Medical Gas and Equipment Market by Type (Pure Medical Gases/Mixtures), Medical Gas Equipment (Flowmeter, Medical Air Compressor)), Application (Therapeutics (Respiratory), Diagnostics), End User (Hospitals, Home Healthcare) - Global Forecast to 2029
Market Growth Outlook Summary
The global medical gas and equipment market growth forecasted to transform from $19.90 billion in 2024 to $26.44 billion by 2029, driven by a CAGR of 5.8%. Healthcare institutions utilize medical gas and equipment to supply, manage, and monitor gases required for patient care. Medical gases for therapeutic or anesthetic use, including oxygen, nitrous oxide, and medical air, are administered to the patients. The equipment involved in these systems includes cylinder tanks for gas delivery, regulators, flowmeters, storage devices, distribution devices, and associated monitoring devices. These tools are vital for accurate dosing, safe handling, and efficient delivery of gases in any treatment plan or procedure applied in hospital settings or homecare environments.
The medical gas and equipment market is expanding significantly due to rising respiratory illnesses that necessitate frequent medical gas treatment and growing demand for effective and safe gas delivery systems. Increased emphasis on home healthcare services and regulatory support for safer gas delivery methods are expected to boost market growth.
Attractive Opportunities in Medical Gas and Equipment Market
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Medical Gas and Equipment Market Dynamics
Driver: Increasing prevalence of chronic respiratory diseases
The rising prevalence of chronic respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), and emphysema, is driving the medical gas and equipment market. The increased incidence rate of these diseases worldwide leads to a corresponding rise in demand for nitric oxide, oxygen, and carbon dioxide, among other gaseous agents. Consequently, healthcare practitioners largely demand devices utilized in administering and monitoring these gases, including ventilators, nebulizers, and oxygen concentrators. Furthermore, advancements in gas delivery systems used in healthcare solutions, along with more accessible facilities, further drive the market growth.
Restraint: Declining reimbursements for respiratory therapies
The medical gas and equipment industry has been significantly hampered by declining reimbursement rates for respiratory treatments, raising financial barriers to suppliers and patients. The reimbursement cuts mean that healthcare service providers get lower earnings from administering respiratory therapies, which implies less money available for investment in advanced medical gases and equipment. Moreover, restricted reimbursement rates make it difficult for healthcare providers to get the latest medical devices or instruments and update their respiratory therapies for better patient management, thus resulting in poor service delivery and hindering market growth.
Opportunity: Rising demand for home healthcare services
The market for medical gas and equipment has a significant opportunity due to the rising demand for home healthcare services. As a result of increasing chronic diseases, an aging population, and a move toward more customized care at home, there is an increasing demand for portable oxygen concentrators, liquid oxygen tanks, and nebulizers. Patients seek cheaper and more convenient treatments, which has increased the need for oxygen and monitoring systems in their houses. Technological advancements for remote monitoring and treatment have also fueled the market for home-based medical solutions. Therefore, significant growth is expected to be witnessed in the medical gases and equipment market with the rising need for home healthcare services.
Challenge: High costs of advanced medical gas systems
In the medical gas and equipment market, high prices of advanced medical gas systems and equipment raise serious challenges to market growth. Such systems usually need massive investment in special technology, infrastructure, and routine maintenance. This may not be affordable for small healthcare centers or those in emerging regions. Additionally, hiring specialists to operate these facilities contributes to the overall cost. Thus, the market is constrained to grow because higher prices may scare away potential buyers and reduce the adoption of new technologies in healthcare practices.
Medical Gas And Equipment Market Ecosystem
The ecosystem of the medical gas and equipment market comprises the elements present in this market. It includes products and services used in the field, along with its application areas and end users. The product category includes all hardware components, software, and standalone platforms used by industries, along with serialization and aggregation systems. Various medical gas and equipment manufacturers include the organizations involved in research, product development, optimization, and launch. Distributors include third parties and e-commerce sites linked with the organization for marketing this medical gas and equipment.
Research and product development include in-house research facilities and contract research organizations, as well as contract development and manufacturing organizations that play a key role in outsourcing services for product development to manufacturers. End users are where these medical gas and equipment are adopted during various stages of the supply chain. These end customers are the key stakeholders in the supply chain of the medical gas and equipment market. Investors/funders and health regulatory bodies are the major influencers in this market.
By type, the medical gas segment held the largest share in the medical gas and equipment market in 2023.
The medical gas and equipment market, by type, was dominated by the medical gases segment in 2023 due to its vital role in the healthcare industry. These gases are needed for various medical procedures such as anesthesia, respiration, or surgeries. For instance, patients rely on oxygen for life support during critical care, while nitrous oxide is mostly utilized for anesthesia. The increasing incidence rate of chronic respiratory diseases and a rise in the number of surgical operations have raised the demand for these gases, leading to fast growth in the medical gas market. Innovations in devices such as gas monitoring systems and portable oxygen condensers help improve patient care. Thus, the increasing rate of respiratory diseases and technological advancement related to gas equipment contribute to the market growth.
By application, the therapeutics applications segment is expected to have the largest share in the medical gas and equipment market during the forecast period.
The therapeutics application segment accounted for the largest share of the medical gases and equipment market due to the significant role of medical gases (oxygen, nitrous oxide, and carbon dioxide) in respiratory therapy, anesthesia, and pain. Oxygen therapy is particularly crucial for patients with chronic respiratory diseases such as COPD and asthma. Therapeutic gases are used in surgical operations and in managing acute medical emergencies. Therefore, more patients suffering from these chronic respiratory diseases, especially elderly ones, contribute to the demand for oxygen and other therapeutic gases, leading to further growth in the market.
By end user, the hospitals & clinics segment is expected to have the largest share in the medical gas and equipment market during the forecast period.
In the medical gas and equipment market, the hospitals & clinics segment holds the largest market share in 2023 due to the larger demand for medical gas and related equipment supplies. Oxygen, nitrous oxide gas, and carbon dioxide are indispensable to various clinical processes such as anesthetics, respiratory therapy, and others. The growing number of global surgeries coupled with an increase in chronic diseases has increased the demand for medical gas and equipment. Advanced medical devices used by hospitals include ventilators, anesthetic machines, and diagnostic devices that have increased the demand for associated gas delivery systems and equipment such as regulators, flowmeters, and more. Moreover, especially in developing countries, expanding healthcare infrastructure contributes significantly to market growth.
North America accounted for the largest market share of the global medical gas and equipment market during the forecast period.
The medical gas and equipment market is anticipated to be dominated by the North American region due to the highly developed healthcare infrastructure with large medical device companies and major pharmaceutical firms. There is an increasing prevalence of long-term conditions such as COPD, asthma, and cardiovascular diseases that require chronic medical gas therapy. An increasing aging population in North America has resulted in higher demands for home healthcare services and respiratory therapies needing medicinal gases used at home. The Food and Drug Administration (FDA) imposes strict regulations on these products for more safety and efficiency.
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Key Market Players
The key players in the medical gas and equipment market include Air Liquide (France), Linde Plc (Germany), Taiyo Nippon Sanso Corporation (Japan), Air Products and Chemicals Inc. (US), Atlas Copco AB (Sweden), GCE Group (Sweden), Messer SE & Co. KGaA (Germany), SOL Spa (Italy), Rotarex (Europe), Norco Inc. (US), Genstar Technologies (US), Southern Gas Limited (India), Calox Inc. (US), Ellenbarrie Industrial Gases (India), Steelman Gases Pvt. Ltd. (India), Butler Gas Products Company (US), SCI Analytical (US), Amico Group of Companies (US), Oxygen & Argon Works Ltd. (Israel), AOPL (India), Apex Medical Gas Inc. (US), Chengdu Taiyo Industrial Gases Co., Ltd. (China), Carbide and Chemicals (India), Holston Gases (US), and MEC Medical Ltd. (UK).
Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2022–2029 |
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Base Year Considered |
2023 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million) |
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Segments Covered |
By Type, Application, End User and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the GCC countries |
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Geographies Covered |
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Companies covered |
Air Liquide (France), Linde Plc (Germany), Taiyo Nippon Sanso Corporation (Japan), Air Products and Chemicals Inc. (US), Atlas Copco AB (Sweden), GCE Group (Sweden), Messer SE & Co. KGaA (Germany), SOL Spa (Italy), Rotarex (Europe), Norco Inc. (US), Genstar Technologies (US), Southern Gas Limited (India), Calox Inc. (US), Ellenbarrie Industrial Gases (India), Steelman Gases Pvt. Ltd. (India), Butler Gas Products Company (US), SCI Analytical (US), Amico Group of Companies (US), Oxygen & Argon Works Ltd. (Israel), AOPL (India), Apex Medical Gas Inc. (US), Chengdu Taiyo Industrial Gases Co., Ltd. (China), Carbide and Chemicals (India), Holston Gases (US), and MEC Medical Ltd. (UK). |
The research report categorizes medical gas and equipment market into the following segments:
By Type
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Medical Gases
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Pure Medical Gases
- Oxygen
- Carbon Dioxide
- Nitrogen
- Nitrous Oxide
- Medical Air
- Others
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Medical Gas Mixtures
- Blood-Gas Mixtures
- Lung Diffusion Mixtures
- Nitrous oxide- Oxygen Mixtures
- Carbon dioxide- Oxygen Mixtures
- Laser-Gas Mixtures
- Anaerobic Gas Mixtures
- Aerobic Gas Mixtures
- Helium- Oxygen Mixtures
- Others
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Medical Gas Equipment
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Equipment Accessories
- Vacuum Systems
- Manifolds
- Regulators
- Flowmeters
- Hoses
- Valves with Integrated Pressure Regulators (VIPRs)
- Monitoring Systems (Alarms & Monitors)
- Medical Air Compressors
- Other Equipment
- Gas Delivery Systems
- Cryogenic Products (Freezers)
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Equipment Accessories
-
Pure Medical Gases
By Application
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Therapeutic Applications
- Respiratory Therapies
- Cardiovascular Therapies
- Anesthesia Delivery
- Cryosurgery
- Other Therapeutic Applications
By End User
- Hospitals & Clinics
- Home Healthcare
- Pharmaceutical and Biotechnology Companies
- Academic & Research Institutions
- Other End Users
By Country
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North America
- US
- Canada
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Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
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Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of APAC
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Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- GCC Countries
Recent Developments
- In June 2024, Messer Group GmbH (Germany) acquired the Federal Helium System, including the Federal Helium Reserve, Cliffside Field, its gathering and well system, and other operational assets. Through the acquisition, both organizations will ensure a smooth operation of the Helium System and continue to serve the many industries, such as medicine and aerospace, that rely on this vital resource.
- In June 2023, Nippon Gases (Japan) acquired most of the share of the Spanish medical equipment manufacturer Noxtec Development SL. This will enable the two companies to work together on technological improvements in medical equipment used for nitrous oxide treatment.
- In March 2023, Atlas Copco AB (Sweden) acquired the operating assets of FS Medical. The acquisition complemented Atlas Copco's existing service footprint in the West Coast region. The business was integrated into BeaconMedaes LLC, part of the Medical Gas Solutions Division in the Compressor Technique Business Area.
- In January 2023, ESAB Corporation (a subsidiary of GCE Group (Sweden)) acquired Ohio Medical, a global leader in oxygen regulators and central gas systems. This acquisition enhanced the offerings of the company in medical gas control products and services, expanding the selection available through Ohio Medical and GCE Group.
- In July 2022, Air Liquide (France) expanded its Home Healthcare activities by acquiring entities in Belgium and the Netherlands, reinforcing its presence and service offerings in these countries. This acquisition supported the strategic focus of Air Liquide on Home Healthcare, which specializes in treating respiratory insufficiency and sleep apnea and providing infusion or nutrition treatments.
Frequently Asked Questions (FAQ):
What is the projected growth rate of the global medical gas and equipment market between 2024 and 2029?
The global medical gas and equipment market is expected to grow from USD 19.90 billion in 2024 to USD 26.44 billion by 2029, at a CAGR of 5.8%, driven by the rising prevalence of chronic respiratory diseases and increasing demand for home healthcare services.
What are the key drivers of the medical gas and equipment market?
The main drivers of the medical gas and equipment market include the increasing prevalence of chronic respiratory diseases such as asthma, COPD, and emphysema, along with the rising demand for advanced gas delivery systems and home healthcare solutions.
What challenges are limiting the growth of the medical gas and equipment market?
The high cost of advanced medical gas systems and declining reimbursement rates for respiratory therapies are major challenges that may hinder the growth of the medical gas and equipment market.
Which applications are driving demand in the medical gas and equipment market?
Therapeutic applications, particularly for respiratory therapies, anesthesia, and pain management, are driving significant demand in the medical gas and equipment market. Oxygen, nitrous oxide, and carbon dioxide are essential for these applications, particularly in managing chronic respiratory conditions.
What opportunities exist in the medical gas and equipment market?
The rising demand for home healthcare services offers significant opportunities in the medical gas and equipment market. The growing aging population and the trend toward home-based care are driving demand for portable oxygen concentrators, nebulizers, and remote monitoring devices.
Which region is expected to lead the medical gas and equipment market during the forecast period?
North America is anticipated to dominate the medical gas and equipment market, supported by a highly developed healthcare infrastructure and rising demand for respiratory therapies due to an aging population and increased prevalence of chronic respiratory diseases.
What role do hospitals play in the medical gas and equipment market?
Hospitals and clinics hold the largest share of the medical gas and equipment market due to the essential role of gases like oxygen and nitrous oxide in surgeries, respiratory therapies, and anesthetic procedures. The expanding healthcare infrastructure, particularly in developing regions, also contributes to market growth.
How does the increasing prevalence of respiratory diseases affect the medical gas and equipment market?
The growing prevalence of respiratory diseases, including COPD, asthma, and emphysema, is driving demand for medical gases such as oxygen and nitric oxide, as well as associated equipment like ventilators and oxygen concentrators, which support market growth.
What technological advancements are shaping the medical gas and equipment market?
Technological advancements, such as portable oxygen concentrators, gas monitoring systems, and devices for remote patient monitoring, are enhancing the efficiency and safety of medical gas delivery systems, driving innovation and growth in the market.
Who are the key players in the medical gas and equipment market?
Key players in the global medical gas and equipment market include Air Liquide, Linde Plc, Taiyo Nippon Sanso Corporation, Air Products and Chemicals Inc., Atlas Copco AB, Messer SE & Co. KGaA, and GCE Group, among others, which drive market competition and innovation.
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This study involved four major activities in estimating the current medical gas and equipment market size. Exhaustive secondary research was done to collect information on the market, peer market and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the prefilled syringes market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the medical gas and equipment market. The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from research organizations. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.
A breakdown of the primary respondents for the medical gas and equipment market is provided below:
Note 1: C-level primaries include CEOs, COOs, and CTOs.
Note 2: Others include sales managers, marketing managers, and product managers.
Note 3: Companies are classified into tiers based on their total revenue. As of 2023: Tier 1=>USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, Tier 3=<USD 500 million
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The research methodology used to estimate the size of the market includes the following details.
The market sizing of the market was undertaken from the global side.
Country-level Analysis: The size of the medical gas and equipment was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of products and services in the overall medical gas and equipment market was obtained from secondary data and validated by primary participants to arrive at the total medical gas and equipment market. Primary participants further validated the numbers.
Geographic market assessment (by region & country): The geographic assessment was done using the following approaches:
Approach 1: Geographic revenue contributions/splits of leading players in the market (wherever available) and respective growth trends
Approach 2: Geographic adoption trends for individual product segments by medical gas and equipment and growth prospects for each of the segments (assumptions and indicative estimates validated from primary interviews)
At each point, the assumptions and approaches were validated through industry experts contacted during primary research. Considering the limitations of data available from secondary research, revenue estimates for individual companies (for the overall medical gas and equipment and geographic market assessment) were ascertained based on a detailed analysis of their respective product offerings, geographic reach/strength (direct or through distributors or suppliers), and the shares of the leading players in a particular region or country.
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Medical gases and equipment are significant elements in medical centers (such as acute care, hospitals, surgery centers, and emergency medical services), life sciences (pharmaceutical, biotech, and life science R&D), long-term care (like nursing homes and home healthcare), and laboratories (including analytical, commercial, life sciences, and university laboratories). The market covers medical pure gases, medical gas mixtures, and various equipment used for the storage, transportation, and delivery of medical gases.
Key Stakeholders
- Medical gas manufacturers
- Medical gases equipment manufacturing companies
- Medical gases and equipment distributors
- Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
- Pharmaceutical and biotechnology companies
- Research institutes and academic centers
- Contract research organizations (CROs)
- Government associations
- Home-healthcare services providers
- Market research and consulting firms
- Venture capitalists and investors
Objectives of the Study
- To describe, analyze, and forecast the medical gas and equipment market by type, application, end user and region
- To describe and forecast the medical gas and equipment market for key regions—North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC Countries
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the medical gas and equipment market
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players
- To profile key players and comprehensively analyze their market shares and core competencies2 in the medical gas and equipment market
- To analyze competitive developments such as partnerships, collaborations, agreements & acquisitions, product launches, expansions, and R&D activities in the medical gas and equipment market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakdown of the Rest of Europe medical gas and equipment market into Belgium, Russia, the Netherlands, Switzerland, and other countries.
- Further breakdown of the Rest of Asia Pacific medical gas and equipment market into Indonesia, Philippines, Vietnam, Hong Kong, and other countries
- Further breakdown of the Rest of Latin America medical gas and equipment into Colombia, Peru, and other countries.
Generating Response ...
Growth opportunities and latent adjacency in Medical Gas and Equipment Market