Medical Gas Equipment Market Size By Product (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industr

Medical Gas Equipment Market Size By Product (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast,2022 - 2028

The medical gas equipment market is estimated to grow steadily by 2028 primarily owing to increasing healthcare expenditure from both private as well as public organizations. Additionally, the emergence of the COVID-19 pandemic multiplied the demand for various medical gas equipment, such as oxygen cylinders, which is speculated to further promote industry development over the forecast period.

According to the World Health Organization, in February 2021, over half a million coronavirus patients from low middle-income countries (LMICs) were estimated to need 1.1 million oxygen cylinders per day. To address the surge in demand for sustainable oxygen supply and other COVID-19 therapeutics, a WHO-headed consortium, in partnership with global agencies like Unitaid and Wellcome, launched a COVID-19 Oxygen Emergency Taskforce.

Such initiatives by globally established agencies are encouraging manufacturers to scale up the supply of these equipment, which has boosted medical gas equipment market growth significantly. For instance, in January 2022, Air Liquide announced its plans to build a new Air Separation Unit (ASU) in Uttar Pradesh, India, to support the area’s industrial merchant activities. The unit is scheduled to commence operations by the end of 2023 and will offer a production capacity of 350 tons per day, including a maximum oxygen capacity of 300 tons. The new ASU plant would accommodate the demand for high-purity medical gases from the local hospitals.

The global medical gas equipment market has been classified on the basis of product, end-use, and region. Based on product, the industry has been bifurcated into regulators, cylinders, flowmeters, manifolds, house assemblies and valves, outlets, medical air compressors, alarm systems, vacuum systems, and others.

The outlets segment is estimated to generate about USD 505.7 million in revenue by the end of the forecast period. Alarm systems are likely to gain significant momentum at a CAGR of around 6.0% between 2022 and 2028.

In terms of end-use, the medical gas equipment market has been fragmented into clinics, ambulatory surgical centers, hospitals, and others. In 2021, the ambulatory surgical centers segment held approximately 37.9% market share. Increasing emphasis of leading healthcare solution providers on addressing burgeoning needs across ambulatory surgical centers is foreseen to bolster segmental progress.

To cite an instance, in April 2022, Medtronic, a medical device firm, and MedTech giant GE Healthcare announced a strategic partnership to focus on unique requirements and demand for care services at ambulatory surgical centers. Such targeted initiatives to aid ambulatory surgical services are expected to make the segment a lucrative end-use sector in the future.

In the regional landscape, the Middle East & Africa medical gas equipment industry is projected to expand at around 6.9% CAGR over the forecast timeline. Meanwhile, in 2021, the Latin America medical gas equipment market accounted for more than 6.1% of the overall market revenue and is poised to exhibit sizable growth by 2028.