Global Medical Gas Market Size To Surpass USD 25.6 Billion by 2030 | CAGR of 8.1%

Global Medical Gas Market Size To Surpass USD 25.6 Billion By 2030

According to a research report published by Spherical Insights & Consulting, Global Medical Gas Market Size is to Grow from USD 12.8 Billion in 2021 to USD 25.6 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period. The global medical gas market is primarily driven by the rising prevalence of chronic diseases and beneficial initiatives implemented by governmental organisations.

Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Medical Gas Market Size, Share, and COVID-19 Impact Analysis, By Product, (Pure Gases, Gases Mixtures, Others), By Application (Pharmaceutical Manufacturing & Research, Diagnostic Applications, Therapeutic Applications, Others), By End Users (Hospitals, Ambulatory Surgical Centers, Home Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/medical-gas-market

Medical gases are pharmaceutical gaseous molecules that address medicinal needs. Medical gases used in hospitals have a direct impact on a patient's life because they are a crucial part of life support systems. In the effort to produce, sterilize, or insulate processes or products that can improve human health, medical gases are used. Medical gases can be provided in a variety of methods, such as using freestanding oxygen cylinders or portable compressed air systems. According to updated data from the World Health Organization (WHO) in May 2022, CRDs such as asthma, occupational lung illnesses, and pulmonary hypertension cause the deaths of more than three billion people worldwide. Many different respiratory disorders can be treated with oxygen and other mixtures, such as lung gas mixtures.

Obesity is one of the major causes of the rising incidence of chronic diseases like diabetes and heart disease which can drive the market growth during the forecast period. Also, the rise in the prevalence of chronic respiratory disorders (CRDs), such as pulmonary hypertension, chronic obstructive pulmonary disease, and occupational lung diseases, has been a main factor in the demand for medicinal gases. Moreover, the market restraints due to several factors, such as changes in medical gas calibration standards and diminishing federal funding for respiratory therapies also hamper the market's overall growth. Also, the medical gas sector is unable to expand the market during the forecast period due to the oxygen industry's high maintenance expenses.

COVID 19 Impact

The covid-19 outbreak had a major impact on the medical gas business.  With the commencement of COVID-19, healthcare services were found to be overburdened and falling short. The need for medical gases has increased, and the same is true of the equipment used to produce medical gases. According to reports, a number of administrations have approved the construction of temporary medical facilities and upgrades to the infrastructure. However, supply networks were interrupted as a result of the restrictions on people and product mobility, which had a minor impact on industrial growth. Throughout the short-term forecast period, the market is projected to gradually accelerate as conditions stabilise and global commerce begins to improve.

The pure gases segment is holding the largest market share over the forecast period.

Based on the product, the medical gas market is bifurcated into pure gases, gas mixtures, and others. Among these, the pure gases segment is holding the market share during the forecast period owing to the due to the rising use of oxygen gas, the essential component of all modern anesthetic procedures and a source of life support for patients receiving artificial ventilation. A rise in the number of hospitalizations, the prevalence of chronic illnesses, and global traffic fatalities also drive the market growth during the forecast period.

Due to its growing use in therapeutic and diagnostic applications, the gas mixture category is expected to witness the fastest growth throughout the forecast period.

The therapeutic application segment is dominating the market growth over the forecast period.

Based on application, the medical gas market is classified into pharmaceutical manufacturing and research, diagnostic applications, therapeutic applications, and others. Among these, the therapeutic segment makes up a major share of the global market for medical gases, due to the wide variety of medical gases used to regulate and treat various illnesses and diseases. Moreover, during the forecast period, the market may be driven by the enormous demand for pharmaceutical products and the equipment required in hospitals.

The hospital segment is dominating the market share during the forecast period.

Based on the end users, the global medical gas market is segmented into Hospitals, Ambulatory Surgical Centers, and Home Healthcare. Among these segments, the hospital sector commanded the biggest market share, due to the widespread usage of all commercially available medical gases, including oxygen (O2), nitrogen (N2), medicinal air, carbon dioxide (CO2), and nitrogen protoxide (N2O), the hospital sector commanded the biggest market share. Furthermore, the segment's dominance is also attributed to the high prevalence of medical procedures performed worldwide and the use of medical gases in surgical procedures, intensive care, and emergency response.

North America is dominating the market with the largest market share of 36.2% during the forecast period

North America accounts for the largest market share of 36.2% during the forecast period, owing to the increasing incidence of COPD, asthma, and other medical conditions like cardiovascular and lifestyle-related diseases, the demand for medicinal gases in the United States will rise. Moreover, the U.S. has dominated the market due to the availability of government healthcare facilities, notably intensive care units, a well-established market, and an increasing elderly population.

The Asia Pacific market is expected to witness the highest growth market throughout the projected period because the market participants should have significant development possibilities due to the rapidly expanding healthcare sectors in China and India.

Major vendors 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., and  others.

 key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In February 2022, Gasworld launched a brand-new event for the medical gases community, in the name of a more connected and equitable healthcare sector for all.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Medical Gas Market based on the below mentioned segments:

Global Medical Gas Market, By Product

• Pure Gases
• Gases Mixtures
• Others

Global Medical Gas Market, By Application

• Pharmaceutical Manufacturing and Research
• Diagnostic Applications
• Therapeutic Applications
• Others

Global Medical Gas Market, By End Users

• Hospitals
• Ambulatory Surgical Centers
• Home Healthcare
• Others

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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