Global Medical Gas Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Himanshu Patni
- July 8, 2022
- HEALTHCARE, NEWS
- Medical Gas Market, Medical Gas Market Growth, Medical Gas Market Share, Medical Gas Market Size
- 0 Comments
Global medical gas market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 7% during the forecast period (2021-2027F). Medical gases are the quintessential portion and provide structural integrity to the overall healthcare sector. Medical gasses are provided in numerous ways, such as via the help of portable compressed air systems or with stand-alone oxygen cylinders.
Factors such as the increasing prevalence of chronic diseases, rising pollution levels coupled with increasing incidence of respiratory diseases as a result of the high prevalence of tobacco use are expected to drive the market. As per CDC, In 2020, 12.5% of U.S. adults (an estimated 30.8 million people) smoked cigarettes: 14.1% of men, and 11% of women. Furthermore, the rising geriatric population along with the surging preterm birth cases and the rising prevalence of pulmonary diseases is significantly driving the market for medical gases. The WHO data states that more than 3.0 million people die each year from Chronic Obstructive Pulmonary Disease (COPD), accounting for approximately 6% of all deaths worldwide and might become the third leading cause of death in the world by 2030.
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Based on product type, the market is segmented into pure gases and a mixture of gases. The pure gases segment held a significant market share in 2020. The rising prevalence of chronic diseases and road accidents around the world are major factors driving the segmental growth. For instance, as per the United Nations, 2021 statistics, road accidents account for 1.3 million yearly deaths and 50 million injuries globally. As a result of the rising number of road accidents, the need for oxygen therapy in various life care settings is increasing exponentially.
Based on application, the market is segmented into therapeutic, diagnostics, pharmaceutical manufacturing, and others. The therapeutic segment grabbed a significant share in the medical gas market in 2020. This is mainly due to the broad range of gases used in therapeutics. Furthermore, the rising number of surgeries and the rapidly increasing geriatric population, and the rising prevalence of various chronic diseases among them are responsible for the growth of the market for medical gases. The demand for the segment was also boosted by the COVID-19 pandemic due to its effect on the pulmonary system.
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Based on end-users, the market is segmented into hospitals, ambulatory surgical centers, home healthcare, pharmaceutical, and biotechnology companies, and others. The hospital segment held a significant market share in 2020. In hospitals, all kinds of commercially available medical gases such as oxygen (O2), nitrogen (N2), medicinal air, CO2 (CO2), and nitrogen protoxide (N2O), are widely used. The medical gases are used in different medical procedures such as surgeries, emergencies, and in intense care units such as ICUs.
Additionally, the report provides a detailed report also provides insights into the global medical gas market according to the regions North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the medical gases industry owing to the presence of well-established infrastructure and rising geriatric population in the region along with the availability of market players and frequent product launches in the region. For instance, GCE Healthcare launched a new design for a high-pressure gas regulator named MediTec™ that can be utilized for both resuscitation and cluster headache treatments.
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Air Products and Chemicals, Inc., Linde Group, Air Liquide, Praxair, Inc., Taiyo Nippon Sanso Corp., SOL SpA, Atlas Copco, Messer Group GmbH, and GCE Holding AB., are some of the key players operating in the global Medical Gas market. Several M&As along with partnerships have been undertaken by these players to develop various types of Medical Gas devices.
Global Medical Gas Market Segmentation
Market Insight, by Product Type
• Pure Gases
• Mixture of Gases
Market Insight, by Application
• Pharmaceutical Manufacturing
Market Insight, by End-users
• Ambulatory Surgical Centres
• Home Healthcare
• Pharmaceutical And Biotechnology Companies
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Air Products and Chemicals Inc.
- Linde Group
- Air Liquide
- Praxair Inc.
- Taiyo Nippon Sanso Corp.
- SOL SpA
- Atlas Copco
- Messer Group GmbH
- GCE Holding AB.
- Matheson Tri-Gas Inc.