Medical Gases and Equipment Market To Generate Revenue Worth $33.84 Billion by 2030

The global medical gases and equipment market size is projected to be $33.84 billion by 2030, advancing at a CAGR of 7.2% during 2021–2030. This will be on account of the snowballing healthcare expenditure, mounting geriatric population, and increasing prevalence of chronic and lifestyle-associated diseases. Furthermore, the swift urbanization and surging demand for home healthcare are expected to drive the domain growth in the forecast period.

The advancement of home automation, remote health assistance, and pharmacology enable the development of respiratory assistance solutions, infusion systems, and external insulin pump systems that aid in the delivery of chronic disease treatment to patients at home. As a result, the demand for these gases and equipment in homecare settings would rise considerably in the forecast period.

In the recent few years, the domain has witnessed an increase in the number of acquisitions by the key players. These acquisitions are primarily aimed at product expansions and improving the geographic presence.

Pure Gases Are Procured in Higher Volumes

The pure gases category held the larger share, of more than 55%, in 2021, on account of the presence of a large patient population suffering from respiratory diseases, as well as an increasing number of patients requiring emergency health services.

Medical air is set to register the higher CAGR during the forecast period, on account of the surge in its use in ICUs and NICUs for the treatment of patients suffering from oxygen toxicity.

Therapeutic Applications Dominate Market

The therapeutic application category accounted for the largest market share, of more than 40%, in 2021. This is mainly due to the increasing use of medicinal nitrous oxide in healthcare settings as an analgesic, anesthetic, and refrigerant in cryosurgical procedures.

During the forecast period, the diagnostics category is expected to grow at the highest CAGR, of more than 8%, due to the increasing use of a number of gases and associated equipment in medical imaging and general laboratory applications. For instance, during microbial cultures, controlled aerobic or anaerobic incubator environments are required, depending on the microbe type. Controlled aerobic conditions are created using oxygen-rich mixtures, whereas controlled anaerobic conditions are created using hydrogen or carbon-dioxide-rich mixtures.

North America Leads Market

North America generated the highest medical gases and equipment market share, of more than 35%, in 2021, owing to the presence of prominent players, increasing number of hospitals, and rising use of these gases for the treatment of CVDs, asthma, and COPD.

Geographically, the European market is the second-largest in the world, and by 2030. This will primarily be due to the increasing demand for home healthcare and mounting prevalence of chronic and lifestyle-associated diseases in the region. Furthermore, the booming aging population and burgeoning healthcare expenditure are bolstering domain growth. Among the European countries, Germany is the largest contributor to the healthcare industry, and its market value is projected to grow at a CAGR of 8.1% during the forecast period.

The major players operating in the medical gases and equipment market are Air Products and Chemicals Inc., Praxair Inc., L’Air Liquide S.A., Taiyo Nippon Sanso Corporation, Atlas Copco AB, Linde plc, SOL Spa, GCE Holding AB, Messer Group GmbH, and Matheson Tri-Gas Inc.