PUBLISHER: The Business Research Company | PRODUCT CODE: 1425632
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425632
Medical Gas And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical gas and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical gas and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical gas and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Medical gas and equipment denote packaged devices designed to deliver medical gases to patients during diagnoses and procedures within the healthcare sector.
The realm of medical gas and equipment, various categories exist, including medical gases, medical gas mixtures, biological atmospheres, and medical gas equipment. Medical gases, packaged for human treatment, consist of one or more gases specifically intended for therapeutic or diagnostic purposes. These gases find application across diverse medical domains such as respiratory therapy, anesthesia, medical imaging, cryosurgery, and diagnostics. They cater to an array of end users, including hospitals, research institutions, home healthcare providers, pharmaceutical and biotechnology industries, as well as emergency services.
The medical gas and equipment market research report is one of a series of new reports from The Business Research Company that provides medical gas and equipment market statistics, including medical gas and equipment industry global market size, regional shares, competitors with a medical gas and equipment market share, detailed medical gas and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the medical gas and equipment industry. This medical gas and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical gas and equipment market size has grown strongly in recent years. It will grow from $20.72 billion in 2023 to $22.58 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historic period can be attributed to various factors including the implementation of personalized medicine initiatives, extensive education and awareness campaigns, responses to pandemics, advancements in healthcare technologies, and the influence of global healthcare trends.
The medical gas and equipment market size is expected to see strong growth in the next few years. It will grow to $32.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period is fueled by several factors such as the escalating healthcare expenditure, the surge in chronic diseases, the enduring impact of the COVID-19 pandemic, the transitioning trend toward home healthcare, and the rising demand in emerging markets. Key trends expected during this period encompass a focus on cost efficiency and accessibility in healthcare services, heightened awareness and educational initiatives, the continued development of personalized medicine approaches, the expansion of telemedicine and remote monitoring solutions, and an increased emphasis on green technology within the healthcare sector.
The upward trajectory in respiratory diseases forecasts substantial growth in the medical gas and equipment market. These ailments, affecting the lungs and respiratory system, drive the need for medical gases and equipment in treatment. Notably, the Global Tuberculosis Report of October 2022 from the World Health Organization highlighted a significant rise in tuberculosis cases, reaching 10.6 million cases globally in 2021. This surge in respiratory conditions directly influences the market's expansion, reflecting a growing demand for related medical provisions.
The escalating count of surgical procedures marks a pivotal driver for the burgeoning medical gas and equipment market. Surgical interventions, involving incisions to treat or remove damaged tissues, heavily rely on these supplies for patient safety and procedural efficacy. Recent data from the Organization for Economic Co-operation and Development (OECD) in October 2023 showcased an 8.4% surge in cataract surgeries in the Czech Republic, reaching 142,670 procedures in 2022. This surge in surgical interventions significantly contributes to the market's upward trajectory.
Innovative advancements stand as a prominent trend elevating the landscape of the medical gas and equipment market. Leading market entities are intensely focused on pioneering technological solutions to fortify their market positions. For instance, GCE Healthcare's June 2021 launch of MediTec, a high-pressure gas regulator, exemplifies this pursuit. This regulator, capable of delivering up to 25 liters per minute, introduces distinctive self-centering features ensuring continued gas flow. Notably, such innovative offerings shape market competitiveness and bolster market presence.
Strategic technological innovations, like manifold changeover systems, are empowering companies within the medical gas and equipment sector to gain a competitive edge. These systems, ensuring consistent medical gas supply, constitute a critical advancement in healthcare settings. BeaconMedaes' July 2023 introduction of the MAT-S Automatic Manifold Changeover System exemplifies this drive. Featuring a dome-bias regulator design, it minimizes connections, reducing potential leakages. This system's intelligent design reduces maintenance costs and enhances operational efficiency, aligning with international standards and catering to primary and backup medical gas supplies.
In January 2022, Medical Technology Associates Inc., a healthcare compliance company headquartered in the US, successfully acquired Gasmedix LLC for an undisclosed sum. This strategic acquisition significantly bolstered MTA's service capabilities in the Midwest region. It provided MTA with access to GasMedix's specialized expertise in medical gas services, equipment, and compliance testing, consequently amplifying MTA's footprint in the region. This expansion allows for standardized medical gas testing services across a wider spectrum of healthcare facilities. Gasmedix LLC, a US-based company, specializes in providing medical gas testing services and maintenance for anesthesia machines, catering specifically to the healthcare community.
Major companies operating in the medical gas and equipment market report are Linde PLC, Praxair Inc., Air Liquide S.A., Atlas Copco AB, Messer Group GmbH, Taiyo Nippon Sanso Corporation, Gas Control Equipment Ltd., Rotarex S.A., SOL S.p.A., Amico Corporation, Air Products and Chemicals Inc., BeaconMedaes LLC, Flogas Britain Limited, Matheson Tri-Gas Inc., SCI Analytical Laboratories Inc., GCE Holding AB, Medical Gas Solutions Ltd., Ohio Medical Corporation, Powerex Corp., Gentec Corporation, Cramer Decker Medical Inc., PCI Gases, Precision Medical Inc., Bay Corporation, Amada Marvel Inc., BPR Medical, Calea, Cryofab Inc., EKOM spol. s r.o., Far East Gas Co. Ltd., Gascon Systems Pty Ltd.
North America was the largest region in the medical gas and equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical gas and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical gas and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical gas and equipment market consists of sales of liquid oxygen, compressed oxygen, nitrogen, and compressed air. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.