As per the market analysis at PMR, the medical gas market is valued at US$ 6.5 Billion in 2022 and is expected to reach US$ 13.0 billion by 2032, flourishing at an average CAGR of 7.2% through 2032.
Increasing chronic diseases, including chronic respiratory diseases like asthma and pulmonary hypertension, coupled with government initiatives, including demand for home healthcare and covid-19 has helped the medical gas market expand its roots in the new regional spaces.
As chronic diseases have brought traction to the medical gas through the increasing demands of cure for occupational lung diseases, pulmonary hypertension, chronic obstructive pulmonary and asthma. These diseases demand self-care units that include medical gas.
The medical gas market outlook explains the latest trends and puts forth the versatility of medical gases like helium, oxygen, carbon dioxide, nitrogen, and nitrogen oxide. These breathing issues caused by the severe conditions of covid-19 are also increasing the demand for medical gas.
New medical gas manufacturing units are being set up along with the growing demand for oxygen gas due to chronic diseases and severe stages of covid-19, enhancing and structuring the healthcare supplies globally.
The COVID-19, along with increasing awareness about self-care and health monitoring, has gained traction in the medical gas market. The market creates opportunities for new oxygen manufacturers, oxygen tank vendors, and oxygen transportation.
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- The medical gas market is divided by Gas Type, Equipment Outlook, Application and End- User, segmenting it into small segments that exceed the growth prospects for the medical gas market.
- The leading segment in the gas type category is pure gases, growing with a CAGR of 7.0% between 2022 and 2032, while the segment was flourishing at a higher CAGR of 7.7% I the last forecast (2015-2021). Its growth is attributed to the effective use of pure gases in chronic diseases, pulmonary lung disorders and chest infections through covid-19.
- The biggest segment in the application category is the hospital segment, growing at a slightly higher CAGR of 7.9%, the hospital segment now flourishes at a CAGR of 7.4%, increasing the medical gas market size.
- The United States has the highest growth potential in the market as it thrives on a CAGR of 6.9% between 2022 and 2032, large number of covid-19 cases, severe patients coupled with geriatric generations are pushing the demand for the sales of medical gas.
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Some of the medical gas market key players listed in the PMR study are Air Liquide, Praxair, Atla Copco, The Linde Group, and Airgas, Inc.
- Air Liquide has introduced its upgraded line of gas cylinders including oxygen, air, allenox, nitrous oxide and nitrogen. This gains traction and increases the medical gas market size.
- Atla Copco has launched its breathing air solutions, surgical equipment along with new gas solutions, increasing the sales of medical gas globally.
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