Global Medical Gases and Equipment Market

Medical Gases and Equipment Market Size, Share, Growth Analysis, By Type(Medical gases and medical gases equipment), By Application(Therapeutic, diagnostics and others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35B2098 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 60 | Figures: 75

Medical Gases and Equipment Market Insights

Medical Gases and Equipment Market size was valued at USD 13.12 billion in 2021 and is poised to grow from USD 14.1 billion in 2022 to USD 25.15 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2023-2030).

The global medical gases and equipment market has witnessed significant growth and expansion in recent years. This market encompasses a wide range of gases and equipment used in various medical procedures and therapies. The rising prevalence of chronic diseases, growing geriatric population, and advancements in medical technology are driving the market growth. Medical gases such as oxygen, nitrogen, carbon dioxide, and nitrous oxide play a crucial role in respiratory therapies, anesthesia administration, and surgical procedures. The demand for these gases is escalating due to the increasing number of hospitals, clinics, and ambulatory surgical centers globally. Moreover, the growing awareness regarding the importance of respiratory care and the need for effective infection control measures in healthcare settings are further fueling the demand for medical gases and equipment. Additionally, the market is witnessing a surge in demand for home healthcare services, which requires portable and easy-to-use medical gas equipment. Technological advancements, such as the development of advanced gas delivery systems, monitoring devices, and storage solutions, are also contributing to the market's growth. However, stringent regulatory requirements and safety standards associated with medical gases and equipment pose challenges for market players. Overall, the global medical gases and equipment market is anticipated to continue its upward trajectory in the coming years, driven by increasing healthcare infrastructure, rising patient population, and technological innovations.

US Medical Gases and Equipment Market is poised to grow at a sustainable CAGR for the next forecast year

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Medical Gases and Equipment Market size was valued at USD 13.12 billion in 2021 and is poised to grow from USD 14.1 billion in 2022 to USD 25.15 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2023-2030).

The competitive landscape of the medical gases and equipment market is characterized by the presence of several established players as well as emerging companies. These market participants focus on strategic initiatives such as mergers and acquisitions, collaborations, partnerships, and product innovations to maintain their market position and gain a competitive edge. The market is highly competitive, with companies emphasizing technological advancements, product quality, and safety standards to meet the evolving needs of healthcare providers. Additionally, players strive to expand their geographical presence through market expansion strategies and target untapped regions with growing healthcare infrastructure. The competitive landscape is further influenced by factors such as pricing strategies, regulatory compliance, and customer satisfaction, as market players aim to establish long-term relationships with healthcare institutions and maintain brand loyalty. 'Air Liquide (France)', 'Atlas Copco (Sweden)', 'Amico Group of Companies (Canada)', 'The Linde Group (Germany)', 'Messer Group (Germany)', 'Praxair, Inc. (US)', 'Air Products and Chemicals, Inc. (US)', 'Matheson Tri-Gas, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'SOL Group (Italy)', 'GCE Group (Sweden)', 'Air Water Inc. (Japan)', 'Medical Gas Solutions Ltd. (UK)', 'Airgas, Inc. (US)', 'Cryoport Systems, Inc. (US)', 'SIAD Group (Italy)', 'Air Products Healthcare (UK)', 'Gentec Corporation (Canada)', 'Randox Laboratories Ltd. (UK)', 'Praxair Healthcare Services (US)'

One key driver of the medical gases and equipment market is the increasing prevalence of chronic diseases. The rising burden of chronic respiratory diseases, cardiovascular disorders, and other chronic illnesses creates a higher demand for medical gases and equipment. These medical gases are crucial for providing respiratory support, anaesthesia, and therapeutic treatments for patients suffering from chronic conditions. The growing prevalence of such diseases globally acts as a significant driver for the market.

One key market trend in the medical gases and equipment market is the increasing adoption of portable and home healthcare solutions. There is a growing trend towards providing medical gases and equipment that can be used outside of traditional healthcare settings, such as in-home care or portable healthcare units. This trend is driven by factors such as the rising aging population, advancements in technology, and the desire for cost-effective and convenient healthcare options. Portable medical gas devices and equipment enable patients to receive necessary therapies and treatments in the comfort of their own homes, reducing the need for hospital visits and improving patient convenience. This trend is expected to continue growing as healthcare providers and manufacturers focus on developing innovative and user-friendly portable medical gas solutions.

North America dominated the medical gases and equipment market. North America holds a significant market share due to the well-established healthcare infrastructure, high healthcare expenditure, and technological advancements in the region. The presence of a large number of hospitals, clinics, and research institutions, coupled with favorable reimbursement policies, contributes to the market's dominance in North America. Additionally, the rising prevalence of chronic diseases, increasing geriatric population, and the adoption of advanced medical technologies drive the demand for medical gases and equipment in the region.

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Global Medical Gases and Equipment Market

Report ID: SQMIG35B2098

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