Medical Gas Market to Grow at 8.1% CAGR During the Forecast Period 2023-2030

Posted on 2023-04-03 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 03, 2023 — /EPR Network/ —

Medical Gas Industry Overview

The global Medical Gas Market size is anticipated to reach USD 25.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The rapid rise in the prevalence of chronic diseases, which necessitates the use of medical gases at various stages of disease management and control, is a major factor driving the market forward. According to the WHO, there has been a significant increase in the prevalence of diabetes, heart disease, and other non-communicable diseases worldwide over the last two decades. For instance, as per the CDC data, in 2018, 51.8% of US adults suffered from at least 1 chronic condition, and 27.2% had multiple chronic conditions.

Medical gases are an important component of many long-term care treatments for chronic conditions, and thereby rising prevalence of these diseases is expected to drive the growth of the medical gases market in the coming years. Furthermore, increased demand for advanced medical gas equipment such as vacuum systems and manifolds, are expected to drive market growth. For instance, Powerex is the first manufacturer of medical gas systems to test and certify manifolds. In addition, lately, healthcare has been evolving toward personalized medicine, DIY healthcare, and the homecare model, driven by technological advancements and financial pressure. This dramatic shift has created some significant opportunities in the medical gases industry. Home oxygen therapy, respiratory treatments, sleep therapy, and positive airway pressure devices have all increased demand for medical gases, and this is expected to continue over the next decade.

Medical Gas Market Segmentation

Grand View Research has segmented the global medical gas market on the basis of product, application, end use, and region:

Based on the Product Insights, the market is segmented into Pure Gases and Gas Mixtures.

The pure gases segment held the largest market share of around 57.0% in terms of revenue in 2021. The increasing number of patient hospitalization, rising prevalence of chronic diseases, and road accidents around the world are major factors driving the segment expansion.
The gas mixtures segment is expected to witness the fastest CAGR of 8.2% over the forecast period owing to its increasing use in therapeutic and diagnostic applications.

Based on the Application Insights, the market is segmented into Therapeutic, Diagnostics, Pharmaceutical Manufacturing and Others.

The therapeutic application segment held the largest market share of 40.1% in terms of revenue in 2021 owing to a broad range of medical gases used to treat and manage various disease conditions.
The diagnostics segment is also expected to gain a lucrative CAGR of 8.6% during the forecast period. The highest growth is attributable to its rising use in medical imaging and general laboratory applications.

Based on the End-Use Insights, the market is segmented into Hospitals, Ambulatory Surgical Centers, Home Healthcare, Pharmaceutical And Biotechnology Companies, Diagnostic and Research Laboratories and Academic And Research Institutions

The hospital segment dominated the market and accounted for a revenue share of around 28.4% in terms of revenue.
The home healthcare segment is expected to witness the fastest CAGR of 7.1% during the forecast period. The trending shift from hospital to home care is a key enabler of this segment’s growth.

Medical Gas Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The market is moderately consolidated, owing to the presence of a few key players in the market. Furthermore, leading players are involved in collaborations, product launches, mergers, and acquisitions to strengthen their product portfolios.

Some prominent players in the global Medical Gas market include

Linde plc.
Air Liquide
Atlas Copco
Messer
Air Products Inc.
Taiyo Nippon Sanso Corporation
Matheson Tri-Gas Inc.

Order a free sample PDF of the Medical Gas Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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