The global medical gas market size was valued at USD 7.5 billion in 2016 and is expected to witness a CAGR of 9.0% during the forecast period. Rising incidence of chronic diseases, growing number of industry-friendly safety initiatives undertaken by the government, implementation of U.S. FDA safety and innovation act, growing base of geriatric population, and increasing demand for home Health care and point of care products are some of the major factors propelling the growth of the medical gases market.
Medical gases are labeled as medical products and subsequently the related equipment are termed as medical devices. They are frequently used by Health care professionals for diagnostic and treatment purposes. Additionally, it has varied usage in pharmaceutical and biotechnology industry, such as, pharmaceutical manufacturing, cell culture studies, and drug discovery and development.
Chronic diseases such as asthma, diabetes, cancer, respiratory diseases, cardiovascular diseases, and other non-communicable disease have become a global burden, crippling nations. According to the Centers for Disease Control and Prevention, 1 out of 2 adults in the U.S. suffers from a chronic disease and 1 in 4 adults suffer from more than two chronic diseases.
Data from the same source indicate that 86% of the national Health care expenditure amounting to 2.7 trillion USD were spent on the treatment of chronic and mental health conditions in the U.S. According to American Public Health Association, seven out of ten deaths in the U.S. is a result of chronic disease. These facts are indicative of the alarming rise in chronic diseases which is expected to fuel the market growth of medical gases as they are used very commonly in diagnostic and therapeutic settings.
In addition, increasing geriatric population susceptible to chronic conditions is also expected to boost demand for technologically advanced equipment that aid in the management and treatment of various such conditions. Old age heightens the need for Health care by making individuals more susceptible to diseases especially pertaining to the respiratory system thus triggering patient hospitalization rates. Statistics suggest that 55% – 60% of patients admitted in hospitals are administered with medical gases. Thus, with a rise in geriatric population globally, the demand for medical gases is expected to rise considerably.
Growing demand for home healthcare and point of care markets is expected to boost the medical gases and equipment 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 elimination of drug user fees for medical gas manufacturers and establishment of a standard certification process for medical gas and equipment products among others.
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Based on application, the market is segmented into therapeutic, diagnostic, and others. The other applications taken into consideration are pharmaceutical manufacturing, biotechnology, and other research activities. The therapeutic application held the largest market revenue in 2016 owing to a broad range of medical gases used to treat and manage various disease conditions. Medical gases used for diagnostics are also expected to gain a lucrative market share with the highest CAGR of 10% during the forecast period.
Medical gases are needed to standardize and maintain medical devices used for the delivery of anesthetic gases. They are usually used for patient diagnostics such as blood gas analysis and lung function testing. For instance, liquid helium is required in MRI to cool down superconductive magnets coil scanners. Thus, varied usage of these gases is expected to propel their market growth.
Medical gas equipment involves various types of products including manifolds, vacuum systems, alarm systems, flow meters, medical air compressors, cylinders, hose assemblies and valves, outlets, regulators and masks. Medical gas vacuum systems are used to provide safe and sufficient flows at desired pressure levels to the medical gas outlets or vacuum inlet terminals. This product held the largest share in 2016 and is expected to continue to maintain its dominancy throughout the forecast period owing to its rapidly increasing penetration rates and relatively higher prices.
Masks showcased the highest CAGR of 10.9% during the forecast period owing to its frequent usage for medical gas administration. Since medical gas outlets play an important role in the distribution of medical gases, they are also expected to gain a lucrative market share in the near future. Medical air compressors which are mechanical devices that store air by compression and later used in air driven medical equipment such as dental tools, ventilators and nebulizers are also expected to gain a significant share in the market.
The key regions considered in the medical gases market are North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The U.S. is the estimated to dominate the overall market with the largest market share. In addition, the increasing geriatric population along with increasing prevalence of chronic diseases is expected to further enhance the sector growth in the North American region.
The European region followed closely after the North American region in terms of market share. Some of the major factors attributing to the growth of this region is the presence of various associations such as the EIGA (European Industrial Gases Association) and MGA (Medical Gas Association) which aid in providing standard rules and regulations for medical gas manufacturers.
On the other hand, Asia Pacific is anticipated to be the fastest growing segment, owing to densely populated nations such as China and India and an increase in Health care spending in the respective nations.
Medical Gases Market Share Insights
The major players leading the market are The Linde Group; Airgas, Inc.; BeaconMedaes; Medical Gas Solutions Ltd.; Air Products and Chemicals; Praxair, Inc.; Air Liquide; and Matheson Tri-Gas among others. The medical gases market is highly fragmented with many local and few global players.
Key strategies adopted by the major players, such as collaborations, acquisitions and mergers, new product launches are estimated to fuel the market growth of the companies and subsequently the market. Strategies such as these aids companies in strengthening their global existence for long-term sustained growth in the industry. For instance, in June 2015, Air Liquide announced acquisition of Baywater Health care Ireland Ltd, to expand its home Health care business in Europe. This acquisition is expected father add to the company’s existing product portfolio allowing it to deliver more to their clients. Various collaborations are also expected to benefit the market players in strengthening their position in the market. For instance, in July 2016, Praxair expands its Helium supply in Central Europe by signing a long-term agreement for the purchase of helium (liquid) from PGNiG, the only producer of helium in Central Europe.
|Base year for estimation||2015|
|Actual estimates/Historical data||2012 – 2015|
|Forecast period||2016 – 2024|
|Market representation||Revenue in USD Million and CAGR from 2016 to 2024|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, UK, Germany, India, China, Brazil, Mexico, South Africa|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors and trends|
|15% free customization scope (equivalent to 5 analyst working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization|
Segments covered in the report
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global medical gases market report on the basis of gas type equipment, application, and region:
Gas Type Outlook (Revenue, USD Million, 2013 – 2024)
- Pure Gases
- Medical Air
- Carbon Dioxide
- Nitrous Oxide
- Gas Mixtures
- Carbon Dioxide Oxygen Mixtures
- Oxygen-Nitrous Oxide Mixtures
- Ethylene Oxide
- Oxyfume 2000
- Helium Oxygen Mixtures
- Aerobic Mixtures
- Anaerobic Mixtures
- Blood Gas Mixtures
- Laser Gas Mixtures
- Lung Mixtures
Equipment Outlook (Revenue, USD Million, 2013 – 2024)
- Vacuum Systems
- Alarm Systems
- Flow meters
- Medical Air Compressors
- Hose Assemblies and Valves
Application Outlook (Revenue, USD Million, 2013 – 2024)
Regional Outlook (Revenue, USD Million, 2013 – 2024)
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
- South Africa
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