The Global Medical Gas Equipment Market size is expected to reach $3.7 billion by 2029, rising at a market growth of 7.8% CAGR during the forecast period.
The vacuum system/pumps emerged as the leader in the market by capturing approximately 25% share in 2020, as it was highly in use during COVID-19, and it can be used easily in homecare settings. People were unable to find beds in hospitals during COVID-19 which make it the boon for the people who were not able to get admitted to hospitals. For example, according to National Federation of Hospitalization at Home (FNEHAD), in France, 4,000 patients with COVID-19 were hospitalized at home during March and June 2020. This showcases 4% of the total hospitalizations, which is double of pre-pandemic. Some of the factors impacting the market are Rising adoption of POCD supporting market’s expansion, growing ageing population globally, and reducing reimbursement for respiratory therapies.
Due to the increasing demand for oxygen therapy for COVID-19 patients as a result of the pandemic, there has been a rise in the demand for respiratory care equipment. The market has experienced significant growth, and many companies have launched novel, cutting-edge products to meet the expanding demand. Thus, the market has been positively impacted by the COVID-19 outbreak.
The market is anticipated to be greatly impacted by the rising incidence of respiratory disorders and the development of point-of-care diagnostics (POCD). Almost every country on earth is seeing an increase in the percentage of elderly people in the population. At this point, there are 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. The demand for medical gas equipment is increasing due to the rising prevalence of respiratory diseases and disorders among the ageing population globally, driving the market's growth. However, Respiratory allergies, asthma, and COPD are becoming more prevalent globally. Treatment reimbursements are, however, declining. The market's forecasted growth may be impacted by the lack of coverage for respiratory disorders.
By end-use, the market is bifurcated into hospitals, ambulatory surgical centers, home healthcare, pharmaceutical & biotechnology companies, diagnostic & research laboratories, and academic & research institutions. In 2022, the pharmaceutical & biotechnology companies segment garnered a significant revenue share in the market. This is brought on by the increased need for medicinal gases in drug discovery and development. The demand for medical gas equipment in this segment is driven by the critical function that medical gases play in producing pharmaceutical & biotechnology products.
Based on product, the market is segmented into vacuum systems/pumps, manifolds, alarm systems, flowmeters, medical air compressors, cylinders & accessories, hose assemblies & valves, outlets, regulators, and masks. In 2022, the vacuum system/pumps segment held the highest revenue share in the market. High consumption rates and increased pricing are cited as contributing factors to the market's expansion. Vacuum systems and pumps are now required for the secure and effective delivery of medical gases as medical procedures become more complicated and diversified. Additionally, sophisticated machinery can deliver precise and dependable suction power.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.2 Billion |
| Market size forecast in 2029 | USD 3.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 7.8% from 2023 to 2029 |
| Number of Pages | 230 |
| Number of Table | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The region is home to some of the largest manufacturers of medical gas equipment, which is largely responsible for the rising need for advanced healthcare infrastructure. Additionally fueling market expansion in this region are the rising geriatric population, rising healthcare costs, and the rising prevalence of chronic diseases.
Free Valuable Insights: Global Medical Gas Equipment Market size to reach USD 3.7 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Air Liquide S.A., Atlas Copco AB, Linde PLC, Allied Healthcare Products, Inc., Enovis Corporation, Powerex, Amico Group of Companies, GCE Holding AB (ESAB Corporation), Genstar Technologies Company Inc. and Rotarex S.A.
By Product
By End-use
By Geography
The Market size is projected to reach USD 3.7 billion by 2029.
Rising adoption of POCD supporting market’s expansion are driving the Market in coming years, however, Reducing reimbursement for respiratory therapies restraints the growth of the Market.
Air Liquide S.A., Atlas Copco AB, Linde PLC, Allied Healthcare Products, Inc., Enovis Corporation, Powerex, Amico Group of Companies, GCE Holding AB (ESAB Corporation), Genstar Technologies Company Inc. and Rotarex S.A.
The expected CAGR of this Market is 7.8% from 2023 to 2029.
The Hospitals segment is leading the Market by End-use in 2022 thereby, achieving a market value of $1 billion by 2029.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.3 billion by 2029.
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