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Medical Gas Equipment Market Size By Product (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast,2022 – 2028

  • Report ID: GMI840
  • Published Date: Apr 2022
  • Report Format: PDF

Industry Overview

Medical Gas Equipment Market size accounted for over USD 2,636.3 million in 2021 and is estimated to grow with a 6.6% CAGR between 2022 and 2028. Increasing healthcare expenditure from private and public authorities, particularly in China and India, attracts global medical gas equipment manufacturers to expand their operations in the Asia Pacific region, thereby supplementing the market growth.
 

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For instance, according to the National Health Accounts (NHA) for India, the share of the government’s health expenditure in the total GDP of country increased from 1.15% in 2013-2014 to 1.35% in 2017-2018. This will improve the infrastructure of healthcare industry.
 

Medical gas equipment is installed in healthcare settings to ensure controlled and safe supply of various medical gases throughout the facility. Medical gases such as helium, carbon dioxide, oxygen, nitrous oxide, nitrogen, among others, form an integral part of the diagnostic and therapeutic procedures.
 

Owing to the COVID-19 pandemic across countries, the demand for medical gases was observed to substantially increase, ultimately increasing the demand for medical gas equipment. Owing to the difficulty in breathing, several patients suffering from coronavirus were prescribed oxygen therapy. Furthermore, increasing government initiatives for the manufacturing and supply of medical gases across the country accelerate the production of medical gases, thus, fostering the industry growth for medical gas equipment.
 

For instance, in January 2021, according to the Press Information Bureau (PIB) Delhi report, PM CARES Fund Trust allocated USD 2,010 million for installation of 162 dedicated PSA Medical Oxygen Generation Plants in public health facilities. Such funding by government authorities largely contributed to the demand, thereby boosting the medical gas equipment market growth.
 

The COVID-19 pandemic was also noted to increase the focus of public and private authorities on enhancing the overall healthcare infrastructure by establishing modern facilities while upgrading the existing facilities. As medical gases are an integral part of the treatment and diagnosis in modern care facilities, infrastructure development creates a significant demand for efficient transport of such gases across the facility. Hence, it was noted to contribute to the growing demand for medical gas equipment.
 

Increasing geriatric population will drive the market demand

Geriatric population is observed to be relatively more susceptible to various respiratory disorders that require immediate medical treatment, thus the increasing geriatric population base is expected to increase the demand for medical gases. For instance, according to the World Health Organization (WHO), in 2019, the number of people aged 60 years and older was nearly 1 billion.
 

The risk factor associated with diseases, increases with rising age, thereby augmenting the medical gas equipment market share. Moreover, changing lifestyle habits such as lack of exercise and smoking are some of the prominent factors triggering the incidence rates of respiratory disorders.
 

High cost of ownership of medical gas equipment may slow the market Forecasts

Medical gases, and subsequently medical gas equipment, plays an important role in smooth functioning of modern healthcare sector. Owing to the rising demand of medical gases, the dependency on this sector increases. Moreover, there is no possible alternative of medical gases and equipment in the market, thus, the capital and operating expenditure associated with establishing and maintaining such a system increases, thereby raising the total cost of ownership of equipment.
 

Moreover, the costs associated with the training of professionals for efficient handling of medical gas equipment will further contribute to the total cost of ownership of medical gas equipment, thereby hampering the market growth. Additionally, periodic maintenance and cleaning costs, periodic service and unplanned repair cost further contribute to the cost of medical gas equipment
 

Several advantages associated with manifolds will drives the segmental outlook


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Based on product, the medical gas equipment market is bifurcated into manifolds, outlets, hose assemblies & valves, alarm systems, cylinders, flowmeters, regulators, medical air compressors, vacuum systems, and others. The manifolds segment accounted for over 25.8% market proportion in 2021 and is anticipated to dominate the market throughout the forecast period.
 

Manifolds are used to supply medical gas uninterruptedly to medical facilities pipeline systems; thus, it plays an important role in transportation of gases, thereby supplementing the market growth. Moreover, increasing demand of medical gases in hospitals and ambulatory surgical centers, increases the demand for manifolds, thereby accelerating the market statistics.
 

Large patient pool in hospitals is expected to fuel the industry demand

Based on end-use, the medical gas equipment market is classified into hospitals, clinics, ambulatory surgical centers and others. The hospitals segment is expected to witness a significant market growth and is expected to reach over USD 1,547.5 million by 2028. Owing to the large patient pool preferring hospitals for the treatment of various chronic diseases including respiratory diseases, the demand for medical gas equipment increases in hospitals.
 

Moreover, increasing prevalence of lung-related disorders and chronic obstructive pulmonary disorders (COPD), increases the demand for oxygen. As the prevalence rate is noted to increase, the demand in the medical gas equipment market will also increase over the forecast period.
 

Advanced healthcare infrastructure will drive the market expansion in North America


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North America medical gas equipment market is anticipated to progress with a 6.3% CAGR over the forecast timeframe. Advanced healthcare infrastructure and increasing healthcare spending are anticipated to boost the medical gas equipment industry growth in the region. Furthermore, rising use of medical gas equipment in the management of various respiratory disorders such as asthma and COPD will boost the regional market outlook.
 

For instance, according to the Asthma and Allergy Foundation of America, in 2018, asthma accounted for 1.6 million emergency department visits. Thus, increasing number of emergency visits coupled with hospital admissions for respiratory disorders, among other factors, will result in the increasing demand of medical gas equipment.
 

Adoption of brownfield growth strategies is witnessed across key market players

Some of the prominent players operating in the medical gas equipment market industry include Air Liquide S.A., Allied Healthcare Products Inc., Amico Group of Companies, Atlas Copco Group, Colfax Corporation (GCE Group AB), GENTEC (Shanghai) Corporation, Linde plc, Ohio Medical, Rotarex S.A., Silbermann Medical Gas Systems, and Taiyo Nippon Sanso Corporation, among others. The fragmented nature of the market leads to lowered profitability and limited product visibility. Hence, several multinational manufacturers are observed to focus on inorganic growth strategies through acquisitions and mergers to strengthen their regional penetration.
 

Recent industry developments:

  • In May 2021, Atlas Copco acquired the operating assets of Medigas Service & Testing Co. Inc. (Medigas). This acquisition enabled the company to expand and strengthen their support to their customers across New York, U.S.
     
  • In September 2017, Air Liquide acquired Sogo Sangyo Kabushiki Kaisha, a key player with strategic presence in Japan medical gases market. This acquisition assisted the company to strengthen its footprint in Japan, proving advantageous for its medical gas equipment product portfolio as well.
     

The medical gas equipment market report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2028, for the following segments:

By Product

  • Manifolds
  • Outlets
  • Hose assemblies and valves
  • Alarm systems
  • Cylinders
  • Flowmeters
  • Regulators
  • Medical air compressors
  • Vacuum systems
  • Others

By End-use

  • Hospitals
  • Clinics
  • Ambulatory surgical centers
  • Others

The above information is provided for the following regions and countries:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

 

Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

The global medical gas equipment industry size was over USD 2,636.3 million in 2021 and is pegged to record a 6.6% CAGR between 2022 and 2028 on account of the rising healthcare expenditure from private and public authorities, particularly in China and India.
Medical gas equipment is used in healthcare settings for ensuring the controlled and safe supply of various medical gases throughout the facility.
The manifolds product segment held over 25.8% of the medical gas equipment industry share in 2021 and will witness expansion with surging demand in hospitals and ambulatory surgical centers.
The medical gas equipment market share in North America is anticipated to strike a 6.3% CAGR through 2028 owing to the presence of advanced healthcare infrastructure and growing healthcare spending in the region.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 13
  • Tables & Figures: 142
  • Countries covered: 15
  • Pages: 151
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