Medical Gas Equipment Market Size, Share & Trends Analysis Report By Product (Vacuum Systems/Pumps, Manifolds, Alarm Systems, Flowmeters), By End-use, By Region, And Segment Forecast, 2023 - 2030

Market Size & Trends

The global medical gas equipment market size was valued at USD 2.34 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.80% from 2023 to 2030. The growth of the market is driven by a range of factors such as a rise in surgeries and hospital admissions, as well as an aging population. This has spurred a corresponding increase in demand for equipment that can accurately and reliably deliver gases to patients, and new technologies such as digital flow meters, remote monitoring systems, and wireless connectivity are making these devices more efficient, dependable, and safer for patients. The rising healthcare expenditure and the growing demand for home healthcare and point-of-care diagnostics are driving the market forward. Additionally, rising pollution levels and tobacco use are leading to a heightened need for respiratory support, further boosting the market.

Respiratory illnesses remain a major challenge for healthcare systems worldwide and contribute significantly to non-communicable disease-related deaths. Asthma, pneumonia, and COPD are the leading causes. Oxygen therapy is used to treat some chronic lung conditions, such as COPD, by reducing the strain on the heart instead of the lungs and preventing pulmonary artery hypertension. Medical gases are used to treat a variety of respiratory conditions and the increasing incidence of these illnesses is driving growth in the medical gases and equipment market. To meet the rising demand for reliable, safe, and effective respiratory care, equipment such as vacuum systems/pumps, alarm systems, flowmeters, manifolds, and others are increasingly being used.

Furthermore, according to the data published by American Lung Association, in 2020 approximately 12.5 million people were diagnosed with COPD, further increasing the demand for medical gas equipment. Also, the industry is witnessing the introduction of advanced technologies like wearable respiratory equipment like masks, portable oxygen concentrators, and vacuum systems. As medical gases are essential to several long-term care therapies for chronic diseases, the market is anticipated to grow significantly in the next years.

Several developments by the key market players are also contributing to the market’s growth. For instance, in January 2023, Atlas Copco, a leading manufacturer of industrial tools and equipment, acquired MedCore Services Inc. which aims in the maintenance and service of medical gas systems. This strategic move is expected to enhance Atlas Copco's offerings and expand its market reach for medical gas equipment. The acquisition emphasizes the company's commitment to providing high-quality and reliable equipment that meets the evolving needs of healthcare professionals and patients.

During the pandemic, the demand for medical gas has increased significantly, especially in the fields of oxygen therapy and critical care. The pandemic has led to a surge in demand for respiratory care equipment due to the increased need for oxygen therapy for COVID-19 patients. This has created significant opportunities for manufacturers, particularly those who specialize in oxygen therapy equipment. The market has seen tremendous expansion, and in order to keep up with the rising demand, numerous businesses have introduced new and cutting-edge products.

Product Insights

The vacuum systems dominated the market in 2022 accounting for a share of 31.50%. The growth of the market is attributed to the factors such as high usage rates and higher prices. As medical procedures become increasingly complex and diverse, the use of vacuum systems and pumps has become essential for the safe and efficient delivery of medical gases. Moreover, advanced equipment can provide accurate and reliable suction power. This is particularly important in surgical procedures where the suction of fluids and gases is critical for patient safety.

Masks have also been identified as a particularly attractive market segment. This is primarily because they have low manufacturing costs and high usage rates. As a result, they are expected to experience significant growth over the forecast period. Additionally, regulators and medical gas outlets are also expected to witness significant growth. The growing number of initiatives addressing safety issues has encouraged several key players to frequently update their product portfolio, which is expected to drive segment growth during the forecast period.

On the other hand, manifolds segment accounted for the second-largest market share in 2022. Manifolds are used to provide a continuous supply of medical gases to pipeline systems in medical facilities. This makes them an integral part of the transportation of gases, which in turn boosts the market growth. Furthermore, the increasing need for medical gases in hospitals and ambulatory surgical centers is driving up the demand for manifolds, thus contributing to market growth.

End-use Insights

The hospital segment dominated the market in 2022 with a revenue share of 28.61%. Medical gas equipment is important for several medical procedures and helps ensure patient safety and comfort. It includes gas cylinders, pressure regulators, flow meters, and other devices that control the flow and pressure of gases. In July 2018, an article published in MDPI stated that the usage of medicinal gases in hospitals is linked to the amount of medical activity, as these gases are solely used for patient care. The utilization of medical gases is directly proportional to the rise in hospital activity. For instance, a surge in surgical procedures leads to an increase in the usage of nitrogen protoxide, carbon dioxide, oxygen, and medical air. Similarly, a rise in outpatient procedures causes a rise in the consumption of oxygen.

The home healthcare segment is projected to witness the fastest CAGR of 9.28% in the coming years. It offers patients to receive medical treatment at home. In-home healthcare, medical gases such as oxygen and nitrogen are used to treat patients with respiratory conditions or chronic obstructive pulmonary disease (COPD). Patients can use portable oxygen concentrators or compressed gas cylinders, which are delivered to their homes and connected to oxygen delivery systems.

Medical gas cylinder technology has advanced significantly, introducing new composite cylinders that are lightweight and have non-limited life (NLL). These cylinders have the potential to have a major impact on homecare treatments, portable oxygen therapies, and medical gas applications in the near future. Patients receiving healthcare at home would benefit from these cylinders, as they are much lighter than those made of aluminum. These advancements in medical gas equipment are driving the growth of the market.

Regional Insights

North America dominated the market in 2022 owing to its highly developed healthcare system, high incidence of minimally invasive procedures, and adoption of rules such as the U.S. Food and Drug Administration Safety and Innovation Act. The necessity for respiratory support devices like oxygen concentrators and ventilators in the region has increased as a result of the COVID-19 outbreak, which has also emphasized the need for medical gas equipment in patient care.

Europe is projected to witness significant growth in the forecast period. The region is anticipated to continue growing as a result of the presence of several organizations such as the European Industrial Gases Association and the Medical Gas Association, which support the development and adoption of medical gas equipment in the area. It is also projected that the highly developed healthcare systems in Western European countries will encourage the expansion of the European market.

Moreover, the expansion of the market in Europe is being driven by a growing use of home healthcare settings in countries such as the U.K., France, Italy, and others. The World Health Organization (WHO) has reported that the region's life expectancy has been increasing steadily in recent years. It is anticipated that the increasing number of elderly people requiring care in Europe will significantly shape the home care settings business in Europe in the near future, which will positively influence the market.

Key Companies & Market Share Insights

The medical gas equipment market is highly fragmented owing to the presence of several manufacturers that provide regulators, manifolds, vacuum pumps, etc. Market players are undertaking strategic initiatives, such as product launches, partnerships, and acquisitions, to strengthen their presence. For instance , in June 2021, GCE Healthcare launched a new and improved design for its latest high-pressure gas regulator, aimed at providing better safety to providers for medical professionals. Some of the prominent players in the global medical gas equipment market include:

• Air Liquide S.A.

• Atlas Copco Group

• Linde plc

• Airgas Inc.

• Allied Healthcare Products Inc.

• Powerex

• Amico Corp

• Gentec Corp.

• Taiyo Nippon Sanso Corporation

• Colfax Corporation (GCE group AB)

Medical Gas Equipment Market Report Scope

Global Medical Gas Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical gas equipment market report based on product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Vacuum Systems/Pumps

  • Manifolds

  • Alarm Systems

  • Flowmeters

  • Medical Air Compressors

  • Cylinders and Accessories

  • Hose Assemblies and Valves

  • Outlets

  • Regulators

  • Masks

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers

  • Home Healthcare

  • Pharmaceutical And Biotechnology Companies

  • Diagnostic and Research Laboratories

  • Academic and Research Institutions

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait