Medical Gas Market worth over $22bn by 2027

Medical Gas Market size is set to surpass USD 22 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

The medical gas market growth is attributed to the multiple factors such as increasing surgical volumes, increasing prevalence rates of diseases as well as the impending requirement for a better healthcare infrastructure. Developing countries such as Brazil and India, among others, have exhibited significant demand for a better healthcare infrastructure. Further, several initiatives from the World Health Organization are also targeted towards providing a better healthcare infrastructure in middle- and low-income countries. As medical gases are one of the basic requirements of a healthcare facility, these are expected to witness a high demand during the forecast period.

 

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Increasing prevalence of respiratory disorders is poised to optimistically impact the medical gas market expansion

Medical oxygen will observe a higher demand due to the rising prevalence of respiratory disorders. According to the WHO, respiratory diseases are one of the prominent causes leading to disability and fatality globally. It is estimated that over 65 million people suffer from COPD and it leads to over 3 million deaths annually. Further, an even higher number of people suffer from asthma globally, over 330 million people. With nearly 15% of children suffering from asthma, it is anticipated to be one of the most prevalent diseases in the world. Several other diseases such as pneumonia, tuberculosis and even lung cancer are noted to gain prevalence in the recent years. While the initial stages of diseases might not require life support or oxygen support, as the disease intensifies, the demand for oxygen and other gases also increases.
 

Stringent regulations are noted to cause of hindrance in the global medical gas market

Medical gases are employed in different types of applications and are hence subject to multiple regulations in different countries. For instance, certain medical gases such as oxygen are treated as medicines, these are required to meet the requirements of United States Pharmacopeia. The FDA also requires producers to strictly follow the Current Good Manufacturing Practices (CGMP) regulations to ensure a safe and uniform generation of different medical gases. Periodic inspection and standard operating procedures set forth by different associations and regulatory bodies also exist. Complying by these regulations and policies, the cost of medical gases is noted to increase considerably. Hence, with a higher price associated with medical gases, it is predicted to cause obstacles in the industry growth.
 

Browse key industry insights spread across 150 pages with 206 market data tables & 14 figures & charts from the report,Medical Gas Market Size By Gas Type (Pure Gases {Oxygen, Carbon Dioxide, Helium}, Gas Mixtures {Medical Air, Nitrous Oxide}), By End-use (Hospitals, Ambulatory Surgical Units, Specialized Clinics), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-gases-market
 

Development of better healthcare infrastructure causes an upshift in the consumption of medical gases

The gas mixtures segment accounted for USD 6.2 billion in 2020. With a fast-paced development of healthcare infrastructure in developing countries, the demand for medical air has increased in the market. Medical air is employed in all healthcare facilities in order to ensure smooth, safe and clean distribution of other medical gases. As these are free of contamination, there is a minimal chance of water or oil buildup in gas pipelines. Hence, medical air is one of the critical medical gases and is set to remain driven throughout the forecast period.
 

Increasing number of ambulatory surgical facilities to facilitate the growth of medical gases

The ambulatory surgical units captured 28% of the medical gas market share in 2020. Ambulatory surgical units are noted to as one of the fastest growing segment of healthcare sector as the consumer preference shifts towards outpatient procedures. According to the Ambulatory Surgery Center Association, there are over 5,800 facilities in U.S. alone. Ambulatory surgical units offer numerous advantages over other end-users in the market. These include, same-day discharge, reduced costs as well as low chances of infections. Additionally, while various governments focuses on enhancing the healthcare infrastructure and catering to consumer preferences while increasing the capacity, ambulatory surgical units are noted to remain in limelight.
 

The higher geriatric population is noted to fuel the growth for Europe region

Europe medical gas market will account for over 30% of the revenue share by 2027 owing to the increasing geriatric population. For instance, over 15% of population of France is over 65 years old. Similar trend is observed across other countries of Europe and the statistics are estimated to increase by the end of 2030. The increasing geriatric population leads to an increased prevalence of diseases, majority of which are age related and require hospital admission.
 

A blend of organic and inorganic growth strategies shapes the supply-side market

Some of the key participants operating in the market include Linde Group plc, Air Liquide S.A., Air Products and Chemicals, Inc. and Gulf Cryo among others. Companies focus on strengthening their market presence across regions and hence largely engage in acquisitions and mergers.
 

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