Medical Gas Market Size, Share, Opportunities, And Trends By Application (Therapeutic, Diagnostics), By End-user (Hospitals, Surgical Centers, Research Laboratories), By Type (Oxygen, Nitrogen, Carbon Dioxide, Helium, Others), And By Geography - Forecasts From 2023 To 2028

The medical gas market is projected to show steady growth during the forecast period.

Within healthcare, medical gases encompass any gases or gas mixtures specifically intended for medicinal purposes. These gases play an indispensable role in a diverse array of medical procedures and treatments, spanning from critical life-saving resuscitation efforts to pain management interventions and diagnostic testing. Among the various types of medical gases, oxygen stands out as the most prevalent, serving as a fundamental support for cellular respiration and proving vital for patients with respiratory challenges. Carbon dioxide finds application in diverse medical scenarios, from inflating surgical cavities to stimulating breathing and regulating blood acidity.

Nitrous oxide, commonly known as laughing gas, serves as a prominent analgesic and sedative during dental procedures and childbirth. Nitrogen finds utility in cryosurgery, where its extreme cold is leveraged to destroy unwanted tissue, as well as in the preservation of blood and organs for transplantation. Anaesthetic gases, comprising mixtures like halothane, isoflurane, and sevoflurane, are instrumental in inducing and maintaining anesthesia during surgical procedures. These medical gases collectively contribute to the intricate landscape of healthcare, facilitating a broad spectrum of therapeutic and diagnostic applications.

Market Drivers

• Increasing prevalence of chronic diseases

Globally, there is a notable trend toward an evolving lifestyle, and this is particularly evident in the rise of chronic ailments in the population. In the United States, the demographic aged 50 years and older is projected to surge by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Concurrently, the prevalence of chronic diseases within this age group is estimated to escalate by 99.5%, reaching 142.66 million by 2050. Heart disease, affecting over 79 million Americans, stands as a significant contributor to 40% of all deaths. In the European Union (EU), 36.1% of the population reported having chronic health problems in 2022. Noncommunicable diseases (NCDs), particularly cardiovascular diseases, cancer, diabetes, and chronic respiratory ailments impose a substantial and growing health burden in the Southeast Asia Region, accounting for 62% of all deaths, totalling 9 million individuals. This rise in respiratory diseases, cardiovascular conditions, chronic pain, and related health issues intensifies the demand for medical gases like oxygen, nitrous oxide, and helium, crucial for effective treatment and pain management.

• Advancements in equipment and technologies-

A primary catalyst propelling the medical gas market forward is the continuous evolution of equipment and technologies. One noteworthy advancement is the utilization of Extracorporeal Membrane Oxygenation (ECMO), a life-saving technology designed to provide temporary support to the heart and lungs during critical care scenarios. ECMO employs a specialized circuit that oxygenates the blood outside the body, affording the lungs and heart a period of rest and recovery. This innovative technology has proven instrumental in managing challenging medical situations.

Another driving force behind market growth is the integration of nebulizers and high-flow oxygen therapy devices. These tools leverage compressed air or oxygen to deliver medications or enhance airflow, particularly beneficial for patients grappling with respiratory difficulties. The seamless fusion of these cutting-edge technologies underscores the pivotal role of advancements in equipment and technologies in steering the upward trajectory of the medical gas market.

Market Challenges

• Price volatility is a major challenge.

The fluctuation in raw material prices, especially for crucial elements like helium and nitrogen, introduces a level of volatility that can considerably influence both production costs and overall market stability. The unpredictability in pricing for these essential raw materials poses challenges for industries reliant on them, necessitating strategic management and adaptability to navigate potential cost variations and uphold stability in the market. Several factors contribute to this volatility, such as changes in the production or importation of gas, which forms a significant portion of the available gas supply for consumption. Storage plays a pivotal role as a buffer between demand and current supply, serving as an indicator of the relative supply and demand conditions in the gas market. Additionally, constraints within the pipeline delivery system may arise or be alleviated, impacting supply and distribution capabilities. The intricacies of these factors require careful consideration by market participants for effective management in the face of evolving conditions.

The medical gas market by application is segmented into therapeutic and diagnostics

The medical gas market is segmented by application into two primary categories: therapeutic and diagnostics. In therapeutic applications, medical gases are utilized for treating and managing various medical conditions, providing crucial support in areas such as respiratory therapy, pain management, and life support interventions. Diagnostic applications involve the use of medical gases in procedures and tests aimed at identifying and assessing medical conditions, contributing to the accuracy and efficacy of diagnostic processes in healthcare settings.

APAC is anticipated to hold a significant share of the medical gas market-

APAC is projected to account for a notable share of the medical gas market. Notably, in India, the Union Budget for 2023-24 has allocated Rs. 89,155 crore (US$ 10.76 billion) to the Ministry of Health and Family Welfare, reflecting a 3.43% increase compared to the previous year. Specific allocations include Rs. 3,365 crore (US$ 0.41 billion) for the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) and Rs. 6,500 crore (US$ 780 million) for Human Resources for Health and Medical Education.

In China, the healthcare sector has seen substantial growth, with successive governments contributing to the establishment of 1,030,935 healthcare institutions on the mainland by the end of 2021. This includes 36,570 hospitals and 977,790 primary-level clinics, organized within a three-tier system based on their capabilities in medical care, education, and research. The collective efforts in advancing healthcare infrastructure are expected to fuel the expansion of both the overall healthcare sector and the medical gas market in the region.

Market Developments

• July 2023-  CVC Asia V made a strategic investment in Samator Indo Gas, solidifying its position as Indonesia's leading industrial and medical gas company. As a prominent global alternative investment manager boasting €137 billion in assets under management and a proven track record of seven previous investments in Indonesia, CVC brought its extensive expertise and global network to the partnership. This collaboration aimed to provide Samator Indo Gas with substantial advantages, including the transfer of global knowledge and the exchange of best practices. With CVC's support, Samator Indo Gas was poised to further expand and fortify its standing in Indonesia's dynamic industrial and medical gas industry.
• June 2023- Medical Technology Associates, LLC ("MTA"), a prominent figure in medical gas services, testing, and equipment, completed the acquisition of Premier Medical, Inc. ("Premier"). This strategic move not only broadened MTA's presence into the Tennessee and Arkansas markets but also reinforced its leading position in Florida by assimilating Premier's esteemed customer base and high-caliber workforce. The integration of these two leaders in medical gas services enhanced MTA's footprint and bolstered its critical technician teams, fostering more efficient local customer service

Company Products

• Respiratory Oxygen-  The company manufactures medical oxygen adhering to rigorous production and transport regulatory standards. Their purity specifications align with U.S. Pharmacopeia (USP) guidelines, and their manufacturing sites strictly adhere to Good Manufacturing Practice (cGMP) guidelines, complying with GMP standards in Canada. Moreover, their manufacturing process holds ISO 9001:2008 certification, ensuring a commitment to quality and efficiency. Dedicated tankers specifically allocated for medical service are employed to eliminate any potential cross-contamination risks. A team of medical specialists from the company is available to assist healthcare facilities in determining the optimal supply option tailored to their unique needs.
• Oxygen (O?)- Oxygen (O?), employed as an oxidizing gas, finds essential applications in sustaining life and optimizing performance. Air Products stands out as a world-leading supplier of oxygen, recognized for its global manufacturing capabilities and dependable provision of industrial gases. With a proven track record of meeting on-time needs, Air Products is an industry leader in safety, offering technical support and world-class customer service. For larger operations, the company provides CryoEase® microbulk solutions, presenting a convenient and cost-effective solution. Available in various sizes, CryoEase® tanks further enhance the accessibility and flexibility of oxygen supply, showcasing Air Products' commitment to meeting diverse industrial demands.
• HyCO – Syngas- MATHESON offers comprehensive expertise with a global reach in the production of hydrogen (H2), carbon monoxide (CO), and syngas. Catering to customers requiring these gases, whether individually or in combination (HyCO or syngas), MATHESON provides Over-The-Fence (OTF) supply services. This entails the generation of gases on site and/or supply through pipelines, ensuring a reliable and efficient source for diverse industrial needs. The company's proficiency extends to the seamless delivery of hydrogen, carbon monoxide, and syngas, aligning with the specific requirements of its clientele on a global scale.,

Market Segmentation

• By application
  • Therapeutic
  • Diagnostics
• By end-user
  • Hospitals
  • Surgical centers
  • Research laboratories
• By type
  • Oxygen
  • Nitrogen
  • Carbon dioxide
  • Helium
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. MEDICAL GAS MARKET BY APPLICATION

5.1. Introduction

5.2. Therapeutic

5.3. Diagnostics

6. MEDICAL GAS MARKET BY END-USER

6.1. Introduction

6.2. Hospitals

6.3. Surgical Centers

6.4. Research Laboratories

7. MEDICAL GAS MARKET BY TYPE

7.1. Introduction

7.2. Oxygen

7.3. Nitrogen

7.4. Carbon Dioxide

7.5. Helium

7.6. Others

8. MEDICAL GAS MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. The Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Israel

8.5.4. Others

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

10. COMPANY PROFILES 

10.1. Matheson Tri-Gas, Inc.

10.2. Linde plc.

10.3. Air Liquide

10.4. Atlas Copco

10.5. Messer

10.6. Air Products and Chemicals Inc.

10.7. TAIYO NIPPON SANSO CORPORATION

10.8. INOX-Air Products Inc.

10.9. Mahler AGS GmbH

10.10. UCLA Health

Matheson Tri-Gas, Inc.

Linde plc.

Air Liquide

Atlas Copco

Messer

Air Products and Chemicals Inc.

TAIYO NIPPON SANSO CORPORATION

INOX-Air Products Inc.

Mahler AGS GmbH

UCLA Health