Medical Gas and Equipment Market is Estimated to Increase at a CAGR of 7.2% During by 2022-2031

The global medical gases and equipment market was valued at USD 6.5 billion in 2021 and it is anticipated to grow further till USD 13.0 billion by 2031, at a CAGR of 7.2% during the forecast period.

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Medical gases are specialized gases used in biotechnology research, drug production, and medical applications. A single pure gas or a combination of several gases can be used as a medical gas. Oxygen, ammonia, hydrogen, nitrous oxide, nitrogen, and carbon dioxide are the most frequently used gases. Gas is stored and delivered via gas delivery equipment, such as cylinders and masks. The market for medical gases and equipment has large growth potential because of the growing elderly population and advancements in the pharmaceutical sector.

Market Trends and Drivers

The need for medical gases and equipment, which are a vital component of the hospital sector, has significantly increased as hospitals spread across the globe. To provide therapy to patients needing critical care, a variety of medical equipment, including flowmeters, cryogenic goods, regulators, medical air compressors, and others, is frequently needed. As a result, this equipment is standard in hospitals' intensive care units (ICUs) and operating rooms (OTs). Additionally, the industry is expanding due to the increasing government expenditure in healthcare. For instance, India's healthcare industry is growing quickly, especially now that the government has permitted foreign direct investment (FDI) in the field.

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COVID-19 Impact

Manufacturing activity were slowed down earlier this year by the COVID-19 pandemic because of the prolonged lockdown that was followed by an economic catastrophe. The pandemic, on the other hand, has led to an increase in patients in the diagnostics, hospital, and emergency services sectors, which has led to a rise in demand for medical gases and equipment. The post-pandemic awareness among the populace is anticipated to fuel the medical gases and equipment market's smoother rise as the world begins to recover from pandemic-related constraints and obstacles.

Global Medical Gases and Equipment Market Segmentation

By Product Type

Medical Gases
Medical Gas Mixtures
Biological Atmosphere
Medical Gas Equipment

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By End User

Clinics
Hospitals
Research Institutions
Home Healthcare
Pharmaceutical Industry
Biotechnology Industry

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This release was published on openPR.