Burlingame, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global medical gases and equipment market was valued at US$ 12.6 Billion in 2023 and is forecast to reach a value of US$ 21.4 Billion by 2030 at a CAGR of 7.9% between 2023 and 2030.
The development of safer medical gases and equipment as well as the adoption of more stringent safety measures are being prioritized to ensure patient safety by healthcare professionals. Additionally, it is anticipated that the expanding therapeutic and diagnostic applications would increase the demand for a variety of medical gas combinations and medical gases, such as laser-gas mixes, aerobic gas mixtures, nitrous oxide, and others, in addition to medical gas equipment.
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Market Drivers:
Increasing adoption of growth strategies to bring innovative, environment-friendly anesthesia gas rupture technology
Key market players are engaged in adopting inorganic growth strategies, such as partnerships, to bring innovative, environment-friendly anesthesia gas rupture technology, and this will contribute to the growth of the global medical gases and equipment market in the near future. For instance, in July 2020, Baxter International Inc., a global leader in sterile medication production and delivery, announced a definitive agreement with ZeoSys Medical, a medical technology company, to commercialize technology to capture and recycle anesthetic gases. The agreement provides International Inc. with worldwide distribution rights and an exclusive license to commercialize the technology outside of Europe, as well as an exclusive option to acquire ZeoSys Medical.
Market Opportunity:
Rapid advancements in technology are improving the functionality and usability of medical gases and equipment, such as the development of portable oxygen concentrators, and this is expected to drive the market growth over the forecast period. For instance, in August 2023, Inogen, Inc., a medical technology company, offering innovative respiratory products for use in the homecare setting, announced the introduction of the Rove 6 portable oxygen concentrator in the U.S. with best in class 8-year expected service life.
Market Cross Sectional Analysis:
The product type segment is expected to witness significant growth during the forecast period in Asia Pacific as the key players are focusing on inorganic strategies, such as the donation of products, which is expected to drive the market growth over the forecast period. For instance, in May, 2020, Daikin Industries, Ltd., a conglomerate company, announced the donation of 200 oxygen concentrators to India where the lack of medical oxygen, due to the rapid increase of COVID-19 infections, has become a critical issue.
Market Restraint:
Increasing product recalls are expected to restrain the growth of the global medical gases and equipment market over the forecast period. For instance, in September 2022, the U.S. FDA shared that Koninklijke Philips N.V., multinational conglomerate corporation, recalled specific Philips Respironics masks for BiPAP and CPAP machines. These devices had magnets in them, which can interfere with other medical devices such as pacemakers, metallic stints, and aneurysm clips. These adverse events can occur in people who use the masks, or in people near a person using the mask.
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Key Market Takeaways:
The global medical gases and equipment market is expected to exhibit a CAGR of 7.9% during the forecast period due to the rising healthcare expenditure across the globe which is expected to drive the growth of the medical gases and equipment market, as it leads to increased investment in healthcare infrastructure and the development of new medical technologies.
Among product type, the cylinders and accessories segment is expected to have the highest potential to grow over the forecast period. Rapid advancements in technology are improving the functionality and usability of medical gases and equipment, such as the development of portable oxygen concentrators and improved anesthesia delivery systems, and thus government organizations are also engaged in inorganic growth strategies such as partnerships. For instance, in April 2023, National Partners in Healthcare (NPH), a national healthcare organization delivering best-in-class anesthesiology services, announced that Medstream Anesthesia, healthcare solutions company, has joined the organization. This partnership adds 700+ providers covering 216,000 cases at 61 facilities in 12 states resulting in a larger national presence for NPH.
The key players operating in the global medical gases and equipment market include Air Liquide S.A., Praxair, Inc. (The Linde Group), BeaconMedaes LLC, Air Products and Chemicals Inc., Medical Gas Solutions, Airgas Inc., and MATHESON Tri-Gas Inc.
Read complete market research report,"Medical Gases And Equipment Market, By Product Type, By End User, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- By Product Type:
- Medical Gases
- Pure Gases
- Gas Mixtures
- Medical Equipment
- Manifolds
- Outlets
- Hose Assemblies and Valves
- Alarm Systems
- Cylinders and Accessories
- Flowmeters
- Regulators
- Medical Air Compressors
- Vacuum Systems
- Masks
- Medical Gases
- By End User:
- Hospital
- Ambulatory Care
- Other End Users
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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