NEW YORK, Nov. 28, 2023 /PRNewswire/ — A latest research report [110+] pages with 360-Degree visibility, titled “Medical Gas Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Regulators, Alarm Systems, Medical Air Compressors, Cylinders and Accessories, Hose Assemblies and Valves, Manifolds, Vacuum Systems/Pumps, Flowmeters, Outlets, Masks); By End-Use; By Region; Segment Forecast, 2023 – 2032” published by Polaris Market Research in its research repository.
According to research report, the global medical gas equipment market size and share is predicted to grow from USD 20.65 billion in 2022 to USD 40.60 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 7.0% from 2023 to 2032, according to the latest report by Polaris Market Research.
What is Medical Gas Equipment? How Big is Medical Gas Equipment Market Size?
Apart from the functioning supply of water and electricity also the gas supply is crucial for a hospital. Medical gases are utilized in the operating room for anesthesia and in the wards as a supplement to the breathing air. Medical gas equipment involves gas cylinder, pressure regulator, flow regulator, and so on. The rapidly rising demand for medical gas equipment market can be attributed to acquisition of gas cylinders, the transport and sustenance of the tubing, the mending of regulators and comprehension of jeopardy while handling gases and high pressure cylinders.
The medical gas equipment market growth can be attributed to several elements, including a surge in surgical processes and hospital acceptance, together with an aging population. Therefore, there is a growing demand for equipment that can productively and securely regulate gases to patients. Progressions such as digital flow meters, distant observing systems, and wireless congruence have improved the efficacy, dependability, and security of these devices. Additionally, the proliferating healthcare disbursement, the escalating demand for home healthcare services, and point-of-care features are pushing the market ahead. Also growing pollution standards and existence of tobacco usage are aiding in spiralling requirement for respiratory reinforcement which additionally revives market growth.
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Who are the Major Medical Gas Equipment Producers?
- Air Liquide S.A.
- Airgas Inc.
- Allied Healthcare Products Inc.
- Amico Corp
- Atlas Copco Group
- Colfax Corporation (GCE group AB)
- Gentec Corp.
- Linde plc
- Taiyo Nippon Sanso Corporation
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Important Highlights from the Report
- The market growth can be credited to a surge in surgical processes and hospital acceptance, together with an aging population.
- growing pollution standards and existence of tobacco usage are aiding in spiralling requirement for respiratory reinforcement which additionally revives market growth.
- The medical gas equipment market segmentation is primarily based on product, end-use, and region.
- North America has dominated the market with the largest share in 2022.
Medical Gas Equipment Market Details
Market value in 2023
USD 21.99 billion
Market value in 2032
USD 40.60 billion
7.0% from 2023-2032
Market’s Prime Determinants of Growth, Trends, and Opportunities
Advancement of POCD: The progression of point-of-care diagnostics (POCD) and the increasing cases of respiratory illnesses are confident of wielding a notable impact on the market. The medical gas equipment market size is expanding as the demand for medical gases and equipment, particularly in the home healthcare zone, may entail the execution of POCD. POCD, a broadly engaged diagnostic procedure, permits the speedy detection of diseases at the forefront of the patient’s bedside, defeating other diagnostic advancements. With the escalated probability of disease transference in healthcare provisions, the growing existence of respiratory conditions is anticipated to push the acquisition of POCD.
Increasing recognition of immobility: The escalating recognition of surroundings that cause inertia is expected to push the demand for medical gases and home healthcare supplies. The medical gas equipment market sales are soaring as to flourish in the aggressive market; it may be essential for major contenders to invent and customize contemporary commodities to encounter the particular requirements of the consumer. Consumers are growingly identifying the advantages of combining a pressure regulator and a cylindrical valve into a solitary device suitable for managing all essential regulation operations.
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Trends and Opportunities
Increasing cases of non-transmissible diseases: Respiratory affliction persists to portray a notable global healthcare provocation, bestowing significantly to non-transmissible disease-connected casualties. Dominating the list are conditions such as asthma, pneumonia, and COPD. Oxygen remedy is a principal cure for detrimental lung conditions such as COPD easing the load on the heart instead of the lungs and assist in prohibiting pulmonary artery hypertension. The increasing pervasiveness of these respiratory illnesses is stimulating development in the market. To take into account the escalating demand for reliable, steady, and effective respiratory care, there is a growing usage of instruments such as vacuum systems, alarm systems, flowmeters, manifolds, and others. The market’s augmentation is also being fuelled by significant progressions carried out by prominent industry players.
- The Vacuum Systems/Pumps Segment Witnessed a Massive Surge
Based on products, the vacuum systems/pumps segment witnessed a massive surge. The medical gas equipment market demand is on the rise with the escalating intricacy and heterogeneity of medical processes; the integration of vacuum systems and pumps has become essential for the secure and effective managing of medical gases. Additionally, progressive instruments can provide accurate and reliable suction power, an important facet in surgical processes where fluid and gas suction is of substantial significance for patient’s safety.
- The Hospital Segment Dominated the Market
Based on end use, the hospital segment dominated the market. The medical gas equipment market trends include medical gas equipment playing an important part in several medical processes, categorizing patient safety and health. The grouping encloses gas cylinders, pressure regulators, flow meters, and alternate apparatus intended to handle gas flow and pressure. The demand for medical gases is sharply connected to an upswing in hospital ventures. For instance, a surge in surgical mediation causes an escalated intake of gases such as nitrous oxide, carbon dioxide, oxygen, and medical air. Moreover, a surge in outpatient processes affects uplifted oxygen intake.
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- Which Country has the Largest Medical Gas Equipment?
North America: The region held the largest medical gas equipment market share due to the progressive healthcare system, the notable existence of minimally invasive procedures, and the execution of regulatory measures involving the US Food and Drug Administration Safety and Innovation Act. The demand for necessary respiratory support devices such as oxygen concentrators and ventilators in the region escalated because of the Covid-19 pandemic highlighting the escalated significance of medical gas equipment in patient care.
Europe: This region is assured for sizeable augmentation in the predictable future. The estimate is bolstered by the region’s continuing growth, pushed in partially by the sprightly inclusion of organizations such as the European Industrial Gases Association and the Medical Gas Association, which champion the progression and receipt of medical gas equipment in the region. Additionally, the well-entrenched healthcare systems in Western European countries are anticipated to behave as a stimulus for the European market’s growth.
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Key Questions Answered in the Report
- What is the current and expected medical gas equipment market value?
- At what CAGR is the market expected to grow during the forecast period?
- Which factors are driving the market growth?
- What are the key market trends and opportunities?
- Which segment accounts for the largest medical gas equipment market share?
- Who are the prominent players in the industry?
Polaris Market Research has segmented the Medical Gas Equipment market report based on product, end-use, and region:
Medical Gas Equipment, Product Outlook (Revenue – USD Billion, 2019 – 2032)
- Alarm Systems
- Medical Air Compressors
- Cylinders and Accessories
- Hose Assemblies and Valves
- Vacuum Systems/Pumps
Medical Gas Equipment, End-Use Outlook (Revenue – USD Billion, 2019 – 2032)
- Diagnostic and Research Laboratories
- Home Healthcare
- Academic and Research Institutions
- Ambulatory Surgical Centers
- Pharmaceutical And Biotechnology Companies
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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