Medical Gas Equipment Market Size, Share, Growth Analysis, By Product Type(Oxygen delivery Systems, Nitrous Oxide delivery systems), By Application(Therapeutics applications, Diagnostics application), By End - use(Hospitals, Ambulatory Surgical Centres) - Industry Forecast 2024-2031

Medical Gas Equipment Market size was valued at USD 13.84 billion in 2022 and is poised to grow from USD 14.96 billion in 2023 to USD 27.90 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

The medical gas equipment market is highly competitive, with several players vying for market share. The market is characterized by the presence of established multinational companies as well as smaller regional players. These companies compete based on factors such as product portfolio, technological advancements, pricing, distribution networks, and customer service. In this competitive landscape, product innovation plays a significant role. Companies strive to develop advanced medical gas equipment that meets the evolving needs of healthcare facilities and patients. This includes the development of portable and user-friendly devices, integration of digital technologies for enhanced monitoring and control, and the introduction of energy-efficient solutions. Market players invest in research and development activities to stay ahead in the market and gain a competitive edge. 'Air Liquide (France)', 'Linde plc (Ireland)', 'Praxair, Inc. (US)', 'Atlas Copco AB (Sweden)', 'BeaconMedaes LLC (US)', 'Air Products and Chemicals, Inc. (US)', 'Matheson Tri-Gas, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Gentec Corporation (Canada)', 'Amico Group of Companies (Canada)', 'SOL SpA (Italy)', 'Powerex, Inc. (US)', 'Cramer Decker Medical, Inc. (US)', 'Allied Healthcare Products, Inc. (US)', 'Baywater Healthcare (UK)', 'Medical Gas Solutions Ltd. (UK)', 'GCE Group (Sweden)', 'CRYO Associates (US)', 'Oxywise Ltd. (Slovakia)', 'Asia Technical Gas Co., Ltd. (Taiwan)'

The medical gas equipment market is experiencing a surge in demand for home healthcare services. This trend is driven by patients' preference for receiving care in the comfort of their own homes, the cost-effectiveness of home-based care compared to hospital stays, and the aim to reduce the burden on healthcare facilities. As a result, there is a growing need for home medical gas equipment, including oxygen concentrators and respiratory therapy devices, which are contributing to the market's growth.

The pure medical gas sub-segment is projected to experience rapid growth in the medical gas equipment market. This growth can be attributed to the extensive use of oxygen gas, which serves as a fundamental component in modern anesthetic techniques and life support for patients on ventilators. The increasing prevalence of chronic diseases and the occurrence of road accidents worldwide are significant factors driving market expansion. Patients admitted to intensive care units and ambulatory care settings for various surgeries require a reliable supply of oxygen gas to ensure life support. The sources of oxygen supply are categorized into two types: bulk oxygen systems and cylinder-manifold-supply systems.

North America is currently the most dominant region in the medical gas equipment market. This can be attributed to well-established healthcare infrastructure, high healthcare spending, and favorable reimbursement policies. The presence of key market players in North America further contributes to its dominance. The US, in particular, plays a significant role in driving market growth due to its large healthcare sector and technological advancements.