Rockville, March 01, 2023 (GLOBE NEWSWIRE) -- Expanding rapidly at a CAGR of 8%, the global medical gases and equipment market is forecasted to increase from a valuation of US$ 20 billion in 2023 to US$ 43 billion by 2033-end. The therapeutic application of medical gases and equipment is gaining traction due to high demand from healthcare facilities.
Due to the ageing population's rapid rise and recent advancements in the pharmaceutical industry, there is substantial growth potential for the market for medical gases and equipment. Medical gas purity is essential to a patient's recovery in addition to the risk of infection from the gas. As a result, special guidelines must be observed when producing medical gases.
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The global medical gases and equipment market is driven by several factors, including:
- Rise in the number of patients preferring home healthcare is driving the demand for medical gases and equipment that are used in the treatment of chronic diseases. Moreover, the high prevalence of respiratory diseases such as COPD, asthma, and pneumonia is boosting the demand for medical gases and equipment, including oxygen therapy equipment and nebulizers.
- Advancements in technology have led to the development of innovative medical gases and equipment, such as portable oxygen concentrators, which are driving the growth of the market.
- Also, various government initiatives aimed at improving healthcare infrastructure, such as the development of healthcare facilities and increasing healthcare expenditure, are driving the growth of the medical gases and equipment market.
- The growing preference for non-invasive ventilation over invasive ventilation is driving the demand for medical gases and equipment such as CPAP and BiPAP devices.
- The increasing number of surgical procedures is driving the demand for anesthesia devices such as ventilators, which are essential for the medical gases and equipment market.
- The rising healthcare expenditure across the globe is expected to boost the growth of the medical gases and equipment market, as it leads to increased investment in healthcare infrastructure and the development of new medical technologies.
Throughout the past ten years, rising demand for medical gases and varied medical gas combinations has supported the expansion of the market for medical gases and equipment. It is anticipated that the market value would increase throughout the forecast period as a result of the rise seen in the hospital sector and the growing home care settings industry.
Restraints:
The medical gases and equipment market is subject to a variety of restraints, including:
- Medical gases and equipment must meet strict regulatory requirements, such as those set forth by the Food and Drug Administration (FDA) in the United States, which can limit the availability of certain products.
- The cost of medical gases and equipment can be prohibitive for some healthcare providers, particularly in low-income areas or developing countries.
- Access to medical gases and equipment may be limited in certain regions, particularly in remote or rural areas, which can limit patient care.
- Infrastructure limitations, such as unreliable power supplies or poor transportation systems, can hinder the distribution and use of medical gases and equipment.
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Key Trends:
Some of the current trends in the medical gases and equipment market include:
- The demand for medical gases and equipment is expected to continue to rise as healthcare systems expand and aging populations require more medical care.
- Rapid advancements in technology are improving the functionality and usability of medical gases and equipment, such as the development of portable oxygen concentrators and improved anesthesia delivery systems.
- The trend towards home healthcare is growing, and medical gases and equipment are playing an increasingly important role in allowing patients to receive care at home.
- Patient safety is a top priority for healthcare providers, and there is a growing emphasis on the development of safer medical gases and equipment, as well as the implementation of stricter safety protocols.
Also, the need for various medical gas combinations and medical gases, including as laser-gas mixtures, aerobic gas mixtures, nitrous oxide, and others, in addition to medical gas equipment, is projected to be fuelled by the growing therapeutic and diagnostic applications.
Market Competition:
The medical gases and equipment market is highly competitive and key companies have been putting emphasis on new product launches.
- Praxair had launched a new line of ultra-high purity medical gases, including oxygen, nitrogen, and helium, designed for use in sensitive medical applications such as MRI and laser surgery.
- Atlas Copco AB had launched its new wide range of medical gas equipment such as Medical Air Purifier – MED (+), Oil-Free Scroll Compressor, and others.
- The Mediflex® has introduced medical gas regulators, flowmeters, and other equipment designed to improve patient safety and comfort in the delivery of medical gases.
- The EZ-Hook® cylinder valve is a new valve design that features a unique hook-shaped handle for easy operation, even for users with limited dexterity or mobility.
Key Companies Profiled
Airgas Inc., Atlas Copco, GCE Group, Messer Group GmbH, Praxair Inc., Matheson Tri-Gas, Inc., Air Liquide, Air Products and Chemicals Inc., Amico Group of Companies, BeaconMedaes, Flogas, The Linde Group.
Medical Gases and Equipment Industry Research Segmentation
- By Product:
- Medical Gases
- Pure Medical Gases
- Oxygen
- Carbon Dioxide
- Nitrous Oxide
- Helium
- Medical Gas Mixtures
- Blood Gas Mixtures
- Lung Diffusion Mixtures
- Nitrous Oxide-Oxygen Mixtures
- Carbon Dioxide-Oxygen Mixtures
- Laser-Gas Mixtures
- Aerobic Gas Mixtures
- Anoerobic Gas Mixtures
- Ethylene Oxide/Sterilant Gas Mixtures
- Helium-Oxygen Mixtures
- Medical Gas Equipment
- Gas Delivery Systems
- Cryogenic Products
- Equipment Accessories
- Vacuum Systems
- Manifolds
- Regulators
- Flowmeters
- Hoses
- Valves With Integrated Pressure Regulators
- Medical Air Compressors
- Others
- Medical Gases
- By Application:
- Therapeutics
- Pharmaceutical Manufacturing & Research
- Diagnostics
- Others
- By End User:
- Hospitals
- Home Care Settings
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutes
- Emergency Services
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Medical Gases and Equipment Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Medical Gases and Equipment Market grow until 2033?
- Which are the factors hampering the Medical Gases and Equipment market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Medical Gases and Equipment Market during the forecast period?
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