Medical Gas Market

Market Study on Medical Gas: Demand for Home Healthcare System Attributes to the Market’s Growth

Medical Gas Market Segmented By Pure Gas, Mixture Gas Type with Therapeutic, Diagnostic Application for Manifolds, Vacuum Systems, Alarm Systems, Flowmeter, Medical Air Compressor, Cylinders, Hose Assemblies and Valves

  • June-2022
  • PMRREP33119
  • 342 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Medical Gas Market Outlook

The medical gas market is likely to strengthen its hold at an average CAGR of 7.2% between 2022 and 2032.

The market is valued at US$ 6.5 Bn in 2022 and is expected to reach US$ 13.0 Bn by 2032. Historically, the medical gas market was flourishing at a higher CAGR of 7.8% (2015-2021) leading to a market size of US$ 6.1 Billion in 2021.

“Increasing chronic diseases including chronic respiratory diseases like asthma and pulmonary hypertension coupled with government initiatives including demand for home healthcare and Covid-19 has helped the medical gas market expand its roots in the new regional spaces.”

Several respiratory diseases demand self-care units that include medical gas. This ultimately increases the sales of medical gas systems, which enhances home healthcare dynamic all together.

The COVID-19 patients have faced long-term chest infections and other breathing diseases like asthma, pulmonary hypertension and chronic obstructive pulmonary, increasing the overall sales of medical gas.

Attributes

Details

Medical Gas Market CAGR (2022-2032)

7.2%

Medical Gas Market Value (2022)

US$ 6.5 Bn

Medical Gas Market Value (2032)

US$ 13.0 Bn

Find Out More about the Report Coverage

Companies

  • Air Liquide
  • Praxair
  • Atlas Copco
  • The Linde Group
  • Airgas, Inc.
  • Messer Group GmbH
  • Sol-Spa
  • GCE Holding AB
  • Air Products and Chemicals

What is COVID-19 Impact on the Medical Gas Market?

The high use of medical gas supply, especially because of covid-19, has gained a lot of traction in the medical gas market by increasing the manufacturing units in new regions as the demand for medical gas rises globally. In addition, the need for oxygen gas has increased as severe patients suffer from Covid-19.

The constant oxygen support has consumed a lot of medical gas, rising with the home care units. The medical gas market analysis has focused on explaining how the advent of COVID-19 has shaped various markets differently. It has adversely affected some markets, damaging the supply chains, nullifying the distribution channels, and pushing markets towards turmoil.

Though it has also been beneficial for many markets, especially the healthcare and diagnostics market. The medical gas market has grown through the course of Covid-19 with a higher demand for constant oxygen supplies in hospitals and other healthcare units.

medical-gas-market

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What Factors Contributes to the Growth of the Medical Gas Market?

“New medical gas manufacturing units setting up along with the growing demand for oxygen gas due to the chronic diseases and severe stages of covid-19, enhancing and structuring the healthcare supplies globally.”

A global study on the medical gas market explains that the growing market is attributed to the rising number of chronic respiratory diseases (CRDs). The growing number of CRD cases is attributed to the increasing pollution and unhealthy lifestyles.

The WHO data explains that more than three billion people die because of CRDs, including asthma, occupational lung diseases, and pulmonary hypertension. Use of oxygen and other mixtures like lung gas mixtures is used to treat multiple respiratory disorders.

Covid-19 has accelerated the demand for oxygen tanks, involving oxygen systems for home healthcare units and hospitals. Covid-19 is a respiratory disease, and patients who reach the severe stages of the disease need oxygen support. This helped in the expansion of the medical gas market size. Demand for medical gas rises due to the high demand for home healthcare units during the peak of the spread.

The medical gas market outlook explains the latest trends and puts forth the versatility of medical gases like helium, oxygen, carbon dioxide, nitrogen, and nitrogen oxide.

These breathing issues caused by the severe conditions of covid-19 are also increasing the demand for medical gas. The use of these medical gases has increased the manufacturing units in multiple regions, pushing the demand for medical gas.

The spread of coronavirus has triggered an oxygen crisis in various nations, pushing them to create oxygen plants and supply oxygen in remote areas to help the people who suffer from severe forms of covid-19.

High-expenditure government supports the covid-19 relief packages, including medical gas supplies. This pushes more industrialists to set up new oxygen plants to fulfill oxygen needs. This increases the sales of medical gas solutions in each region.

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Which Factor Limits the Growth of the Medical Gas Market?

Alternative oxygen and other gas generators are limiting the market's growth and alternative healthcare that includes breathing activities, Yoga, etc. At the pandemic's peak, when oxygen supplies were limited, people started looking for other options for oxygen, like small nebulizers that are helpful for respiratory disorders.

The lower government spending on overall healthcare limits the growth of the medical gas market, lowering the sales of medical gas in developing nations. The healthcare industry's overall decline in multiple regions, especially post covid-19, has decreased the sales of medical gas in those regions.

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What are the Opportunities Prevailing in the Medical Gas Market?

Alternative oxygen and other gas generators are limiting the market's growth and alternative healthcare that includes breathing activities, Yoga, etc.

At the pandemic's peak, when oxygen supplies were limited, people started looking for other options for oxygen, like small nebulizers that are helpful for respiratory disorders.

The lower government spending on overall healthcare limits the growth of the medical gas market, lowering the sales of medical gas in developing nations. The healthcare industry's overall decline in multiple regions, especially post Covid-19, has decreased the sales of medical gas in those regions.

What are the Challenges in the Medical Gas Market?

High maintenance of medical gas systems and strict compliance and regulatory processes create challenges for the market. In addition, the new complex storage systems, along with costly transportation operations, are pushing down the demand for medical gas. The other challenges are listed in the following:

  • Lower health expenditure from governments is another factor that restricts the market’s growth in multiple regions.
  • High maintenance costs associated with oxygen plants are limiting the growth of the medical gas market.
  • Costs associated with the training of professionals for efficient handling of medical gas equipment will further contribute to the total cost of ownership of medical gas equipment, thereby hampering the market growth.

Comparative View of Adjacent Medical Gas Market

Attributes

Medical Gas Market

CAGR (2022-2032)

7.2%

Market Value (2026)

US$ 8.58 Bn

Growth Factor

High demand for oxygen and mixed lung gas for the treatment of chronic respiratory disease and covid-19 has pushed the sales of medical gas supplies all around the world.

Opportunity

New manufacturing units setting up in new regions to tackle the oxygen crisis led by the ongoing coronavirus pandemic create opportunities for the component market related to other healthcare equipment.

Key Trends

Demand for medical gas rises with the growing trends like small oxygen cylinders and other gases that help patients suffering from certain diseases.

Comparative View of Adjacent Mortuary Cyclotron Market

Attributes

Mortuary Cyclotron Market

CAGR (2022-2032)

8.1%

Market Value (2026)

US$ 312.94 Mn

Growth Factor

The increased use of Positron Emission Tomography (PET) scans and other diagnostic techniques demand for the medical cyclotron that includes isotopes and other glucose chemical compounds, fueling the medical cyclotron market.

Opportunity

The medical cyclotron market creates new opportunities for the new market players that experiment and make the diagnostic procedures including PET scans easy and accurate.

Key Trends

New radioactive technology involved in a PET scan that detects cancerous cells along with integrated technology that ensures more accuracy and precision are shaping the latest trends in the medical cyclotron market.

Comparative View of Adjacent Medical Supplies Market

Attributes

Medical Supplies Market

CAGR

(2022-2032)

4.6%

Market Value

(2026)

US$ 138.1 Bn

Growth Factor

With the advent of coronavirus coupled with rise in chronic diseases and geriatric generation is gaining a lot traction for the medical supplies market, ensuring the fluidity of its supply chains and distribution channels.

Opportunity

The market creates opportunities for the market segments like medical gear market, medical gas market, healthcare monitor market etc., flourishing the sales of medical supply in new regions.

Key Trends

A new line of products launched by the vendor companies that help the healthcare system in treatment and diagnosis of multiple diseases with the new formulas and techniques, using concepts like artificial intelligence and machine learning.

Global trends in the medical gas market are integrating storage and logistics components that push the market forth. As a result, it makes it easier for end users to access medical gas.

Covid-19 has changed the way medical gas vendors approach the market, adding more components to increase the distribution channels, and reach the remotest areas. In addition, increasing government spending on medical gas programs, setting up plants, and improving logistics are helping the market gain traction, setting up the latest trends for the medical gas market.

What is the Segmentation Outlook for the Medical Gas Market?

The medical gas market is divided by gas type, equipment outlook, application and end user, segmenting it into small segments that exceed the growth prospects for the medical gas market. It also enables the viewer to analyze the market as to which segment performs better in which specific region.

The medical gas market analysis explains that these types of products have a demand from specific regions. For example: The different applications like therapeutic and diagnostic have different market spaces and can be implemented in different sectors.

Which Segment is likely to Lead the Medical Gas Market by Gas Type?

The medical gas market outlook defines its gas type segments into pure gases and gas mixtures. The leading segment in the gas type category is pure gases. Its growth is attributed to the effective use of pure gases in chronic diseases, pulmonary lung disorders, and chest infections through Covid-19.

The creation and use of pure gases are less complex and much more effective, while gas mixtures are generally used in diagnostic procedures. As a result, the segment is growing with a CAGR of 7.0% between 2022 and 2032, while the segment was flourishing at a higher CAGR of 7.7% in the last forecast (2015-2021). This increases the overall sales of medical gas in multiple regions.

Which Segment is likely to Lead the Medical Gas Market by Gas Type?

The medical gas market analysis divides the end user category into hospitals, ambulatory surgical centers, private clinics and homecare. The biggest segment that thrives on the top of these segments is the hospital segment.

A large number of covid-19 patients filling up the hospital's beds along with rising chest and pulmonary diseases among the covid-19 survivors are gaining traction for the segment. Growing at a slightly higher CAGR of 7.9%, the hospital segment now flourishes at a CAGR of 7.4%, increasing the medical gas market size.

What is the Regional Analysis for the Medical Gas Market?

Regions

CAGR (2022-2032)

United States

4.6%

United Kingdom

4.0%

China

4.4%

Japan

3.4%

South Korea

2.7%

The medical gas market survey divides the market into regions; North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe. The biggest and highest growing market is the United States, flourishing at a CAGR of 6.9% between 2022-2032.

The region is likely to hold a market revenue of US$ 4.6 Bn through 2032. A large number of covid-19 cases and severe patients coupled with geriatric generations are pushing the demand for the sales of medical gas. Other regions like Asia pacific include the second-highest growing region for the medical gas market.

China’s market is booming at a CAGR of 6.5%, and Japan is also growing at a CAGR of 5.5% while they are growing at forecasted values are 929.5 Mn and 749.6 Mn, respectively. UK will hold US$ 532.9 Mn by the end of 2032 as it thrives on a CAGR of 5.9% between 2022-2032.

How is the Competition in the Medical Gas Market?

Emerging trends in the medical gas market are shaping the competitive flow of the market. It helps competitors in analyzing the market in a better way. The newly adopted strategies make the supply chains and distribution channels strong. The growing demand for medical gas has also shaped the competitive trends amongst the key players. The important key players are Air Liquide, Praxair, Atla Copco, The Linde Group, and Airgas, Inc.

Recent Developments in the Medical Gas Market

  • Air Liquide has introduced its upgraded line of gas cylinders including oxygen, air, allenox, nitrous oxide and nitrogen. This gains traction and increases the medical gas market size.
  • Atla Copco has launched its breathing air solutions, surgical equipment along with new gas solutions, increasing the sales of medical gas globally.

Report Scope

Attributes

Details

Forecast period

2022-2032

Historical data available for

2015-2021

Market analysis

USD Bn for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia and New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

By Market Segments

  • Gas Type
  • Equipment Outlook
  • Application
  • End-Users

Key Companies Profiled

  • Covidien plc
  • Tryker Corporation
  • Zimmer Biomet
  • Depuy Synthes
  • Smith and Nephew

Pricing

Available Upon Request

Key Segments:

By Gas Type

  • Pure Gas
  • Mixture Gas

By Equipment Outlook

  • Manifolds
  • Vacuum Systems
  • Alarm Systems
  • Flowmeter
  • Medical Air Compressor
  • Cylinders
  • Hose Assemblies and Valves
  • Outlets
  • Regulators

By Application

  • Therapeutic
  • Diagnostic

By Gas Type

  • Hospitals
  • Ambulatory Surgical Centers
  • Private Clinics
  • Homecare

By Region

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

Media Release

- FAQs -

The medical gas market is set to grow at a CAGR of 7.2% through 2032.

The pure gas segment is the leading product segment in the medical gas market, thriving at a CAGR of 7.0% through 2032.

The United States has the highest growth potential in the market as it thrives on a CAGR of 6.9% between 2022 and 2032.

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