The global medical gas market size is expected to increase USD 32.47 billion by 2033 from USD 14.82 billion in 2023 with a CAGR of 8.16% between 2024 and 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.
The global medical gas market encompasses the production, distribution, and application of various gases used in healthcare settings for therapeutic, diagnostic, and surgical purposes. Medical gases play a critical role in supporting life-saving procedures and treatments across hospitals, clinics, and home healthcare settings. These gases are produced and supplied under stringent regulations to ensure safety and efficacy in medical applications.
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Growth Factors
Several key factors are driving the growth of the medical gas market. One of the primary drivers is the increasing prevalence of chronic respiratory diseases such as COPD (Chronic Obstructive Pulmonary Disease) and asthma, which require oxygen therapy and other respiratory support using medical gases. Additionally, advancements in medical technology and the rising demand for minimally invasive surgeries have contributed to the expanding use of medical gases in anesthesia and surgical applications.
Region Insights
The market for medical gases varies by region due to differences in healthcare infrastructure, regulatory frameworks, and disease prevalence. Developed regions like North America and Europe have well-established healthcare systems with high adoption rates of medical gases for various therapeutic and diagnostic purposes. In contrast, emerging economies in Asia-Pacific and Latin America are witnessing rapid growth driven by increasing healthcare investments and growing awareness about the benefits of medical gases.
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 propelling the medical gas market include the growing geriatric population worldwide, as elderly individuals often require medical gases for respiratory support and other treatments associated with age-related conditions. Moreover, the expansion of healthcare facilities, especially in developing regions, is boosting the demand for medical gases. Furthermore, the rising incidence of surgical procedures and chronic diseases necessitating medical gas interventions is a significant driver fueling market growth.
Opportunities
The medical gas market presents several opportunities for innovation and market expansion. Advancements in gas production technologies, such as on-site generation systems, offer cost-effective and sustainable solutions for healthcare providers. Furthermore, increasing research and development activities focused on developing novel medical gases and expanding their applications present lucrative opportunities for market players to diversify their product portfolios and capture new market segments.
Challenges
Despite the positive outlook, the medical gas market faces certain challenges. Stringent regulatory requirements governing the production, storage, and distribution of medical gases can pose compliance challenges for manufacturers and suppliers. Moreover, the high costs associated with establishing and maintaining medical gas infrastructure in healthcare facilities can limit market penetration, particularly in low-resource settings. Additionally, safety concerns related to gas handling and administration require continuous training and education among healthcare professionals.
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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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