Global Medical Gas Market Report and Forecast 2024-2032

Global Medical Gas Market Outlook

The global medical gas market size reached a value of nearly USD 15.53 billion in 2023. The market is estimated to grow at a CAGR of 8.2% between 2024 and 2032, reaching a value of around USD 31.60 billion by 2032.

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Global Medical Gas Market Trends

Gases utilised during medical procedures are known as medical gases. Such gases are used for anaesthetic applications, in therapy, and to operate medical equipment and gadgets. There are various types of medical gases such as oxygen, nitrous oxide, nitrogen, and carbon dioxide. It is crucial for healthcare facilities to maintain the availability of medical gases to avoid any unexpected failure.

• The growing incidences of chronic respiratory diseases, such as pulmonary hypertension, chronic obstructive pulmonary disease, asthma, and occupational lung diseases, among others, are adding on to the demand for medical gases for therapeutic applications.

• The growth of the pharmaceutical manufacturing and research activities is likely to enhance the utilisation of medical gases further.

• The increasing demand for point-of-care diagnostics and home healthcare services, supported by the growing geriatric population, is anticipated to propel the market growth of medical gases. The trend of home healthcare is also likely to surge the demand for packaged medical gases in upcoming years.

Opportunities and Challenges in the Market

The oxygen demand is rising rapidly due to the increasing utilisation of the gas in healthcare facilities. Hospitals are also stockpiling oxygen especially after the significant disruption in the oxygen market and supply chain breakdown during the COVID-19 pandemic.

The demand for medical gases is expected to surge in developing nations such as China, India, and Brazil, among others, owing to the growing medical infrastructure and rising accessibility to treatments and surgical procedures.

Technological advancements in medical gas handling equipment to provide better patient care and the development of portable devices are expected to further augment the medical gas market expansion in the coming years.

However, the high cost of medical gases and associated equipment poses a significant challenge to the market growth. The production costs are heavily affected by the price of raw materials and the requirement for specialised equipment. The market is additionally challenged by strict laws governing the use and supply of medicinal gases.

Global Medical Gas Market Analysis

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Based on the product, the market can be segmented into pure gases and gas mixtures. By mode of delivery, it can be divided into high-pressure cylinders, liquid tanks, and bulk delivery. The market for medical gas, based on application, can be categorised into therapeutic, diagnostics, and pharmaceutical manufacturing and research, among others. 

Based on end-user, the market divisions include hospitals, ambulatory surgical centres, home healthcare, pharmaceutical and biotechnology companies, diagnostic and research laboratories, and academic and research institutions. The regional markets for medical gas can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global medical gas market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• Air Products and Chemicals, Inc.

• Air Liquide S.A

• Linde plc

• Taiyo Nippon Sanso Corporation

• Messer SE & CO

• SOL Spa

• Others

The Pure Gases Segment Holds a Significant Medical Gas Market Share

In terms of revenue, the pure gas sector is anticipated to be one of the major segments during the forecast period. The growth of this market segment can be attributed to factors, including the rising incidences of chronic illness, the increasing number of patient hospitalisations, and surging cases of road accidents.

The oxygen segment is anticipated to experience a healthy growth in pure gases over the forecast period. As oxygen plays a crucial role in respiratory support and forms the foundation for all contemporary anaesthetic operations and life support for patients who are artificially ventilated, its rising demand is likely to bolster the overall medical gas market development in the forecast period.

Growing Demand for Medical Gases in Therapeutic Applications to Aid the Market

There is a growing use of medical gases in therapeutic applications, including pain management and anaesthesia, among others. Gases used in therapeutic applications are regarded as medications and are subject to strict purity and quality standards. Some of the most common therapeutic gases include oxygen, medical air, nitric oxide, carbon dioxide, and helium-oxygen mixes.

The rapid development of the segment can be attributed to the expanding use of medical gases in general laboratory applications. The growing applications of medical gases for controlled aerobic or anaerobic incubator settings in biological cell culture or tissue growth in laboratories are further propelling the market growth.

Global Medical Gas Market Share Based on Region

North America holds a considerable share in the market due to the expanding use of medical gases in the management of respiratory conditions, including COPD and asthma. 

The demand for medical gases is expected to increase in the United States throughout the forecast period due to the increasing prevalence of COPD, asthma, and other illnesses including cardiovascular and lifestyle-related disorders. In addition, the existence of state-of-the-art medical facilities, notably intensive care units, and a growing geriatric population base are  likely to favour the demand for medical gases in the coming years.

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Medical Gas Market Competitive Landscape

Air Products and Chemicals, Inc. is a global leader in industrial gases with a focus on the energy, environmental, and developing sectors. The core business of Air Products is to supply vital industrial gases, associated equipment, and application knowledge to clients across a wide range of sectors, such as refining, chemicals, metals, electronics, manufacturing, and food. The company has engineered and built world-scale industrial gas complexes which are operated to supply hydrogen, nitrogen, oxygen and steam. The company is headquartered in Pennsylvania, the United States.

Air Liquide S.A. provides industrial gases and services to a variety of sectors, including pharmaceuticals, chemicals, and electronics. It is a French multinational firm that was established in 1902 and is one of the largest providers of industrial gases in the world. Oxygen, nitrogen and hydrogen are essential gases for various sectors and have been at the core of the company’s activities since its establishment.

Linde plc is a prominent industrial gas firm. It serves several end markets including chemicals and energy, food and beverage, electronics, healthcare, manufacturing, metals, and mining, among others. Industrial gases from the company are utilised in a wide range of applications, including the production of high-purity and speciality gases for electronics manufacturing and hydrogen for clean fuels, among others.

Other market players include Taiyo Nippon Sanso Corporation, Messer SE & CO, and SOL Spa, among others.

Key Highlights of the Report