Global Medical Gases and Equipment Market Size

Medical Gases & Equipment Market Analysis

The medical gases and equipment market is projected to register a CAGR of 8.1% over the forecast period (2022-2027). Medical gases are used for various purposes in healthcare. For instance, some gases are used for anesthesia, some for driving medical devices and tools, and some gases are used in treatment.

COVID-19 pandemic has a wide impact on the market studied. In the year 2021, a large number of people died due to the lack of medical oxygen in a healthcare facilities in various countries. This contributed to the high demand for pure medical gases and helped grow the market. As per the July 2021 data from the World Health Organization, more than half a million people in lower-to-middle-income countries were estimated to need oxygen treatment every day during the second wave of the coronavirus pandemic. Also, the same data suggests that USD 90 million in immediate funding was required to meet the urgent need for oxygen in more than 20 low-and-middle-income countries. The data indicate that medical gas oxygen was in high demand during COVID-19. Hence, the market was positively impacted as a result of the pandemic.

Other major factors driving the growth of the medical gases and equipment market include the rising demand for home healthcare and point-of-care diagnostics, the increasing burden of respiratory diseases, and favorable initiatives undertaken by government organizations. Chronic respiratory diseases (CRDs) are chronic diseases of the airways and other structures of the lung. Common lung diseases include asthma, chronic obstructive pulmonary disease, occupational lung diseases, and pulmonary hypertension.

According to the World Health Organization (WHO) data updated in May 2022, more than 3 million people die each year from chronic obstructive pulmonary disease (COPDs), an estimated 6% of all deaths worldwide, and about 235 million people are suffering from asthma. WHO estimates COPD to become the third leading cause of death globally by 2030. Though these are not curable, various forms of treatment help dilate air passages and improve shortened breath and increase the quality of life for people suffering from these diseases.

Oxygen therapy is used for some chronic lung conditions, and COPD is one of these conditions. Oxygen is used to take the strain off one's heart, not lungs. It helps in preventing pulmonary artery hypertension. Long-term oxygen use can help relieve the strain on the heart. Other medical gases are also used to treat different chronic respiratory conditions, and the increasing prevalence of respiratory diseases acts as a driver for the growth of the medical gases and equipment market.