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Market Overview

• The medical gas and equipment market size has surged in recent years.
• From $20.72 billion in 2023, it’s projected to reach $22.58 billion in 2024 at a CAGR of 9.0%.
• The growth is attributed to personalized medicine initiatives, education campaigns, pandemic responses, and healthcare advancements.

Future Projections

• The market is expected to soar to $32.14 billion by 2028, growing at a CAGR of 9.2%.
• Factors include increasing healthcare expenditure, rise in chronic diseases, COVID-19 impact, and the shift towards home healthcare.
• Major trends in the forecast period include cost efficiency, personalized medicine, and focus on green technology.

Rising Prevalence of Respiratory Diseases to Drive Market Growth

• Respiratory diseases’ prevalence is increasing, propelling the market.
• Medical gases and equipment are pivotal in treating respiratory ailments.
• Tuberculosis cases rose to 10.6 million in 2021, driving demand.
• Major companies like Linde PLC and Air Liquide S.A. lead the market.

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Product Innovations Transforming the Market

• Product innovation is a key trend in the medical gas and equipment sector.
• Companies like GCE Healthcare are focusing on technological advancements.
• In 2021, GCE launched MediTec, a high-pressure gas regulator for medical use.
• Medical Technology Associates’ acquisition of Gasmedix LLC strengthens its presence in the Midwest.

Market Segmentation

• By Type: Medical Gases, Medical Gas Mixtures, Biological Atmospheres, Medical Gas Equipment
• By Application: Respiratory, Anesthesia, Medical Imaging, Cryosurgery, Therapeutic, Diagnostic
• By End-User: Hospitals, Research Institutions, Home Healthcare, Pharmaceutical Industry, Academic & Biotechnology Industry, Emergency Service

Regional Insights

• North America dominated the market in 2023.
• Asia-Pacific is anticipated to be the fastest-growing region.
• Emerging markets show substantial demand for medical gas and equipment.

Conclusion
The medical gas and equipment market is witnessing substantial growth, driven by rising healthcare needs, technological innovations, and shifting trends towards personalized and home healthcare solutions. With increasing prevalence of respiratory diseases and strategic advancements by key players, the market is poised for significant expansion in the coming years. As healthcare systems evolve to meet diverse demands, the medical gas and equipment sector remains integral, offering critical support for patient care worldwide.

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