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Medical Gas and Equipment Market: Size, Segments, Trends, and Industry Scope Analysis
Medical Gas And Equipment Global Market Report 2024
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According to The Business Research Company's, The medical gas and equipment market size has grown strongly in recent years. It will grow from $20.72 billion in 2023 to $22.58 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to personalized medicine initiatives, education and awareness campaigns, pandemic responses, healthcare advancements, global healthcare trends.
The medical gas and equipment market size is expected to see strong growth in the next few years. It will grow to $32.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing healthcare expenditure, rise in chronic diseases, covid-19 pandemic impact, shift towards home healthcare, demand in emerging markets. Major trends in the forecast period include cost efficiency and accessibility, awareness and education, personalized medicine, telemedicine and remote monitoring, focus on green technology.
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Market Drivers and Trends:
The increasing number of surgical procedures is expected to propel the growth of medical gas and equipment market going forward. A surgical procedure is a medical operation in which one or more incisions are made in the body to access and repair or remove diseased or damaged tissues or organs. Medical gases and equipment play a vital role in surgical procedures, ensuring patient safety and comfort throughout the operation by providing support to patients during surgery. For instance, in October 2023, according to the Organization for Economic Co-operation and Development, a France-based intergovernmental organization, there was an 8.4% increase in cataract surgical procedures in the Czech Republic, with a total of 142,670 procedures in 2022 compared to 131,612 in 2021. Therefore, the increasing number of surgical procedures are driving the growth of the medical gas and equipment market.
Product innovation is a key trend gaining popularity in the medical gas and equipment market. Major companies operating in the medical gas and equipment market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, GCE Healthcare, a Sweden-based manufacturer of high-pressure gas equipment launched MediTec, a new high-pressure gas regulator that can deliver up to 25 lpm and can be used to treat cluster headaches and resuscitation. MediTec's unique self-centering feature allows the flow of gas in an unlikely event to ensure the device flow selector is placed between two settings. This device ensures gas control with a flow selector and also an option for a quick connector for different uses.
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Major Key Players of the Market:
Linde plc, Praxair Inc., Air Liquide S.A., Atlas Copco AB, Messer Group GmbH, Taiyo Nippon Sanso Corporation, Gas Control Equipment Ltd., Rotarex S.A., SOL S.p.A., Amico Corporation, Air Products and Chemicals Inc., BeaconMedaes LLC, Flogas Britain Limited, Matheson Tri-Gas Inc., SCI Analytical Laboratories Inc., GCE Holding AB, Medical Gas Solutions Ltd., Ohio Medical Corporation, Gentec Corporation, Cramer Decker Medical Inc., PCI Gases, Precision Medical Inc., Bay Corporation, Amada Marvel Inc., BPR Medical, Calea, Cryofab Inc., EKOM spol. s r.o., Far East Gas Co. Ltd., Gascon Systems Pty Ltd.
Medical Gas And Equipment Market 2024 Key Insights:
• The medical gas and equipment market size is expected to see strong growth in the next few years. It will grow to $32.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Rising Prevalence Of Respiratory Diseases To Drive Market Growth
• Product Innovations Transforming The Medical Gas And Equipment Market
• North America was the largest region in the medical gas and equipment market in 2023
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