Medical Gas Market Size to Touch USD 32.47 Billion by 2033

The global medical gas market size was exhibited at USD 14.82 billion in 2023 and is predicted to touch around USD 32.47 billion by 2033, growing at a CAGR of 8.16% from 2024 to 2033.

Key Points

The North America medical gas market size accounted for USD 5.34 billion in 2023 and is expected to attain around USD 11.69 billion by 2033.
North America dominated the market with the largest market share of 36% in 2023.
By product, the pure gases segment has held the major market share of 56% in 2023.
By product, the gas mixtures segment is expected to expand at the fastest CAGR of 8.32% throughout the forecast period.
By application, the therapeutic segment has contributed more than 41% of market share in 2023.
By end-use, the hospitals segment accounted for the major market share of 30% in 2023.

Medical Gas Market Size 2024 to 2033

The global medical gas market encompasses a wide range of gases used in healthcare settings for various therapeutic, diagnostic, and surgical purposes. Medical gases play a crucial role in modern healthcare, providing essential support for respiratory therapy, anesthesia, and other medical procedures. This market includes gases like oxygen, nitrous oxide, carbon dioxide, helium, and medical air, which are delivered in cylinders or through pipelines to healthcare facilities worldwide.

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Growth Factors

Several key factors contribute to the growth of the medical gas market. One significant driver is the increasing prevalence of chronic respiratory diseases and the growing geriatric population, which requires respiratory support and medical gases for various treatments. Technological advancements in gas delivery systems and the rising demand for home healthcare services also fuel market growth. Moreover, the expanding applications of medical gases in emergency medicine, surgeries, and diagnostic procedures further drive market expansion.

Region Insights:

The market for medical gases exhibits regional variations influenced by factors such as healthcare infrastructure, government regulations, and the prevalence of respiratory diseases. Developed regions like North America and Europe dominate the market due to well-established healthcare systems and high adoption rates of advanced medical technologies. Meanwhile, Asia-Pacific is experiencing rapid growth driven by increasing healthcare expenditure, improving infrastructure, and a growing patient population.

Medical Gas Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 8.16%
Medical Gas Market Size in 2023	USD 14.82 Billion
Medical Gas Market Size in 2024	USD 16.03 Billion
Medical Gas Market Size by 2033	USD 32.47 Billion
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Product, By Application, and By End-use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Medical Gas Market Dynamics

Drivers:

Several drivers propel the growth of the medical gas market globally. The rising incidence of respiratory disorders such as COPD (Chronic Obstructive Pulmonary Disease) and asthma necessitates continuous availability of medical gases for treatment. Additionally, advancements in technology have led to the development of innovative gas delivery systems and devices, improving patient outcomes and expanding the market reach. Moreover, the increasing demand for home healthcare services and the growing geriatric population contribute significantly to market expansion.

Opportunities:

The medical gas market presents numerous opportunities for manufacturers and healthcare providers. The expanding applications of medical gases beyond respiratory therapy, including wound care, anesthesia, and diagnostics, open new avenues for market growth. Furthermore, the increasing focus on preventive care and wellness programs creates demand for medical gases in non-traditional healthcare settings. Emerging markets in Asia-Pacific and Latin America offer untapped opportunities for market players to expand their presence and address unmet medical needs.

Challenges:

Despite the promising growth prospects, the medical gas market faces certain challenges. Stringent regulatory requirements and standards for gas production, storage, and distribution pose compliance challenges for manufacturers. Pricing pressures, particularly in cost-sensitive markets, can also hinder market growth. Additionally, logistics and supply chain complexities associated with the distribution of medical gases present operational challenges, especially in remote or underserved regions. Adherence to safety protocols and risk mitigation strategies remain critical amid the dynamic healthcare landscape.

Medical Gas Market Recent Developments

In May 2023, to increase low- and middle-income countries (LMICs) access to life-saving medical oxygen, Unitaid, and other organizations formed a new worldwide health coalition. The Global Oxygen Alliance (GO2AL) seeks to assist nations in maintaining their investments in oxygen systems established during the COVID-19 crisis by providing technical assistance, financial support, capacity building, and demand generation.

Medical Gas Market Companies

Linde plc.
Air Liquide
Atlas Copco
TAIYO NIPPON SANSO CORPORATION
Matheson Tri-Gas Inc.
Messer
Air Products and Chemicals Inc.
INOX-Air Products Inc.

Segments Covered in the Report

By Product

Pure Gases
- Medical Air
- 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