May 16, 2024

Medical Gas Market Size to Rise USD 32.47 Billion by 2033

The global medical gas market size reached USD 14.82 billion in 2023 and is predicted to attain around USD 32.47 billion by 2033, growing at a CAGR of 8.16% from 2024 to 2033.

Key Points

  • The North America medical gas market size accounted for USD 5.34 billion in 2023 and is expected to attain around USD 11.69 billion by 2033.
  • North America dominated the market with the largest market share of 36% in 2023.
  • By product, the pure gases segment has held the major market share of 56% in 2023.
  • By product, the gas mixtures segment is expected to expand at the fastest CAGR of 8.32% throughout the forecast period.
  • By application, the therapeutic segment has contributed more than 41% of market share in 2023.
  • By end-use, the hospitals segment accounted for the major market share of 30% in 2023.

Medical Gas Market Size 2024 to 2033

The medical gas market encompasses a range of gases used in healthcare settings for various therapeutic, diagnostic, and surgical purposes. These gases are crucial in supporting respiratory care, anesthesia, and other medical procedures. The demand for medical gases is driven by the growing prevalence of chronic respiratory diseases, increasing surgical procedures, and advancements in healthcare infrastructure globally. The market includes gases like oxygen, nitrous oxide, carbon dioxide, helium, and others, each serving specific medical needs.

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Growth Factors

Several factors contribute to the growth of the medical gas market. One significant factor is the rising incidence of respiratory diseases such as COPD (Chronic Obstructive Pulmonary Disease) and asthma, which require oxygen therapy and other respiratory support. Additionally, the expansion of the geriatric population, who are more susceptible to chronic illnesses, drives the demand for medical gases. Technological advancements in gas delivery systems, coupled with increasing healthcare expenditure in developing regions, further propel market growth.

Region Insights

The medical gas market exhibits variations across different regions. Developed economies like North America and Europe have well-established healthcare infrastructure and stringent safety regulations, fostering the adoption of medical gases for patient care. In contrast, emerging economies in Asia-Pacific and Latin America are experiencing rapid growth due to improving healthcare access, rising disposable income, and increasing awareness about healthcare standards. These regions present significant opportunities for market expansion.

Medical Gas Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 8.16%
Medical Gas Market Size in 2023 USD 14.82 Billion
Medical Gas Market Size in 2024 USD 16.03 Billion
Medical Gas Market Size by 2033 USD 32.47 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, By Application, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Medical Gas Market Dynamics

Drivers

Key drivers influencing the medical gas market include the expanding application of gases in diverse medical fields, such as surgery, emergency care, and diagnostic procedures. The increasing prevalence of chronic diseases necessitating long-term oxygen therapy and respiratory support fuels market growth. Moreover, the rising number of surgeries and hospitalizations globally drive the demand for medical gases, emphasizing the critical role they play in modern healthcare.

Opportunities

The medical gas market presents numerous opportunities for innovation and expansion. Advancements in gas cylinder technology, including lightweight and portable designs, enhance patient mobility and convenience. Moreover, the integration of digital solutions for gas monitoring and delivery systems offers avenues for improving patient safety and operational efficiency in healthcare facilities. Expansion into untapped markets and strategic partnerships with healthcare providers are also viable opportunities for market players.

Challenges

Despite its growth prospects, the medical gas market faces several challenges. Strict regulatory standards for gas manufacturing, storage, and distribution require compliance, adding complexity to market operations. Supply chain disruptions and fluctuating raw material costs can impact market stability. Furthermore, safety concerns related to gas handling and administration necessitate continuous training and adherence to safety protocols among healthcare professionals. Addressing these challenges is essential for sustained growth and market penetration.

Read Also: Industrial Vehicle Market Size to Rise USD 65.60 Bn by 2033

Medical Gas Market Recent Developments

  • In May 2023, to increase low- and middle-income countries (LMICs) access to life-saving medical oxygen, Unitaid, and other organizations formed a new worldwide health coalition. The Global Oxygen Alliance (GO2AL) seeks to assist nations in maintaining their investments in oxygen systems established during the COVID-19 crisis by providing technical assistance, financial support, capacity building, and demand generation.

Medical Gas Market Companies

  • Linde plc.
  • Air Liquide
  • Atlas Copco
  • TAIYO NIPPON SANSO CORPORATION
  • Matheson Tri-Gas Inc.
  • Messer
  • Air Products and Chemicals Inc.
  • INOX-Air Products Inc.

Segments Covered in the Report

By Product

  • Pure Gases
    • Medical Air
    • Oxygen
    • Nitrous Oxide
    • Nitrogen
    • Carbon Dioxide
    • Helium
  • Gas Mixtures
    • Aerobic Gas Mixtures
    • Anaerobic Gas Mixtures
    • Blood Gas Mixtures
    • Lung Diffusion Mixtures
    • Medical Laser Mixtures
    • Medical Drug Gas Mixtures
    • Others

By Application

  • Therapeutic
  • Diagnostics
  • Pharmaceutical Manufacturing
  • Others

By End-use

  • Hospitals
  • Ambulatory Surgical Centers
  • Home Healthcare
  • Pharmaceutical and Biotechnology Companies
  • Diagnostic and Research Laboratories
  • Academic and Research Institutions

By Geography

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

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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