Medical Gases and Equipment Market Size, Share, Growth Analysis, By Type(Medical gases and medical gases equipment), By Application(Therapeutic, diagnostics and others), By Region - Industry Forecast 2024-2031

Medical Gases and Equipment Market size was valued at USD 14.10 billion in 2022 and is poised to grow from USD 15.16 billion in 2023 to USD 27.03 billion by 2031, growing at a CAGR of 7.50% during the forecast period (2024-2031).

The competitive landscape of the global medical gases and equipment market is characterized by the presence of several established players as well as emerging companies. These market participants focus on strategic initiatives such as mergers and acquisitions, collaborations, partnerships, and product innovations to maintain their market position and gain a competitive edge. The market is highly competitive, with companies emphasizing technological advancements, product quality, and safety standards to meet the evolving needs of healthcare providers. Additionally, players strive to expand their geographical presence through market expansion strategies and target untapped regions with growing healthcare infrastructure. The competitive landscape is further influenced by factors such as pricing strategies, regulatory compliance, and customer satisfaction, as market players aim to establish long-term relationships with healthcare institutions and maintain brand loyalty. 'Air Liquide (France)', 'Atlas Copco (Sweden)', 'Amico Group of Companies (Canada)', 'The Linde Group (Germany)', 'Messer Group (Germany)', 'Praxair, Inc. (US)', 'Air Products and Chemicals, Inc. (US)', 'Matheson Tri-Gas, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'SOL Group (Italy)', 'GCE Group (Sweden)', 'Air Water Inc. (Japan)', 'Medical Gas Solutions Ltd. (UK)', 'Airgas, Inc. (US)', 'Cryoport Systems, Inc. (US)', 'SIAD Group (Italy)', 'Air Products Healthcare (UK)', 'Gentec Corporation (Canada)', 'Randox Laboratories Ltd. (UK)', 'Praxair Healthcare Services (US)'

One key driver of the global medical gases and equipment market is the increasing prevalence of chronic diseases. The rising burden of chronic respiratory diseases, cardiovascular disorders, and other chronic illnesses creates a higher demand for medical gases and equipment. These medical gases are crucial for providing respiratory support, anaesthesia, and therapeutic treatments for patients suffering from chronic conditions. The growing prevalence of such diseases globally acts as a significant driver for the market.

One key market trend in the global medical gases and equipment market is the increasing adoption of portable and home healthcare solutions. There is a growing trend towards providing medical gases and equipment that can be used outside of traditional healthcare settings, such as in-home care or portable healthcare units. This trend is driven by factors such as the rising aging population, advancements in technology, and the desire for cost-effective and convenient healthcare options. Portable medical gas devices and equipment enable patients to receive necessary therapies and treatments in the comfort of their own homes, reducing the need for hospital visits and improving patient convenience. This trend is expected to continue growing as healthcare providers and manufacturers focus on developing innovative and user-friendly portable medical gas solutions.

North America dominated the global medical gases and equipment market. North America holds a significant market share due to the well-established healthcare infrastructure, high healthcare expenditure, and technological advancements in the region. The presence of a large number of hospitals, clinics, and research institutions, coupled with favorable reimbursement policies, contributes to the market's dominance in North America. Additionally, the rising prevalence of chronic diseases, increasing geriatric population, and the adoption of advanced medical technologies drive the demand for medical gases and equipment in the region.