Published on: May 2022
The rise of medical gases in the global market
According to a new analysis, the medical gases market is predicted to reach USD 15.1 billion by 2024. During the study period of 2016 to 2024, the medical gases market is expected to grow at a healthy rate. A variety of factors contribute to this development, including the high prevalence of chronic conditions such as heart disease, stroke, asthma, cancer, diabetes, and obesity. The increased frequency of chronic diseases in developed regions is due to the increasing adoption of sedentary lifestyles and bad diets, as well as the relatively large ageing population. However, the global helium shortage, which mostly affects medical equipment producers, as well as severe government norms and regulations, are projected to stifle market expansion.
Key market segmentation of medical gases
Because of its high demand and expanding use in the healthcare business, the pure gases category is predicted to rise at a large rate in developing countries. The demand for improved medical gas equipment, such as vacuum systems and manifolds, is driving this segment's expansion. The vertical has been divided into medicines, diagnostics, drug discovery and development, clinical research, and quality control based on applications. Due to the strong demand for pharmaceutical items and related equipment in hospitals and other healthcare facilities, the therapeutics segment is likely to rise at a significant rate during the forecast period. During the projection period, the Asia Pacific region is expected to develop at the highest rate, while North America is expected to dominate the global market in 2015.
The study's other important conclusions include:
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