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 global medical gases and equipment market has witnessed significant growth and expansion in recent years. This market encompasses a wide range of gases and equipment used in various medical procedures and therapies. The rising prevalence of chronic diseases, growing geriatric population, and advancements in medical technology are driving the market growth. Medical gases such as oxygen, nitrogen, carbon dioxide, and nitrous oxide play a crucial role in respiratory therapies, anesthesia administration, and surgical procedures. The demand for these gases is escalating due to the increasing number of hospitals, clinics, and ambulatory surgical centers globally. Moreover, the growing awareness regarding the importance of respiratory care and the need for effective infection control measures in healthcare settings are further fueling the demand for medical gases and equipment. Additionally, the market is witnessing a surge in demand for home healthcare services, which requires portable and easy-to-use medical gas equipment. Technological advancements, such as the development of advanced gas delivery systems, monitoring devices, and storage solutions, are also contributing to the market's growth. However, stringent regulatory requirements and safety standards associated with medical gases and equipment pose challenges for market players. Overall, the global medical gases and equipment market is anticipated to continue its upward trajectory in the coming years, driven by increasing healthcare infrastructure, rising patient population, and technological innovations.

US Medical Gases and Equipment Market is poised to grow at a sustainable CAGR for the next forecast year