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Medical Gases Market Size

  • Report ID: GMI5062
  • Published Date: May 2021
  • Report Format: PDF

Medical Gases Market Size

Medical Gases Market size was valued at over USD 14.1 billion in 2020 and is estimated to grow with a 6.5% CAGR between 2021 and 2027. Several countries are noted to establish a stronger healthcare infrastructure. These are also observed to upgrade the existing healthcare facilities in order to provide a better quality of healthcare services to patients. Such activities compel the end-users to abide by the regulatory requirements to set up an efficient medical gas system and employing suitable medical gases for appropriate procedures. This is one of the prime factors driving the demand in the industry.

 

Medical Gases Market Overview

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Medical gases refer to the gases that are processed, packaged for medical applications. Medical gases are employed for anesthesia, diagnostic and therapeutic purposes in a healthcare facility.

 

Further, medical gases play a crucial role in the healthcare sector. During the advent of COVID-19, medical gases, particularly oxygen, were noted to witness increased demand. Medical oxygen is identified as one of the essential medicines during the treatment of coronavirus. However, with an unexpectedly increasing demand from all regions, production and supply related limitations were noted to cause a shortage in the market in 2020. Further, as the demand stabilized and suppliers upscaled their production capabilities, and efficient demand-supply scenario in the industry is expected to develop in the coming years.

 

Although, coronavirus restrictions have limited several other applications of medical gases, a nearly 10% increase in the supply is stated by the healthcare facilities, acting as a boon to the industry. This trend is predicted to continue in the industry over the short-term forecast period until the pandemic related restrictions are exercised globally.

 

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Medical gases are used for anesthesia, therapeutic, and diagnostic purposes in hospitals and healthcare facilities.

Medical gases industry size was valued at more than USD 14.1 billion in 2020 and will expand at a CAGR of 6.5% from 2021 to 2027.

Pure gases will register a share of more than 56.4% in 2020 and will depict lucrative growth owing to the surging demand for oxygen.

The use of medical gases in hospitals recorded a valuation of USD 8.5 billion in 2020 and will grow as hospitals have been the primary source of treatment at the global level.

Owing to state-of-the-art healthcare facilities in the U.S and Canada, North America medical gases market revenue was recorded at USD 4.9 billion in 2020.

Medical Gases Market Scope

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 9
  • Tables & Figures: 220
  • Countries covered: 15
  • Pages: 150
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