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What Is the Forecast for the Medical Gas And Equipment Market Growth in 2025?
There has been a robust expansion in the size of the medical gas and equipment market in the last few years. The market, currently valued at $21.99 billion in 2024, is expected to escalate to $23.79 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. The substantial development during the historic interval is due to factors such as personalized medicine initiatives, awareness and education drives, responses to pandemics, advancements in healthcare, and worldwide healthcare tendencies.
What Is the Forecast for the Medical Gas And Equipment Market Size Through 2029?
The market for medical gas and equipment is anticipated to experience significant expansion in the coming few years. It is predicted to increase to $35.15 billion by 2029, with a cumulative annual growth rate (CAGR) of 10.2%. The expected growth during the forecast period can be linked to the upsurge in healthcare spending, the prevalence of chronic diseases, the effects of the COVID-19 pandemic, the transition towards home-based healthcare, and demand in emerging markets. Key trends projected for the forecast period include cost efficiency and accessibility, consciousness and education, customised medicine, telemedicine and remote patient monitoring, and an emphasis on environmentally friendly technology.
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What are the Key Market Players in Medical Gas And Equipment Market and How They’re Evolving?
Major companies operating in the medical gas and equipment market are Linde PLC, Praxair Inc., Air Liquide S.A., Atlas Copco AB, Messer Group GmbH, Taiyo Nippon Sanso Corporation, Gas Control Equipment Ltd., Rotarex S.A., SOL S.p.A., Amico Corporation, Air Products and Chemicals Inc., BeaconMedaes LLC, Flogas Britain Limited, Matheson Tri-Gas Inc., SCI Analytical Laboratories Inc., GCE Holding AB, Medical Gas Solutions Ltd., Ohio Medical Corporation, Powerex Corp., Gentec Corporation, Cramer Decker Medical Inc., PCI Gases, Precision Medical Inc., Bay Corporation, Amada Marvel Inc., BPR Medical, Calea, Cryofab Inc., EKOM spol. s r.o., Far East Gas Co. Ltd., Gascon Systems Pty Ltd.
What Are the Primary Growth Drivers in the Medical Gas And Equipment Market?
An upswing in the incidence of diseases affecting the respiratory system is forecasted to fuel the expansion of the medical gas and equipment market. Respiratory diseases encompass any type of maladies that impact the lungs and respiratory components. Medical gases, along with their associated equipment, are vital in treating these illnesses, thus a rise in their prevalence translates to an increased market growth. For example, as per the World Health Organization’s (WHO) Global Tuberculosis Report 2023, there has been an increase in global tuberculosis (TB) cases. This Switzerland-based international organization reported that in 2022, TB cases increased to an estimate of 10.6 million, marking a rate of 136 cases per 100,000 people, following an uptick from 2021. This escalating trend highlights the growing incidence of respiratory diseases, subsequently increasing the demand for medical gases and equipment which are integral for treating and managing such health conditions.
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What Are the Leading Segments in the Global Medical Gas And Equipment Industry?
The medical gas and equipment market 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
What Are the Key Market Trends in the Medical Gas And Equipment Industry?
The emergence of product innovation has become a prominent trend within the medical gas and equipment market. To fortify their position in the market, prevalent firms in this sector are channeling their efforts towards creating technologically advanced solutions. A case in point is a US-based firm called Polarean Imaging, which primarily works with drug-device combinations in the medical field, secured FDA approval for Xenoview in March 2023. Xenoview, made from xenon-129 gas, serves as the pioneering and exclusive inhaled MRI hyperpolarized contrast agent. This inventive agent provides enhanced MRI evaluations of lung ventilation for patients aged 12 and over, presenting a new methodology for viewing lung functionality sans the risks attendant with ionizing radiation. This accomplishment signifies a considerable breakthrough in the field of pulmonary medicine.
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What Is the Regional Outlook for 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.
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This Report Delivers Insight On:
1. How big is the medical gas and equipment market, and how is it changing globally?
2. Who are the major companies in the medical gas and equipment market, and how are they performing?
3. What are the key opportunities and risks in the medical gas and equipment market right now?
4. Which products or customer segments are growing the most in the medical gas and equipment market?
5. What factors are helping or slowing down the growth of the medical gas and equipment market?
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