June 25, 2024

Medical Gas Market Size to Worth USD 32.47 Billion by 2033

The global medical gas market size accounted for USD 14.82 billion in 2023 and is predicted to grow 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 global medical gas market is a critical component of healthcare infrastructure, providing essential gases used for various medical purposes, including patient care, diagnostic procedures, and surgical interventions. Medical gases such as oxygen, nitrous oxide, carbon dioxide, and helium play vital roles in respiratory therapy, anesthesia, and wound care. The market encompasses the production, distribution, and use of these gases across healthcare facilities worldwide.

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Growth Factors

Several key factors are driving the growth of the medical gas market. One significant factor is the increasing prevalence of respiratory diseases and the rising demand for respiratory therapies, particularly oxygen therapy. Additionally, advancements in medical gas delivery systems and technologies have improved patient safety and efficiency, fueling market growth. The expanding geriatric population, which requires medical gas therapies for age-related conditions, is also contributing to market expansion.

Region Insights

The medical gas market exhibits regional variations driven by factors such as healthcare infrastructure development, regulatory environments, and disease prevalence. Developed regions like North America and Europe have well-established healthcare systems and stringent safety regulations, fostering a robust market for medical gases. In contrast, emerging economies in Asia-Pacific and Latin America are witnessing rapid growth due to increasing healthcare investments and growing awareness of advanced medical treatments.

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

Several drivers propel the medical gas market forward. The growing prevalence of chronic respiratory diseases, such as COPD and asthma, is a significant driver for medical gas usage. Additionally, the increasing number of surgical procedures worldwide requires reliable medical gases for anesthesia and surgical interventions. Technological advancements in gas delivery systems, including portable oxygen concentrators and advanced gas monitoring devices, are also driving market growth by enhancing patient care and safety.

Opportunities

The medical gas market presents various opportunities for growth and innovation. Expansion into emerging markets with improving healthcare infrastructure offers significant growth potential for medical gas suppliers. Moreover, the rising trend of home healthcare and telemedicine is creating new avenues for delivering medical gases directly to patients outside traditional healthcare settings. Collaborations between gas suppliers and healthcare providers to develop customized gas solutions for specific medical applications represent another promising opportunity.

Challenges

Despite its growth prospects, the medical gas market faces certain challenges. Ensuring the safety and quality of medical gases throughout the supply chain is paramount but can be challenging, particularly in regions with less stringent regulatory oversight. Additionally, the high cost associated with establishing and maintaining medical gas production facilities and distribution networks poses a barrier to market entry for new players. Regulatory compliance and adherence to international standards further add complexity to market operations.

Read Also: Industrial Vehicle Market Size to Worth 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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