological advancements and financial pressure. This dramatic shift has created some significant opportunities in the medical gases industry. Home oxygen therapy, respiratory treatments, sleep therapy, and positive airway pressure devices have all increased demand for medical gases, and this is expected to continue over the next decade.

Medical Gas Market Report Highlights

• Based on product, the pure gas segment dominated the market with a share of 55% in 2022 owing to the presence of a huge patient base suffering from respiratory disorders, and increasing number of patients requiring emergency medical care
• Based on application, the therapeutic segment held the largest market share over the forecast period. This is owing torise in the number of chronic diseases, and an increasing geriatric population
• The hospital segment dominated the market in 2022, owing to hospitals' extensive use of medical gases and equipment as a result of their large patient pool
• North America dominated the market and accounted for the highest revenue share of 35.8% in 2022. The growing awareness about chronic diseases, rising adoption of technologically advanced therapeutic and diagnostic products is projected to contribute to the regional market growth

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