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Medical Gases Market 2022 To See Major Growth By 2027

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:

  • In 2015, North America is expected to dominate the global medical gases market. The market is predicted to rise as people become more aware of chronic diseases, their causes, and risk factors, as well as the increased consumption and acceptability of technologically sophisticated therapeutic and diagnostic technologies.
  • During the forecast period, the Asia Pacific region is expected to increase at the fastest rate. The reason for this is the significant burden of chronic diseases in particular emerging nations, such as India, where lung disease kills 142.1 people per lakh. The urgent need to implement awareness measures and integrate modern diagnostics and medicines as a result of the increased frequency of respiratory disorders is predicted to propel the sector's expansion.
  • Medical gas equipment is the highest-grossing segment, and as a result, it is predicted to take the largest share in 2015, particularly in developed countries such as the United States and Germany. Medical equipment advancements and rising demand in developing nations will be a major contributor to the sector's growth.
  • Several worldwide and local firms are involved in the industry. Air Liquide, The Linde Group, Praxair, Inc., Airgas, Inc., Air Products and Chemicals, Inc., BeaconMedaes, Medical Gas Solutions Ltd., and Matheson Tri-Gas are some of the leading competitors in this industry.

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