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Future of the Medical Gas And Equipment Market: Trends, Innovations, and Key Forecasts Through 2034
Medical Gas And Equipment Market
Medical Gas And Equipment Market Size Growth Forecast: What to Expect by 2025?
The size of the medical gas and equipment market has seen impressive growth in the past few years. It is expected to increase from a valuation of $21.99 billion in 2024 to reach $23.79 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to the growth seen in the historical period include personalized medicine initiatives, educational and awareness campaigns, responses to pandemics, advancements in healthcare, and international trends in healthcare.
How Will the Medical Gas And Equipment Market Size Evolve and Grow by 2029?
In the coming years, the medical gas and equipment market is predicted to experience a significant expansion. The market is projected to escalate to a value of $35.15 billion in 2029, with a compound annual growth rate (CAGR) of 10.2%. This acceleration during the forecast period can be credited to a surge in healthcare spending, an increase in chronic illnesses, the effect of the COVID-19 pandemic, a transition to home healthcare, and demand in up-and-coming markets. Key trends during the forecast phase are likely to be cost-effectiveness and accessibility, heightened awareness and education, bespoke medicine, telemedicine with remote monitoring capabilities, and emphasis on eco-friendly technology.
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What Drivers Are Propelling the Growth of Medical Gas And Equipment Market Forward?
The medical gas and equipment market is anticipated to be driven by the rising occurrence of respiratory diseases. These diseases, which impact the lungs and other components of the respiratory system, are commonly treated with medical gases and equipment, hence an escalation in these illnesses is likely to lead to market expansion. For instance, the 2023 Global Tuberculosis Report by the World Health Organization (WHO), a Switzerland-based international entity, reported that the global tuberculosis (TB) incidents escalated to 10.6 million cases in 2022, with a rate of 136 cases per 100,000 individuals, maintaining the upsurge from 2021. This increase highlights the rising incidence of respiratory diseases, further stimulating the requirement for medical gases and equipment necessary for treating and managing such health issues.
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Which Emerging Trends Are Transforming the Medical Gas And Equipment Market in 2025?
The medical gas and equipment market is witnessing a surge in product innovation as a primary trend. A focus on creating cutting-edge technology solutions is evident among leading companies in this field to solidify their market standing. To illustrate, Polarean Imaging, a medical drug-device combination firm from the US, achieved FDA approval for Xenoview in March 2023. Xenoview is the first and only MRI hyperpolarized contrast agent, fabricated from xenon-129 gas to be inhaled, marking a unique development in lung MRI evaluations for individuals aged 12 and up. This innovative agent provides revolutionary visualization of lung function without ionizing radiation, thereby representing a substantial progression in the field of pulmonary medicine.
What Are the Key Segments in the Medical Gas And Equipment Market?
The medical gas and equipment market covered in this report is segmented -
1) By Type: Medical Gases, Medical Gas Mixtures, Biological Atmospheres, Medical Gas Equipment
2) By Application: Respiratory, Anesthesia, Medical Imaging, Cryosurgery, Therapeutic, Diagnostic
3) By End-User: Hospitals, Research Institutions, Home Healthcare, Pharmaceutical Industry And Academic, Biotechnology Industry, Emergency Service
Subsegments:
1) By Medical Gases: Oxygen, Nitrous Oxide, Carbon Dioxide, Helium, Nitrogen, Argon, Medical Air
2) By Medical Gas Mixtures: Oxygen-Nitrous Oxide Mixtures, Oxygen-Carbon Dioxide Mixtures, Other Specialty Gas Mixtures
3) By Biological Atmospheres: Anaerobic Atmospheres, Controlled Atmospheres, Refrigerated Atmospheres
4) By Medical Gas Equipment: Regulators, Flow Meters, Manifolds, Gas Cylinders, Pipeline Systems, Safety Systems, Gas Delivery Systems
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Who Are the Key Players Shaping the Medical Gas And Equipment Market's Competitive Landscape?
Major companies operating in the medical gas and equipment market are 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, Powere*x Corp., 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.
What Geographic Markets Are Powering Growth in the Medical Gas And Equipment Market?
North America was the largest region in the medical gas and equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical gas and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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