Medical Gas Market Size, Share, Growth Analysis, By Product(Pure Gases, Gas Mixtures), By Application(Therapeutic, Diagnostics), By End Use(Hospitals, Ambulatory Surgical Centers, Home Healthcare), By Region - Industry Forecast 2024-2031

The medical gas market was dominated by North America, which had a revenue share of 35.9 % in 2021 and is expected to rise at a significant rate during the forecast period. The increased use of medicinal gases in the treatment of respiratory conditions including COPD and asthma is responsible for this consistent growth. During the expected timeframe, it is expected that the demand for medical gases in the US will increase due to the increased prevalence of COPD, asthma, and other medical illnesses like cardiovascular and lifestyle-related diseases. Additionally, the US has captured the largest share of the market thanks to the availability of state-of-the-art healthcare facilities, notably intensive care units, a well-established market, and a growing geriatric population.

Additionally, due to the present rise in home oxygen treatment use and the resulting modernization of medical gas standards and the means of supply, the medical gas industry in the US is undergoing a change in standards, analysis, and delivery methods. North America closely trailed Europe in terms of market share, and is expected to grow at a CAGR of 7.9 % during the forecast period. One of the main reasons influencing the development of this region is the existence of several associations, such as the MGA (Medical Gas Association) and EIGA (European Industrial Gases Association), which enable the provision of standard norms and standards for medical gas makers.

The UK's regulatory body for medical gases is the Medicines and Healthcare Products Regulatory Agency (MHRA), an Executive Agency of the Department of Health and Social Care (DHSC). By ensuring that medications, healthcare goods, and medical equipment adhere to the proper safety, quality, performance, and effectiveness criteria and are used appropriately, the MHRA promotes, protects, and enhances public health and patient safety. A rise in hospitals and a rise in the usage of home healthcare settings in countries like the UK, France, Italy, and others are also contributing to the market's expansion in this region. The (WHO) reports that the region's life expectancy has risen recently. It is expected that the growing older population in Europe who are dependent on care would drastically alter the home care industry in the next few years, which will indirectly benefit the market.