The size of medical gases and equipment market will power at a compound annual growth rate of 7.20% during 2022–2030, to touch a value of USD 33.84 billion by 2030.
This is mostly attributed to the global increase in chronic disease incidence and the growth of the home healthcare industry along with technological improvements.
Moreover, the increased prevalence of respiratory disorders, brought on by an increase in cigarette users and pollution levels, and the rise in preterm deliveries, are driving the expansion of the industry.
The pure category had a larger share in the past because of the high frequency of chronic diseases, increasing hospital admissions, and rising number of road accidents worldwide.
Every year, vehicle accidents cause more than 1 million fatalities and 50 million severe injuries worldwide. As a result, there is an exponential increase in the need for more oxygen in hospitals.
Due to the prevalence of a substantial patient population suffering from respiratory disorders, such as COPD, as well as cardiac arrest, severe trauma, and severe bleeding, oxygen held the highest share among the other pure gases.
Medical air will experience the highest CAGR, of more than 8%, in the years to come due to its widespread use in nebulizers for the management and treatment of respiratory patients, patients who suffer from oxygen toxicity, and humidity therapy.
The mixtures category will see the highest CAGR. This is as a result of the lung diffusion mixes' expanding use in both therapeutic and diagnostic settings, such as neonatal care, wellness programmes for those in rehabilitation, the evaluation of disabilities, intensive care, and the treatment of GI, CVD, and respiratory diseases.
Hospitals had the largest revenue share, of 27%, followed by home healthcare settings. Hospitals utilize medical gases and equipment extensively in emergency rooms, ICUs, and surgical rooms.
The home healthcare sector is projected to grow at the highest CAGR, as people prefer receiving long-term care in the comfort of their homes. Technological advancements, including lightweight and portable gas handling equipment, have facilitated the growth of the industry.
North America dominated the medical gases and equipment market, accounting for an over 35% share, primarily due to the high usage of medical gases in the treatment and management of cardiovascular diseases, asthma, and COPD.
Furthermore, Europe holds the second-largest share, with countries like Germany, France, and the U.K. playing a crucial role in the region's market growth.
With the rising demand for medical gases in various therapeutic and diagnostic applications, as well as the growing preference for home-based care, their demand will continue to grow in the years to come.
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