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 size was valued at USD 12.8 billion in 2019 and is poised to grow from USD 13.83 billion in 2023 to USD 24.33 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

Due to the existence of a small number of significant companies, the market is moderately consolidated. Leading players also participate in partnerships, product launches, mergers, and acquisitions to expand their product lines. For instance, Air Liquide S.A. agreed to buy South Africa's biggest oxygen production facility in June 2021. Strategically, Air Liquide and Sasol agreed that Air Liquide would acquire and run the plant. This plan is expected to improve the company's total manufacturing capability and solidify its position in the market. As a result, the market is expected to grow over the course of the projected period thanks to various strategies adopted by top players. The following are a few of the leading companies in the medical gas market. 'Air Products and Chemicals, Inc.', 'Air Liquide', 'Linde plc.', 'Praxair, Inc. (Now owned by Linde plc)', 'Atlas Copco', 'Taiyo Nippon Sanso Corporation', 'Matheson Tri-Gas, Inc.', 'SOL Group', 'Messer Group', 'Airgas, Inc. (Now owned by Air Liquide S.A.)', 'BeaconMedaes LLC', 'GCE Holding AB', 'Medical Gas Solutions Ltd.', 'Rotarex SA', 'Allied Healthcare Products, Inc.', 'Cavagna Group SpA', 'Novair Medical', 'Amico Corporation', 'Gentec Corporation', 'Ohio Medical Corporation.'

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.

The US Food and Drug Administration (FDA) Safety and Innovation Act, which went into effect in July 2021 and gives manufacturers the ability to control costs and submit applications for intellectual property rights for new medical gas and equipment products, is a major factor fueling the market's expansion. Additionally, the market is growing due to an increase in home healthcare applications and an aging population. Additionally, the fast urbanization, rise in the prevalence of cigarette use, and rise in the incidence of respiratory ailments all contribute to the market's expansion. However, it is projected that the market expansion will be hampered by the widespread helium shortage, modifications to the requirements for medical gas calibration, and diminishing government reimbursements for respiratory therapy. On the other hand, it is expected that in the near future, market growth in emerging nations and technical advances in medical research would offer attractive opportunities.

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.