Chicago, March 01, 2024 (GLOBE NEWSWIRE) -- Medical Nitrous Oxide market in terms of revenue was estimated to be worth $1.8 billion in 2023 and is poised to reach $2.8 billion by 2029, growing at a CAGR of 6.6% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. The medical nitrous oxide market is mainly driven by factors such as the growing aging population, advancements in healthcare infrastructure, demand for non-invasive methods for pain relief, and supportive regulations and standards regarding the use of medical gases. Additionally, rising number of surgical procedures, both in developed and developing countries, presents an opportunity for the increased use of medical nitrous oxide in anesthesia and analgesia is poised to offer further opportunities for expansion within the industry.
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Medical Nitrous Oxide Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $1.8 billion |
| Estimated Value by 2029 | $2.8 billion |
| Growth Rate | Poised to grow at a CAGR of 6.6% |
| Market Size Available for | 2021–2029 |
| Forecast Period | 2023–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End User, and Region |
| Geographies Covered | North America, Europe, APAC, Latin America, and Middle East Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growing demand for pain management |
| Key Market Driver | Improvements in healthcare infrastructure |
The medical nitrous oxide market is further segmented into gasesous and liquid state, by product. The gaseosus segment held the largest share of the market in 2023. The gaseous state commands the predominant share in the medical nitrous oxide market due to its versatile applications in anesthesia and analgesia during surgical procedures. The gaseous form of nitrous oxide is a preferred choice in medical settings owing to its ease of administration, precise dosage control, and rapid onset of action.
The medical nitrous oxide market is categorized into anaesthesia and pain relief, cryosurgery, and surgical insufflation. The anaesthesia and pain relief segment held the largest share of the market in 2023. The preeminence of anesthesia and pain relief as the leading applications in the medical nitrous oxide market is attributed to their pivotal roles in surgical and medical procedures. Nitrous oxide, renowned for its anesthetic and analgesic properties, is widely adopted in healthcare settings for its efficacy in inducing conscious sedation and alleviating pain during various medical interventions. This dominance is underscored by the extensive utilization of nitrous oxide by healthcare professionals for its ability to provide rapid and controllable sedation, contributing significantly to patient comfort and procedural success.
Based on end user, the medical nitrous oxide market is categorized into hospitals, home healthcare, and academic and research institutions. The hospitals segment held the largest share of the medical nitrous oxide market in 2023. This can be attributed to the integral role of nitrous oxide in hospital settings, particularly in surgical and medical procedures. Hospitals, being the focal points for comprehensive healthcare services, extensively utilize nitrous oxide for anesthesia and analgesia, providing a controlled and efficient means of patient sedation during surgeries.
Based on the region, the global medical nitrous oxide market is divided into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the global medical nitrous oxide market in 2023, while the Asia Pacific is projected to be the fastest-growing region in the forecast period. The substantial market growth in the Asia Pacific region stems from the dynamic expansion in healthcare infrastructure, increasing surgical procedures, and a growing awareness of the benefits of nitrous oxide contribute to the heightened demand for medical nitrous oxide in the APAC region.
Rapid economic development, coupled with an expanding population and rising healthcare expenditures, underscores the region's significance as a key market for medical gases. Additionally, the increasing prevalence of chronic diseases and a surge in medical tourism further amplify the demand for anesthesia and pain management solutions, positioning medical nitrous oxide as an essential component in healthcare practices.
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Medical Nitrous Oxide market major players covered in the report, such as:
- American Welding & Gas (US)
- Oxygen & Argon Works Ltd (Israel)
- Matheson Tri-Gas Inc. (US)
- CalOx (US)
- Steelman Gases Pvt. Ltd. (India)
- Messer SE & CO. KGAA (Germany)
- SOL SpA (Italy)
- Ellenbarrie Industrial Gases (India)
- Norco Inc. (US),Earlbeck Gases & Technology (US)
- Air Liquide (Paris)
- Linde plc (Ireland)
- Carbide and Chemicals (India)
- Jiangsu Huazhong Gas Co., Ltd. (China)
- Chengdu Taiyu Industrial Gases Co., Ltd. (China)
- nexAir (US)
- Southern Gas Limited (India)
- Gulf Cryo (UAE)
- and Among Others
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The study categorizes the medical nitrous oxide market into the following segments and subsegments:
By Product
- Gaseous State
- Liquid State
By Application
- Anesthesia and Pain Relief
- Cryosurgery
- Surgical Insufflation
By End User
- Hospitals
- Home Healthcare
- Academic & Research Institutions
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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Key Market Stakeholders:
- World Health Organization (WHO)
- National Center for Biotechnology Information (NCBI)
- Centers for Disease Control and Prevention (CDC)
- US Food and Drug Administration (FDA)
- Drug Enforcement Administration (DEA)
- European Medicines Agency (EMA)
- Compressed Gas Association (CGA)
- American Society of Anesthesiologists (ASA)
Report Objectives:
- To define, describe, and forecast the medical nitrous oxide market based on the product, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall medical nitrous oxide market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players in the market and comprehensively analyze their market shares and core competencies2
- To forecast the size of the market segments with respect to four main regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
- To track and analyze competitive developments such as new product launches, agreements, collaborations, and expansions.
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