Medical Gas Equipment Market - By Product (Manifolds, Outlets, Hose Assemblies & Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, ASCs) – Global Forecast 2023-2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMedical Gas Equipment Market - By Product (Manifolds, Outlets, Hose Assemblies & Valves, Alarm Systems, Cylinders, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems), By End-use (Hospitals, Clinics, ASCs) – Global Forecast 2023-2032
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Medical Gas Equipment Market Size
Medical Gas Equipment Market size was worth USD 2.8 billion in revenue in 2022 and is estimated to expand at 7% CAGR from 2023 to 2032, driven by the rapid growth of the elderly population worldwide owing to the expanding healthcare infrastructure and increasing rate of average life expectancy. As per UN estimates, the geriatric population may reach 2.1 billion by 2050.
The rising burden of diabetes, coronary heart disease, and blood pressure has stirred the higher demand for medical gas equipment for chronic disease management. The surging prevalence of chronic respiratory disorders, including chronic obstructive pulmonary disease (COPD) and asthma have led to the growing need for oxygen therapy equipment, including oxygen concentrators and portable oxygen tanks to improve oxygenation, relieve symptoms, and enhance the quality of life. It has been estimated that COPD affects 1 out of 10 individuals in the adult global population. The scaling number of in-patients will also prove favorable for the market expansion.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Medical Gas Equipment Market Size in 2022 | USD 2.8 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7% |
| 2032 Value Projection | USD 5.4 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 143 |
| Tables, Charts & Figures | 224 |
| Segments covered | Product, End-use, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
The rising preference for point of care diagnostics to match the growing prevalence of infectious diseases will drive the demand for medical gas equipment. According to the WHO, tuberculosis is one of the world's deadliest infectious diseases and accounted 1.6 million deaths in 2021. However, the presence of stringent regulatory landscape driven the dictation of guidelines and rules by various governments and organizations for safe and effective usage of medical gas equipment will limit the product adoption to some extent. To illustrate, the U.S. FDA has published stringent rules and regulations for handling medical gas equipment.
COVID-19 Impact
The COVID-19 pandemic turned out to be a silver lining for medical gas equipment companies. The skyrocketing demand for oxygen and other medical gases to treat patients sent the market into overdrive. Hospitals and clinics were under immense pressure to keep up with the demand. They scrambled to secure a steady supply of equipment and invest in new, portable systems that could adapt to the changing needs. One example is Rotarex S.A., a medical equipment maker that pumped €4.5 million into a new investment project in February 2021. Why? To boost production of key components needed to fight the pandemic. The rise in telemedicine also gave the market a shot in the arm. More patients turned to virtual doctor visits, which meant more at-home monitoring and treatment. This fueled the demand for home-based medical gas equipment.
Medical Gas Equipment Market Trends
The rollout of favorable initiatives led by several government and regulatory organizations, such as the U.S. FDA Safety and Innovation Act, to enhance the quality of patient care and ensure safety will enhance the market growth. Numerous government research agencies are also allocating fundings for R&D activities related to medical gas equipment for innovations and the development of safer and effective devices. To cite an instance, in November 2021, UNICEF joined forces with Oxygen CoLab for driving the development of novel and innovative robust oxygen concentrators to cater to uses in low-resource settings.
Medical Gas Equipment Market Analysis
The manifolds segment held significant share of the medical gas equipment industry in 2022 and is estimated to record USD 1.4 billion by 2032 owing to the high application scope in different healthcare settings, including hospitals and ambulatory surgical centres for continuous supply of medical gases, like oxygen, carbon dioxide, nitrogen, and nitrous oxide. Driven by their highly stable outlet pressure and ease of maintenance, manifold systems are recording tremendous demand in different applications.
Rising innovations led by prominent players to meet the increasing healthcare requirements will also add to the market growth. For instance, in July 2023, Atlas Copco’s BeaconMedaes LLC unveiled MAT-S, its gen-next automatic manifold changeover system incorporated with innovative features to deliver premium performance and reliability as well as lower operational and maintenance costs.
Expect the medical gas equipment market to boom in hospitals, possibly reaching over $2 billion by 2032. Hospitals are embracing the latest and greatest medical devices to provide oxygen to patients with respiratory issues. Think of all the people suffering from breathing problems these days! For example, BeaconMedaes just came out with a new system that sucks out and gets rid of waste anesthetic gas from operating rooms in private hospitals. It's like a breath of fresh air! Plus, government agencies like the National Fire Protection Association and the U.S. Food and Drug Administration are stepping up to create rules for how medical gases are handled, stored, and given in hospitals. This will make sure these medical gas systems stay safe and running smoothly.
The medical gas equipment market in North America is set to grow at a steady pace, driven by several key factors. Firstly, the increasing number of people with respiratory problems, particularly in the United States, is fueling the demand for these devices. According to health authorities, about 8.7% of adults in the U.S. suffer from asthma. Secondly, the growing trend of home healthcare is also driving up the need for medical gas equipment. As more seniors prefer to receive care in the comfort of their own homes, there's a higher demand for portable and home-use devices. Finally, government initiatives aimed at improving healthcare infrastructure and making care more accessible will further boost the industry's growth in the region.
Medical Gas Equipment Market Share
The medical gas equipment industry is consolidated in nature, comprising major players and several regional firms that develop, manufacture and commercialize medical gas equipment, such as manifolds medical air compressors, vacuum systems, and regulators among others. For instance, Air Liquide, Taiyo Nippon Sanso Corporation, Linde Group, and Atlas Copco Group are continuously focused on adopting various strategies, such as mergers & acquisitions, and partnership agreements to gain competitive edges, and account for 32% of the market revenue share.
Some of the well-known companies functioning in the medical gas equipment include
- Allied Healthcare Products Inc.
- Amico Group of Companies
- Colfax Corporation
- Silbermann Medical Gas Systems
- Air Liquide S.A.
- Atlas Copco Group
- Linde plc
- Tenex Capital Management
- Precision UK
- GENTEC (Shanghai) Corporation
- Rotarex S.A.
- Taiyo Nippon Sanso Corporation
- Drägerwerk AG & Co. KGaA
Medical Gas Equipment industry News
- In March 2023, Atlas Copco Group bought U.S.-based medical gas equipment and system provider FS Medical for strengthening its product offerings and services across the country
- In October 2022, Tenex Capital Management announced the sale of renowned oxygen regulators and central gas system manufacturer, Ohio Medical, LLC to leading fabrication as well as gas control technology firm ESAB Corporation to accelerate its global expansion
Medical gas equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Product (USD Million & Units)
- Manifolds
- Outlets
- Hose assemblies and valves
- Alarm systems
- Cylinders
- Flowmeters
- Regulators
- Medical air compressors
- Vacuum systems
- Others
By End-use (USD Million)
- Hospitals
- Clinics
- Ambulatory surgical centers
- Others
The above information is provided for the following regions and countries
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
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