IMARC Group's report titled "Medical Gases Market Report by Gas Type (Pure Gases, Gas Mixtures), Application (Therapeutic, Diagnostic, Biotechnology and Pharmaceutical Industry, and Others), End User (Hospitals, Home Healthcare, Academic and Research Institutions), and Region 2024-2032". The global medical gases market size reached US$ 14.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 26 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
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Factors Affecting the Growth of the Medical Gases Industry:
- Rising Healthcare Expenditure:
As healthcare spending is rising, more individuals are seeking medical care for preventive services, treatment of acute conditions, and management of chronic diseases. Medical gases are essential in various medical procedures and treatments, such as anesthesia delivery during surgeries, oxygen therapy for respiratory conditions, and nitrous oxide for pain management. The increased utilization of healthcare services consequently drives up the demand for medical gases. Moreover, high healthcare spending often leads to the construction and expansion of hospitals, clinics, and other healthcare facilities. These facilities require a steady supply of medical gases for a range of applications, including anesthesia, respiratory therapy, and diagnostic procedures.
- Technological Advancements:
Innovations in technology are leading to the creation of sophisticated medical devices and equipment that rely on medical gases for various functions. Anesthesia machines, ventilators, and respiratory therapy devices utilize medical gases, such as oxygen, nitrous oxide, and carbon dioxide, to support patient care. As these medical devices are becoming more advanced and widely adopted, the demand for medical gases is increasing. Furthermore, advancements in technology are enabling the miniaturization and portability of medical devices, allowing for greater flexibility in healthcare delivery. Besides this, technological innovations are leading to the development of more efficient and precise delivery systems for medical gases.
- Increasing Prevalence of Chronic Diseases:
Many chronic diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and cystic fibrosis, result in respiratory insufficiency or failure. Medical gases like oxygen are essential for providing respiratory support to patients with these conditions. Oxygen therapy helps alleviate symptoms, improve exercise tolerance, and enhance the quality of life for individuals with chronic respiratory diseases. As the prevalence of these conditions is rising, the demand for medical gases for respiratory support is increasing. In addition, chronic pain is a common symptom of many chronic diseases, such as arthritis, neuropathy, and cancer. Nitrous oxide, commonly known as laughing gas, is used for pain management in various medical procedures and treatments. Its analgesic properties make it valuable for alleviating pain and discomfort in patients with chronic conditions.
Leading Companies Operating in the Global Medical Gases Industry:
- Air Products and Chemicals Inc.
- Airgas Inc. (Air Liquide S.A.)
- Ellenbarrie Industrial Gases Ltd
- Linde plc
- Matheson Tri-Gas Inc. (Mitsubishi Chemical Holdings Corporation)
- Messer Group GmbH
- SCI Analytical Laboratories Inc
- Sharjah Oxygen Company
- SOL Spa
Medical Gases Market Report Segmentation:
By Gas Type:
- Pure Gases
- Medical Air
- Medical Oxygen
- Nitrous Oxide
- Nitrogen
- Carbon Dioxide
- Helium
- Gas Mixtures
- Aerobic Gas Mixtures
- Anaerobic Gas Mixtures
- Blood Gas Mixtures
- Lung Diffusion Mixtures
- Medical Laser Mixtures
- Medical Drug Gas Mixtures
- Others
Pure gases (medical oxygen) represent the largest segment due to their indispensable role in various healthcare applications.
By Application:
- Therapeutic
- Diagnostic
- Biotechnology and Pharmaceutical Industry
- Others
Therapeutic accounts for the majority of the market share as it plays a crucial role in a wide array of medical procedures and treatments, ranging from respiratory support in intensive care units to anesthesia during surgical procedures.
By End Use:
- Hospitals
- Home Healthcare
- Academic and Research Institutions
Hospitals hold the biggest market share owing to the diverse range of medical procedures and treatments conducted within these facilities.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the medical gases market on account of advanced healthcare infrastructure and a robust regulatory framework.
Global Medical Gases Market Trends:
Technology-enabled monitoring and control systems provide healthcare providers with real-time data on gas concentrations, flow rates, and patient parameters during medical procedures. Continuous monitoring ensures that medical gases are administered safely and effectively, minimizing the risk of complications and optimizing patient care. Integration of monitoring and control systems with electronic health records (EHRs) also streamlines documentation and enhances clinical decision-making.
Additionally, there is a growing trend of home-based healthcare, driven by factors like the preference for aging in place, cost-effectiveness, and advancements in portable medical devices. Medical gases like oxygen and nitrous oxide are commonly used in home healthcare settings.
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