Medical Gases and Equipment Market: Global Size, Share, Trends, Growth and Forecast 2022-2032

Medical Gases and Equipment Market: Overview and Definition

The global Medical Gases and Equipment Market size is expected to grow from USD 19.10 billion in 2021 to USD 37.5 billion in 2032, at a CAGR of 7.5% during the forecast period 2022-2032. The global medical gases and equipment market is expected to experience steady growth in the coming years, driven by factors such as the growing aging population, increasing prevalence of chronic diseases, and technological advancements in healthcare equipment. The market includes products such as medical gas cylinders, oxygen concentrators, and anesthesia machines, among others. North America and Europe are the largest markets for medical gases and equipment, but Asia Pacific is expected to see the fastest growth due to increasing healthcare infrastructure and rising demand for quality medical care. The COVID-19 pandemic has also increased the demand for medical gases and equipment, particularly respiratory equipment such as ventilators.

The market has evolved significantly due to various technological advancements. The factors which are expected to drive the market growth in the coming years include the increasing prevalence of chronic diseases and the increasing incidence of respiratory diseases. Expansion of the market in the developing nation is also expected to present a wide range of opportunities for the market players.

Medical Gases and Equipment Market: Key Drivers

There are several drivers that are expected to contribute to the growth of the medical gases and equipment market, including:

Increasing demand for healthcare services: As the global population continues to grow and age, the demand for healthcare services is increasing, driving demand for medical gases and equipment.

Rising prevalence of chronic diseases: Chronic diseases such as cancer, respiratory diseases, and diabetes are on the rise globally, leading to increased demand for medical gases and equipment.

Technological advancements: Advancements in technology are leading to the development of more sophisticated and effective medical gases and equipment, which are in high demand.

Increasing healthcare spending: Governments and healthcare organizations are investing more in healthcare infrastructure and services, which is driving demand for medical gases and equipment.

COVID-19 pandemic: The COVID-19 pandemic has created an urgent need for medical gases and equipment, particularly respiratory equipment such as ventilators, leading to a surge in demand.

The oxygen segment is expected to grow at the highest CAGR among pure gases used in the medical gas and equipment market. Due to a large patient base suffering from respiratory diseases and the increasing number of patients undergoing emergency medical care, growth can be seen in this segment. The pure gases stored in high-pressure cylinders are expected to dominate the market in the coming few years. This is due to the increased use of these devices in home healthcare setups and hospitals. 

This is due to the increase in the elderly population, increase in the number of chronic diseases, and high proportion of untreated patients. The number of people suffering from obesity and related disorders worldwide has increased significantly in the last few years, with changes in lifestyle and eating habits. One of the major factors responsible for the increasing prevalence of chronic disorders, including heart disorders and diabetes, is obesity. Hence there is growth in the medical gases and equipment market in the coming years since medical gases form a critical component of various long-term care treatments. 

The latest technologically advanced equipment provides a complementary system of monitoring and therapy delivery, coupled with educational content and communication flow between patients and healthcare providers instead of earlier equipments. In addition to the above factors, various associated medical gas equipment is gradually being improved to offer a better quality of care. There is a boon to the growing home healthcare market due to lightweight and portable medical gas handling equipment. 

Due to the availability of smaller and less expensive equipment in the market, the medical gas equipment market's nature is changing continuously. Several players are focusing on launching advanced products considering the growth opportunities in this market space. As per the law, the expiration dates must be supported by accurate stability studies. The operating costs have increased, and there is pricing pressure on medical gas manufacturers and distributors. Thus, the profit margin of medical gas and equipment manufacturers is expected to be affected adversely.

Medical Gases and Equipment Market: Challenges

There are several challenges that may impact the medical gases and equipment market, including:

High cost of equipment: Medical gases and equipment can be expensive, which can make it difficult for healthcare organizations and patients to afford.

Stringent regulatory requirements: The medical gases and equipment industry is heavily regulated, which can make it challenging for companies to develop and bring new products to market.

Lack of skilled professionals: Medical gases and equipment require skilled professionals to operate and maintain, and there is a shortage of such professionals in some regions.

Safety concerns: The use of medical gases and equipment carries a risk of injury or harm to patients and healthcare professionals, which can create safety concerns and liability issues.

Supply chain disruptions: The COVID-19 pandemic has highlighted the vulnerability of global supply chains, which can impact the availability and cost of medical gases and equipment.

Medical Gases and Equipment Market: Segmentation

Medical Gases and Equipment Market, By Type

• Medical Gas
  Oxygen
  Carbon Dioxide
  Nitrous Oxide
  Nitrogen
  Medical Air
  Helium

By Form of Delivery

• High Pressure Cylinders
  Liquid Tanks
  Bulk Delivery
  Medical Gas Mixtures
  Blood-gas Mixtures
  Lung Diffusion Mixtures
  Nitrous oxide-oxygen Mixtures
  Carbon dioxide-oxygen Mixtures

Medical Gases and Equipment Market, By Application

• Therapeutic
  Respiratory Diseases
  Cardiovascular Diseases
  Anesthesia
  Cryosurgery
  Others
  Diagnostics
  Medical Imaging
  General laboratory Use
  Pharmaceutical manufacturing and research
  Drug Discovery
  Process Development
  Pharmaceutical Manufacturing
  Quality Control

By End User the market is divided as follows:

• Hospitals
  Home Healthcare
  Pharmaceutical and Biopharmaceutical Companies
  Diagnostic and Research Laboratories
  Academic Institutes and Research Institutes

Medical Gases and Equipment Market, by Region

• North America (The U.S. and Canada)
  Europe (U.K., Germany, France, Italy, Spain, Russia, Poland, Turkey, Switzerland, and Rest of Europe)
  Asia Pacific (Japan, China, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, and Rest of Asia Pacific)
  Latin America (Brazil, Mexico, Columbia, Argentina, Chile, and Rest of Latin America)
  Middle East & Africa (South Africa, Saudi Arabia, UAE, Oman, Egypt, and Rest of Middle East & Africa)

Medical Gases and Equipment Market: Regional Synopsis

The medical gases and equipment market can be segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America and Europe are the largest markets for medical gases and equipment, driven by factors such as high healthcare spending, advanced healthcare infrastructure, and a large patient population.

Asia Pacific is expected to see the fastest growth due to factors such as rising healthcare spending, increasing prevalence of chronic diseases, and expanding healthcare infrastructure.

Latin America and the Middle East & Africa are also expected to see growth in the medical gases and equipment market, driven by factors such as increasing government investment in healthcare and growing demand for quality medical care.

The COVID-19 pandemic has impacted all regions, with a surge in demand for respiratory equipment such as ventilators driving growth in the medical gases and equipment market globally.

Medical Gases and Equipment Market: Recent Developments

• Air Liquide acquired EOVE (France) to increase its presence in the home healthcare market in the year 2018.

• GCE introduced MediVitop, a new One-Knob Cylinder Valve with Integrated Pressure Regulator in the year 2018.

Medical Gases and Equipment Market: Key Players

• Air Liquide (France)
• Air Products and Chemical Inc. (US)
• Praxair Inc. (US) 
• Taiyo Nippon Sanso Corporation
• Atlas Copco AB
• Linde plc
• GCE Holding AB
• The Linde Group (Germany)