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What Are the Projected Market Size and Growth Rates for the Medical Gas And Equipment Market From 2025 To 2029?
The market size for medical gas and equipment has seen significant growth in the past few years. The market, valued at $21.99 billion in 2024, is expected to increase to $23.66 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. This growth during the historic period can be credited to the influx of personalized medicine, health awareness drives, responses to pandemics, advancements in healthcare and various global healthcare trends.
The market size for the medical gas and equipment sector is predicted to experience robust growth in the upcoming years, with the estimation to amplify to $34.46 billion by 2029, progressing at a compounded annual growth rate (CAGR) of 9.9%. The emphatic growth during the forecast period can be credited to factors like escalating health care expenses, the surge in chronic conditions, the influence of the COVID-19 pandemic, the transition toward home-based healthcare, and demand in burgeoning markets. Significant trends expected during the forecast period comprise cost-effectiveness and accessibility, awareness and education, personalized medication, telehealth and distant monitoring, with a concentration on environmentally friendly technology.
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What External and Internal Drivers Are Contributing to the Growth of theMedical Gas And Equipment Market?
The rise in respiratory illnesses is anticipated to fuel the growth of the medical gas and equipment industry. Respiratory illnesses include conditions that impact the lungs and various parts of the respiratory system. The usage of medical gases and equipment in treating these diseases is set to increase due to the rise of these illnesses, and this will consequently boost the industry’s growth. For example, the World Health Organization’s (WHO) Global Tuberculosis Report for 2023, which is headquartered in Switzerland, recorded an increase in the global incidence of tuberculosis, with about 10.6 million cases in 2022, an incidence rate of 136 cases per 100,000 people, maintaining the ascending pattern from 2021. This increase emphasizes the growing prevalence of respiratory illnesses, which further amplifies the need for medical gases and equipment that are critical for the treatment and control of such diseases.
What Segment Types Define the Medical Gas And Equipment Market Structure?
The medical gas and equipmentmarket covered in this report is segmented –
1) By Type: Medical Gases, Medical Gas Mixtures, Biological Atmospheres, Medical Gas Equipment
2) By Application: Respiratory, Anesthesia, Medical Imaging, Cryosurgery, Therapeutic, Diagnostic
3) By End-User: Hospitals, Research Institutions, Home Healthcare, Pharmaceutical Industry And Academic, Biotechnology Industry, Emergency Service
Subsegments:
1) By Medical Gases: Oxygen, Nitrous Oxide, Carbon Dioxide, Helium, Nitrogen, Argon, Medical Air
2) By Medical Gas Mixtures: Oxygen-Nitrous Oxide Mixtures, Oxygen-Carbon Dioxide Mixtures, Other Specialty Gas Mixtures
3) By Biological Atmospheres: Anaerobic Atmospheres, Controlled Atmospheres, Refrigerated Atmospheres
4) By Medical Gas Equipment: Regulators, Flow Meters, Manifolds, Gas Cylinders, Pipeline Systems, Safety Systems, Gas Delivery Systems
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Which Geographic Areas Hold the Strongest Growth Potential in the Medical Gas And Equipment Market?
North America was the largest region in the medical gas and equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical gas and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Long-Term Trends Are Transforming the Competitive Landscape of the Medical Gas And Equipment Market?
In the medical gas and equipment industry, product innovation is increasingly being recognized as a fundamental trend. To bolster their standing in the market, major corporations are concentrating on creating new technological solutions. To exemplify, Polarean Imaging, an American medical drug-device combination firm, received approval from the FDA in March 2023 for Xenoview, an unparalleled inhaled MRI hyperpolarized contrast agent made from xenon-129 gas. This groundbreaking agent upgrades MRI assessments of lung ventilation for patients who are 12 years and older, offering a unique depiction of lung function without the hazards linked to ionizing radiation. This innovation demonstrates considerable progress in pulmonary medicine.
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What Is the Definition of the Medical Gas And Equipment Market?
Medical gas and equipment refer to the gases used in healthcare settings and the devices associated with their delivery and regulation. These gases are essential for various medical procedures, including anesthesia, respiratory support, and surgical tool operation. The equipment help control the distribution and safe administration of these gases to patients, ensuring proper treatment and care across hospitals and clinics.
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