Medical Gas Industry Overview
The global medical gas market size was valued at USD 12.8 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The rising prevalence of chronic diseases, and advantageous initiatives commenced by government organizations, are key factors driving the market. Moreover, the growing geriatric population and rising demand for home healthcare and point-of-care products are some of the other factors responsible for the market.
The rising prevalence of Chronic Respiratory Diseases (CRDs) such as asthma, chronic obstructive pulmonary disease, occupational lung diseases, and pulmonary hypertension is driving the demand for medical gases. For instance, the WHO data states that more than 3.0 million people die each year from Chronic Obstructive Pulmonary Disease (COPD), accounting for approximately 6% of all deaths worldwide and might become the third leading cause of death in the world by 2030. In addition, as per the same source, nearly 235.0 million people suffer from asthma. Medical gases such as oxygen, lung gas mixtures, and heliox are used extensively in the treatment and diagnosis of these respiratory disorders.
Gather more insights about the market drivers, restraints, and growth of the Global Medical Gas market
The growing aging population susceptible to chronic conditions is foreseen to indirectly drive the demand for medical gases. The aging population is more vulnerable to chronic diseases, owing to weakened immune responses. According to the WHO statistics, 2021, the global population of adults aged 60 and above might nearly double (2.1 billion) by 2050. Moreover, the number of persons aged 80 years or older is likely to reach 426 million by 2050. As a result of the large increase in the geriatric population, the prevalence of respiratory conditions has increased. For instance, as per the Princeton Health Care Center data around 15.0% of older adults suffer from asthma, Chronic Obstructive Pulmonary Disease (COPD), or other respiratory disorders. Such facts and figures showcase that the demand for oxygen supply is expected to surge, which may eventually drive the market throughout the forecast period.
Mounting demand for home healthcare and point of care diagnostics markets is anticipated to boost the market by triggering a rise in demand for packaged medical-grade gases (such as oxygen). In July 2012, the U.S. Congress passed a bill putting into effect the Food and Drug Safety and Innovation Act. This act is expected to serve this market as a driver during the forecast period owing to the elimination of drug user fees for medical gas manufacturers and the establishment of a standard certification process for medical gas among others.
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Medical Gas Market Segmentation
Grand View Research has segmented the global medical gas market on the basis of product, application, end use, and region:
Medical Gas Product Outlook (Revenue, USD Million, 2018 - 2030)
- Pure Gases
- Gas Mixtures
Medical Gas Application Outlook (Revenue, USD Million, 2018 - 2030)
- Therapeutic
- Diagnostics
- Pharmaceutical Manufacturing
- Others
Medical Gas End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Ambulatory Surgical Centers
- Home Healthcare
- Pharmaceutical And Biotechnology Companies
- Diagnostic and Research Laboratories
- Academic And Research Institutions
Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
June 2021: Air Liquide S.A. agreed to purchase South Africa's largest oxygen-producing facility. Sasol and Air Liquide strategically made a deal for Air Liquide to buy and operate the plant. This strategy is expected to boost the firm’s overall manufacturing capacity and strengthen its market position.
Key Companies profiled:
Some of the prominent players in the Medical Gas market include:
- Linde plc.
- Air Liquide
- Atlas Copco
- Messer
- Air Products Inc.
- Taiyo Nippon Sanso Corporation
- Matheson Tri-Gas Inc.
Order a free sample PDF of the Medical Gas Market Intelligence Study, published by Grand View Research.
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