Medical Gases and Equipment Market Expected to Reach $28.9 billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Gases and Equipment Market," The medical gases and equipment market size was valued at $14.3 billion in 2022, and is estimated to reach $28.9 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

Medical gases and equipment are essential components of modern healthcare, used for a wide range of diagnostic, therapeutic, and life-support purposes. Medical gases, such as oxygen, nitrous oxide, carbon dioxide, and medical air, are specifically manufactured and purified for use in medical applications. These gases are used to help patients breathe, provide anesthesia, or facilitate surgery.

Medical gas equipment refers to the devices, machines, and systems used to store, regulate, and deliver medical gases to patients in healthcare settings. This includes a wide range of equipment, from simple oxygen tanks and regulators to complex delivery systems. This includes items such as compressors, cylinders, hose assemblies & valves, masks, manifolds, alarm system, outlets, and regulators. Medical gas equipment must meet strict safety and quality standards to ensure its effectiveness and safety.

The major medical gases and equipment market trends includes rise in prevalence of respiratory conditions such as chronic obstructive pulmonary disease (COPD), emphysema, and asthma, which further increases the demand of medical gases and equipment. For instance, according to World Health Organization (WHO), report, published in May 2022, chronic obstructive pulmonary disease (COPD) was the third leading cause of death worldwide, causing 3.23 million deaths in 2019.

Moreover, oxygen therapy is used in the treatment of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and cardiovascular diseases such as heart failure and angina. Therefore, the rapid increase in population of aged individuals coupled with rise in prevalence of chronic obstructive pulmonary disease (COPD), bronchiectasis, heart diseases such as heart failure and angina disease acts as a key driving force of the global medical gases market. For instance, according to the United Nations Report on “World Population Ageing,” published in December 2020, globally, there were 727 million people aged 65 years or above in 2020. For instance, according to the National Center for Health Statistics, 2020, the prevalence of physician ambulatory-care visits for respiratory diseases is highest in persons aged greater than 85 years. Hence, such factors drives the growth of medical gases market.

In addition, increase in research activities, technological innovations in the medical gas equipment, surge in in demand for medical gases & equipment, and rise in number of hospitalization & severe hypoxia are the key factors that drive the growth of the medical gases and equipment market share in the developing countries such as India and China.

Moreover, rise in R&D investments; significant increase in capital income in developed countries; and adoption of developmental strategies such as product launch, collaboration, merger, acquisition, and agreement by key players to stay competitive in the market foster the growth of the medical gases and equipment market share. For instance, in October 2022, ESAB Corporation, one of the global leaders in fabrication and gas control technology, announced that it has acquired Ohio Medical, LLC (“Ohio Medical”), one of the global leaders in oxygen regulators and central gas systems, from a private investor group for a cash purchase price of $127 million. According to Shyam P. Kambeyanda, President and Chief Executive Officer of ESAB, Ohio Medical increases the market of ESAB in North America for medical oxygen regulators and central gas systems, complementing its GCE and Victor businesses, creating a gas control equipment leader with revenues of more than $400 million.

On the basis of product type, the medical gases segment is expected to witness highest CAGR during the forecast period of medical gases and equipment market analysis, owing to an increase in prevalence of respiratory diseases that required medical oxygen and increase in use of medical gases for diagnostic purpose.

By application, the diagnostics segment is expected to witness the highest CAGR during the medical gases and equipment market forecast period, owing to an increase in endoscopy procedure that uses medical gases and equipment and rise in demand of medical gases for diagnostic purpose, such as increase in use of lung diffusion mixture for pulmonary function testing.

Depending on end user, the other segment is expected to witness the highest CAGR during the forecast period, owing to increase in use of medical gases in home healthcare, and rise in geriatric population in home healthcare who required care and medical gas.

Region wise, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to increase in population, surge in healthcare expenditure, and rise in respiratory diseases, which further increase the demand for medical gases and equipment.

Key findings of the study

• On the basis of product type, the medical gases held the largest share in the medical gases and equipment industry in 2022.
• By application, the therapeutic dominated the medical gases and equipment industry in 2022.
• Depending on end user, in 2022, the hospital segment registered the highest growth in medical gases and equipment market size..
• Region wise, North America was the major shareholder in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.