Medical Gas Equipment Market To Reach $4.29 Billion By 2030

Medical Gas Equipment Market Growth & Trends

The global medical gas equipment market size is expected to reach USD 4.29 billion by 2030, growing at a CAGR of 7.80% over the forecast period, according to a new report by Grand View Research, Inc. The growth of the market is attributed to factors such growing prevalence of chronic diseases, increasing demand for home healthcare services, and the need for advanced medical equipment in hospitals and clinics. In addition, the increasing geriatric population, advancements in medical technology, and government initiatives to improve healthcare infrastructure are also contributing to the growth of the medical gas equipment industry.

Medical gases are used in various healthcare settings such as hospitals, clinics, and home healthcare to support patient care and treatment. Advancements in technology have also boosted the demand for medical gas equipment. For instance, digital flowmeters have replaced traditional flowmeters in many healthcare settings, as they offer more precise measurements and greater accuracy. They also allow for real-time monitoring of gas flow rates, which is important in critical care settings.

Furthermore, supportive government initiatives have also contributed to the market growth. For instance, in January 2023, the U.S. government announced providing 285 oxygen concentrators to both provincial and district hospitals and 100 oxygen cylinders to every hospital in Mozambique.Similarly, in December 2020, the U.S. government announced to provide funding of USD 2.6 million that aims to assist in the development of medical oxygen systems in Tajikistan as part of its response to the COVID-19 pandemic. Moreover, in 2020, the U.S. government had already given Tajikistan nearly USD 5 million in medical aid to fight against COVID-19, and the oxygen support program is an additional contribution to that.

The COVID-19 pandemic has also led to an increase in the number of patients requiring home healthcare services. As a result, there has been a greater need for portable and home-use medical gas equipment, such as oxygen concentrators and portable oxygen cylinders. Moreover, there was a surge in demand for medical gases such as oxygen, as patients with COVID-19 often require respiratory support.

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Medical Gas Equipment Market Highlights

• On the basis of product, medical gas vacuum systems captured the highest market share of 31.50% in 2022. The growth is attributed to the factors such as increased prices linked to it and rising rates of usage

• Based on end use, the hospital segment dominated the market in 2022, owing to hospitals' extensive use of medical gases and equipment as a result of their large patient pool

• The home healthcare segment is expected to witness a CAGR of 9.28% over the forecast period. The growing preference for home healthcare and advances in portable medical systems are some of the major factors contributing to the growth of the segment

• North America captured the highest market share in 2022. The growing awareness about chronic diseases, and rising adoption of technologically advanced therapeutic and diagnostic products is projected to contribute to the regional market growth

Medical Gas Equipment Market Segmentation

Grand View Research has segmented the global medical gas equipment market based on product, end-use and region:

Medical Gas Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

• Vacuum Systems/Pumps

• Manifolds

• Alarm Systems

• Flowmeters

• Medical Air Compressors

• Cylinders and Accessories

• Hose Assemblies and Valves

• Outlets

• Regulators

• Masks

Medical Gas Equipment End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Ambulatory Surgical Centers

• Home Healthcare

• Pharmaceutical And Biotechnology Companies

• Diagnostic and Research Laboratories

• Academic and Research Institutions

Medical Gas Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Medical Gas Equipment Market

• Air Liquide S.A.

• Atlas Copco Group

• Linde plc

• Airgas Inc.

• Allied Healthcare Products Inc.

• Powerex

• Amico Corp

• Gentec Corp.

• Taiyo Nippon Sanso Corporation

• Colfax Corporation (GCE group AB)