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Rising Incidences of Chronic Diseases Supplemented by the Senior Population Have Been the Key Driver for the Medical Gas Market

HYDERABAD, TELANGANA, INDIA, November 9, 2022 /EINPresswire.com/ -- Medical Gas Market size is estimated to reach $9.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.5% over the forecast period of 2022-2027. Medical gases are the quintessential portion and provide structural integrity to the overall healthcare sector. Medical gasses are provided in numerous ways, such as via the help of portable compressed air systems or with stand-alone oxygen cylinders. The medical gasses need to be monitored, if not, the overall health can deteriorate, hence, oxygen flow meter or valve controls or vacuum insulated evaporator are placed and regularly monitored. Moreover, medical-grade compressed air is used in just about every area of a hospital and is administered to patients who need inhaled medications and anesthesia, while patients are under anesthesia agents, for treatment of respiratory conditions, and to power ventilators. Medical air, oxygen, carbon dioxide, nitrogen, and nitrous oxides are some of the common medical gases being used in industry. The rising incidences of chronic diseases supplemented by the senior population have been the key factor driving the Medical Gas Industry for the projected period of 2022-2027.

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Key Takeaways

Geographically, North America’s medical gas market held a dominant market share in the year 2021. It is owing to the robust demand being observed in the region owing to the tremendous demand catered via the surge of COVID-19. The predominant hospitalizations needed medical oxygen, thereby fulfilling the region’s space. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the growing older population and the associated need for medical gases.

The rising incidences of chronic diseases supplemented by the senior population have been the key driver for the Medical Gas Market. However, the high stratification of medical gases and regulatory stringency impedes the overall market growth.

A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Gas Market Report.

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Segmental Analysis:

Medical Gas Market Segmentation Analysis- By Gas Type: The medical gas market based on type can be further segmented into Pure Gasses and Gas Mixtures. Pure-Gasses held a dominant market share in the year 2021. It is owing to the robust demand being seen, owing to the pandemic and as the world is suffering through a rough- bout of COVID waves. As per the official numbers by the UK government, the demand for medical oxygen soared up to 10x during the second wave of COVID. Moreover, Pure Gasses is estimated to be the fastest-growing, with a CAGR of 8.4% over the forecast period of 2022-2027. It is owing to the rise in pulmonary diseases, and other respiratory malignancies, which pre-existed before the pandemic, whose numbers would continue to soar as per the rising population levels, and other instigators.

Medical Gas Market Segmentation Analysis- By End-Users: The medical gas market based on end-users can be further segmented into Hospitals, Ambulatory Surgical Centers, Private Clinics, Homecare, and Others. Hospitals held a dominant market share in the year 2021. It is owing to the demand created owing to the substantial presence of chronic diseases and ailments, along with the pandemic. Moreover, patients were advised to take admission to a hospital if they felt the overall oxygen saturation was dipping down. However, the Homecare segment is estimated to be the fastest-growing, with a CAGR of 8.3% over the forecast period of 2022-2027.

Medical Gas Market Segmentation Analysis- By Geography: The medical gas market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the dominant share of 33% as compared to the other regions in 2021. It is owing to the tertiary demand being seen in the ambulatory surgical centers, along with an overloaded demand for medical air/oxygen, primarily because of COVID. The number of deaths, due to COVID in the US surpassed 800,000, most of them during the year 2021, or late oxygen intervention. The following figure shows the absolute demand seen, which trembled the healthcare beyond repair. However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027.

Competitive landscape:

The top 5 players in the medical gas industry are:

1. Air Liquide
2. Praxair
3. Atlas Copco
4. The Linde Group
5. Airgas, Inc.

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