Medical Gases Market Size, Share, Expected Growth and Industry Forecast 2023-2028
According to the latest report by IMARC Group, titled “Medical Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global medical gases market Share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
What are the growth prospects of the Medical Gases Industry?
The global medical gases market size reached US$ 13.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.
What is a Medical Gases?
Medical gases are essential for the functioning of hospitals and healthcare facilities, such as recovery rooms, debridement rooms, obstetrics and gynecology wards, operating rooms, pre-communicators, intensive care unit (ICU) wards, and general wards. Some of the most commonly used medical gases include compressed air, oxygen, nitrogen, nitrous oxide, argon, helium, and carbon dioxide (CO2). They are widely used in numerous medical procedures for treatment, anesthesia, and driving medical devices and tools. They are supplied in the dry form either from their central supply source through a piping network or in cylinders. As they are also free from contamination, oils, particles, or odors, medical gases find extensive applications in the healthcare industry across the globe.
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What are the key factors driving the global medical gases market?
The global medical gases market is primarily driven by rising demand for oxygen gas for treating patients experiencing breathing difficulties, especially amid the coronavirus disease (COVID-19) outbreak. Moreover, there is a surge in the use of medical gases, such as oxygen, to treat specific health disorders, including sepsis, pneumonia, malaria, and meningitis. Along with this, the rising number of individuals suffering from such conditions is positively influencing market growth.
Additionally, medical oxygen is commonly administered to children and mothers to help them breathe when their lives are at risk during medical treatment. In line with this, the rising prevalence of cancer and the growing need for surgical procedures have augmented the demand for liquid nitrogen as a cryogen to freeze and preserve biological specimens, including blood and tissue, and remove diseased tissue during dermatology and cryosurgery. Other factors, including the rising prevalence of chronic diseases, expanding geriatric population, and favorable government initiatives, are also anticipated to drive market growth.
Who are the key players/companies in the global medical gases market?
Air Products and Chemicals Inc. Airgas Inc. (Air Liquide S.A.), Ellenbarrie Industrial Gases Ltd, Linde plc, Matheson Tri-Gas Inc. (Mitsubishi Chemical Holdings Corporation), Messer Group GmbH, SCI Analytical Laboratories Inc, Sharjah Oxygen Company and SOL Spa.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Gas Type:
- Pure Gases
- Medical Air
- Medical Oxygen
- Nitrous Oxide
- Nitrogen
- Carbon Dioxide
- Helium
- Gas Mixtures
- Aerobic Gas Mixtures
- Anaerobic Gas Mixtures
- Blood Gas Mixtures
- Lung Diffusion Mixtures
- Medical Laser Mixtures
- Medical Drug Gas Mixtures
- Other
Breakup by Application:
- Therapeutic
- Diagnostic
- Biotechnology and Pharmaceutical Industry
- Others
Breakup by End User:
- Hospitals
- Home Healthcare
- Academic and Research Institutions
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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