Medical Gas Market Overview
The Medical Gas Market size is estimated to reach $8.21bn by 2025, growing at a CAGR of 8.6% during the forecast period 2020-2025. Medical gases are the gases used in different types of medical procedures, which include gases used in treatment and anesthesia. These medical gases include different types of gases like oxygen, hydrogen, carbon dioxide and others and have gases mixtures like Nitrous Oxide-Oxygen Mixtures, Carbon Dioxide-Oxygen Mixtures, Anaerobic Mixtures and others. The medical gases are disposed using different types of equipment and pumping systems to monitor stable supply of different types of gases. An increase in different types of respiratory diseases and increased health-care infrastructure are some of the factors that are driving the growth of the market during the forecast period 2020-2025.
Geographically, North America’s Medical Gas Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high usage of medical gases in different types of treatment.
The increase in health concern and increased prevalence of diseases and increased usage of different medical gases in different types of therapeutic and diagnostic applications is driving the usage of different types of gases.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Medical Gas Market report.
At present owing to the Covid19 pandemic, the demand of gases like the oxygen has been increased dramatically, as the patients who are in severe condition and being under ventilators are supplied with oxygen to bring them back to normal.
Medical Gas Market Segment Analysis – By Gas Type
The gas type segment of the Medical Gas Market has Oxygen, Helium, Carbon Dioxide, Nitrogen, Nitrous Oxide, Hydrogen, Medical air and others. The Oxygen segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased usage in different types of treatments. Oxygen is the most important gas in present day’s treatment to hold the life of a patient. The medical air segment is also set to have a growth owing to the increased usage in different types of respiratory diseases.
Medical Gas Market Segment Analysis – By End Users
The End-users segment of the Medical Gas Market has Hospitals, Diagnostic centers, Laboratories, Research & Development, and Others. The hospital segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased demand f different types of medical gases for the treatment and anesthesia. The increase in the number of patients hospitalizing and the rise in respiratory diseases are supporting the growth during the forecast period 2020-2025 in the hospital segment. The research and development segment is also set to have growth owing to the usage of different types of medical gases in getting new types of drugs and medicines.
Medical Gas Market Segment Analysis – By Geography
Based on Geography the global Medical Gas Market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the increasing prevalence of chronic diseases. The European region is also set to have good growth during the forecast period 2020-2025, owing to the favorable industry policies and having new companies installed by different manufacturers. The growing population in countries like India and China and having a large number of aged population with different types of respiratory issues are driving the growth of the medical gas market in the Asia-Pacific region, during the forecast period 2020-2025.
Medical Gas Market Drivers
Increased demand for medical gases
The increase in different types of diseases like cancer, cardiovascular issues, asthma and other diseases are driving the usage of medical gases either for anesthesia or during the treatment. The increase in medical infrastructure and the growing demand of medical gases in different fields are driving the growth for the market during the forecast period 2020-2025.
Medical Gas Market Challenges
High cost of medical gases
The cost of the medical gases and costs involved in the treatment are challenging the market. The shortage of medical gases like helium and others is also a factor that is set to restrain the medical gas market growth during the forecast period 2020-2025.
Medical Gas Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Gas Market. Key companies of this market are Air Liquide, Praxair, Atlas Copco, The Linde Group, Airgas, Inc., Messer Group GmbH, Sol-Spa, GCE Holding AB, Air Products and Chemicals, Medical Gas Solutions Ltd., and others.
In July 2018, GCE Company introduced MEDIVITOP, which consists of a cylinder valve with integrated pressure regulator and is used with different types of medical gases.
In February 2018, Rotare Meditec has released a new flow meter which is designed with non-preventive maintenance called ALPIFLOW, this is attached to other gas system to regulate oxygen flow hospital pipeline system and oxygen cylinders