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

Medical Gas Market Driver

• The number of people worldwide who suffer from obesity and other related problems has considerably increased in recent years due to changes in lifestyle and eating habits. Between 2021 and 2022, the prevalence of obesity nearly tripled worldwide. Over 1.9 billion persons (18 years and older) were allegedly overweight globally in 2021, according to the WHO. Over 650 million of these were deemed to be obese. Additionally, 340 million kids and teenagers worldwide, aged 5 to 19, were reported to be overweight or obese in 2021.
• Obesity is thought to be one of the main causes of the rising incidence of chronic diseases, such as diabetes and heart diseases. According to the WHO, the prevalence of non-communicable diseases like diabetes, heart disease, and others has significantly increased over the past 20 years. The American Hospital Association estimates that 149 million people in the US had at least one chronic ailment in 2021, including hypertension, heart disease, and respiratory conditions. This figure is projected to increase to 171 million by 2028. The rising prevalence of lifestyle diseases is expected to have a significant impact on the growth of the medical gases and equipment market in the upcoming years because medical gases are an essential part of numerous long-term care treatments for several chronic conditions, including cancer, chronic respiratory diseases, and cardiovascular diseases.

Medical Gas Market Restraint

• Helium is frequently used in the healthcare sector for a variety of purposes, including medical imaging (to cool MRI equipment) and as a carrier gas in GC and GC-MS operations. Currently, over 20% of the world's helium usage is attributed to medical uses like MRI. The US produces the vast majority of the world's helium. The US Bureau of Land Management has been in charge of overseeing the federal helium reserve, where the US government has been storing helium since early. Over one-third of the world's helium supplies in 2021 came from helium removed from the government helium reserve's stockpile. The oldest helium reservoir in Texas was set to be shut down by the US government, however that decision was overturned when new legislation was passed in 2021. This legislation underlined the need to draw down helium from the reserve more gradually and at higher costs in order to ensure a smooth transition and avoid a sharp drop in the price of helium on the market. There is still a 5–10% shortfall of helium for essential application areas in aerospace & defence and medical applications, despite the fact that helium from the US is available. As a result, it is expected that helium prices would rise in the years to come on the global markets. The lack of helium has forced makers of MRI equipment to explore alternative gases to cool MRI systems. The market for medicinal gases as a whole may suffer as a result.