Global Medical Gas Market Report and Forecast 2023-2028

According to the report the global medical gas market reached a value of USD 14.34 billion in 2022. Aided by the ever-growing global healthcare sector and the indomitable role of medical gases in various therapeutic, diagnostic, and pharmaceutical applications, the market is projected to further grow at a CAGR of 8.30% between 2023 and 2028 to reach a value of USD 22.97 billion by 2028.

Medical gases, a cornerstone in the vast domain of healthcare, encompass a range of pure gases, mixtures, or services vital for medical use. These gases, inclusive but not limited to oxygen, nitrous oxide, and medical air, are paramount in life-saving procedures, respiratory therapies, and various surgical endeavours. Their pivotal nature extends to driving the functions of equipment like anaesthetic machines and ventilators. Beyond their direct medical application, these gases also find usage in labs, research facilities, and pharmaceutical manufacturing, thereby, boosting the medical gas market expansion.

The inexorable rise in chronic diseases, coupled with the augmented global geriatric population, is a prime catalyst driving the demand in the market. As healthcare facilities globally strive to offer advanced care and treatment, the indispensability of these gases becomes more pronounced. Oxygen therapy, for instance, has seen an upswing, particularly in treating conditions like COPD, asthma, and other respiratory maladies.

Additionally, the realm of medical surgeries and operations remains incomplete without the integration of medical gases. Anaesthetics primarily employ nitrous oxide, underscoring its importance. Simultaneously, the upsurge in medical tourism, especially in regions like Asia-Pacific, further magnifies the demand for these gases, given the intricate surgeries and medical procedures performed.

Pharmaceutical manufacturing is another segment accentuating the medical gas market growth. These gases, especially high purity ones, are integrated into the production processes of various drugs and pharmaceuticals. Their role in ensuring the purity of these medicines and fostering an environment conducive for their creation is undebatable.

Recent years have also witnessed a growing cognisance of the importance of medical gas in research and laboratory settings. Their pivotal role in various scientific experiments and clinical trials, spanning from cell cultivation to drug testing, has solidified their demand.

Yet, the most recent push to the medical gas market came from the global health crisis, the COVID-19 pandemic. The sudden surge in patients requiring respiratory aid catapulted the demand for medical oxygen to unprecedented levels. Hospitals and healthcare centres scrambled for an uninterrupted supply, drawing attention to the criticality of an efficient and robust medical gas infrastructure.

Market Segmentation

The market can be divided based on product, mode of delivery, application, end-use, and region.

Market Breakup by Product

• Pure Gases
• Gas Mixtures

Market Breakup by Mode of Delivery

• High-Pressure Cylinders
• Liquid Tanks
• Bulk Delivery

Market Breakup by Application

Therapeutic

• Respiratory Therapies
• Cardiovascular Therapies
• Anaesthesia Delivery
• Cryosurgery
• Others

Diagnostics

• Medical Imaging
• General Laboratory Applications
• Others

Pharmaceutical Manufacturing and Research

• Drug Discovery
• Pharmaceutical Manufacturing
• Process Development
• Quality Control
• Others

Market Breakup by End-Use

• Hospitals
• Ambulatory Surgical Centres
• Home Healthcare
• Pharmaceutical and Biotechnology Companies
• Diagnostic and Research Laboratories
• Academic and Research Institutions

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global medical gas companies. Some of the major key players explored in the report are as follows:

• Air Products and Chemicals, Inc.
• Air Liquide S.A
• Linde plc
• Taiyo Nippon Sanso Corporation
• Messer SE & CO
• SOL Spa
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.