Medical Gas Market Is Expected To Expand At A CAGR Of 8.1% From 2022 To 2030
Medical Gas Industry Overview
The global medical gas market size was valued at USD 12.8 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The rising prevalence of chronic diseases, and advantageous initiatives commenced by government organizations, are key factors driving the market. Moreover, the growing geriatric population and rising demand for home healthcare and point-of-care products are some of the other factors responsible for the market.
The rising prevalence of Chronic Respiratory Diseases (CRDs) such as asthma, chronic obstructive pulmonary disease, occupational lung diseases, and pulmonary hypertension is driving the demand for medical gases. For instance, the WHO data states that more than 3.0 million people die each year from Chronic Obstructive Pulmonary Disease (COPD), accounting for approximately 6% of all deaths worldwide and might become the third leading cause of death in the world by 2030. In addition, as per the same source, nearly 235.0 million people suffer from asthma. Medical gases such as oxygen, lung gas mixtures, and heliox are used extensively in the treatment and diagnosis of these respiratory disorders.
Gather more insights about the market drivers, restrains and growth of the Global Medical Gas market
Oxygen aids in the prevention of pulmonary artery hypertension and its long-term usage might help relieve the strain on the heart. Thus, the rising prevalence of respiratory diseases is propelling the market forward. The market was significantly impacted due to the COVID-19 pandemic. The pandemic had led to shortages of medical oxygen owing to its increased demand that had eventually caused major disruption in the oxygen market and supply chain breaks. For instance, as per the data published in Business Standard Private Ltd., prior to the pandemic, the demand for liquid medical oxygen (LMO) in India was 700 tons per day (TPD). During the first wave of Covid-19, the demand for LMO increased fourfold to 2,800 TPD. Furthermore, with the second wave, demand has increased by more than seven times that of the pre-Covid levels - 5,000 TPD.
Similarly, according to a survey by the European Industrial Gases Association, members like Air Liquide and Linde are seeing 5-10 times the normal demand for medical oxygen. Air Liquide had seen 4-6 times the average demand for medical oxygen in Italy and Eastern France. Thereby, owing to the aforementioned factors, the market witnessed a high boom in growth. Nonetheless, as the world's COVID-19 position is improving, the increased demand from the healthcare industry is projected to be adjusted downwards in the coming years. However, demand for medical gases is expected to remain higher than it was prior to COVID-19.
Furthermore, the pandemic has also led to the development of new innovations to aid in oxygen treatment for the large number of people suffering from respiratory diseases. Additionally, the rising adoption of home healthcare will propel the market post-COVID-19. Moreover, the growing number of FDA approvals for medical gas equipment is also encouraging market growth. The Food and Drug Administration (FDA) is proposing to update its Current Good Manufacturing Practice (CGMP) rules to include new color, labeling, design, and devotion requirements for medical oxygen gas compartments and closures. These standards are intended to make the contents of medical oxygen gas cylinders more easily identifiable, limit the risk of containers of industrial or other gases being incorrectly associated with medical oxygen supply systems, and reduce the risk of medical gas pollution.
The growing aging population susceptible to chronic conditions is foreseen to indirectly drive the demand for medical gases. The aging population is more vulnerable to chronic diseases, owing to weakened immune responses. According to the WHO statistics, 2021, the global population of adults aged 60 and above might nearly double (2.1 billion) by 2050. Moreover, the number of persons aged 80 years or older is likely to reach 426 million by 2050. As a result of the large increase in the geriatric population, the prevalence of respiratory conditions has increased. For instance, as per the Princeton Health Care Center data around 15.0% of older adults suffer from asthma, Chronic Obstructive Pulmonary Disease (COPD), or other respiratory disorders. Such facts and figures showcase that the demand for oxygen supply is expected to surge, which may eventually drive the market throughout the forecast period.
Mounting demand for home healthcare and point of care diagnostics markets is anticipated to boost the market by triggering a rise in demand for packaged medical-grade gases (such as oxygen). In July 2012, the U.S. Congress passed a bill putting into effect the Food and Drug Safety and Innovation Act. This act is expected to serve this market as a driver during the forecast period owing to the elimination of drug user fees for medical gas manufacturers and the establishment of a standard certification process for medical gas among others.
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Medical Gas Market Segmentation
Grand View Research has segmented the global medical gas market on the basis of product, application, end use, and region:
Medical Gas Product Outlook (Revenue, USD Million, 2018 - 2030)
- Pure Gases
- Gas Mixtures
Medical Gas Application Outlook (Revenue, USD Million, 2018 - 2030)
- Therapeutic
- Diagnostics
- Pharmaceutical Manufacturing
- Others
Medical Gas 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 Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- June 2021: Air Liquide S.A. agreed to purchase South Africa's largest oxygen-producing facility. Sasol and Air Liquide strategically made a deal for Air Liquide to buy and operate the plant.
Key Companies profiled:
Some of the prominent players in the medical gas market include:
- Linde plc.
- Air Liquide
- Atlas Copco
- Messer
- Air Products Inc.
- Taiyo Nippon Sanso Corporation
- Matheson Tri-Gas Inc.
Order a free sample PDF of the Medical Gas Market Intelligence Study, published by Grand View Research.
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