The medical gases and equipment industry has garnered $18.10 billion revenue in 2021, and it is expected to rise at the rate of 7.20% from 2021 to 2030, to generate $33.84 billion revenue in 2030.
It is led by worldwide growing prevalence of chronic diseases. Additionally, the technological advancements fuelling the home healthcare sector are projected to propel the medical gases and equipment industry in the coming years.
Moreover, the rising prevalence of respiratory diseases, led by surging count of tobacco smokers, increasing pollution levels, and growing preterm births frequency propel the industry.
Furthermore, the rising initiatives of public organizations to encourage the usage of equipment boosts the industry. In addition, the FDA has updated the CGMP regulations that include new labeling, design, and color necessities for oxygen supply compartments and closures. It can be easily distinguished and decreases the gas pollution risk.
The pure category holds the substantial industry share, led by the growing prevalence of chronic diseases, and surging number of hospitals, including worldwide rising incidence of road accidents.
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Each year, road accidents cause 1.0 million deaths and around 50 million severe injuries. Therefore, the rising demand for supplemental oxygen in healthcare industry propels the industry.
Under the pure gas type segment, oxygen captures the largest industry share, led by presence of massive patient population that suffers respiratory diseases, such as COPD, cardiac arrest, severe bleeding, and significant trauma. The tissue oxygen tension restoration involves application of pure oxygen.
In addition, the rising footfall of patients in emergency care and ambulatory surgeries propels the industry. The noxious substance poisoning treatment and severe hypoxia require administration of 100% oxygen through facial mask, led by the life-saving ability of oxygen. It is further expected to boost the demand of oxygen in the coming years.
Moreover, the medical air category is projected to experience the fastest growth, of more than 8%, in the coming years, led by wide usage of nebulizers for treatment and management of respiratory diseases, and patients suffering from humidity and oxygen toxicity.
Nitrous oxide gives an analgesic and anesthetic effect when inhaled in small amount. A large amount of inhalation can suffocate people. Anesthesia has a wide prominence in painful medical surgeries. A mixture of nitrous oxide and oxygen is used as an anesthetic agent.
The medical application of carbon dioxide involves colon for colonoscopy and laparoscopy, and inflation of the abdominal cavity. Additionally, it is utilized in a laboratory culture of anaerobic bacteria.
Argon and Helium are odorless, colorless, non-toxic inert gases. They are medically used for the gas knife, argon gas knife, and other surgical instruments.
Compressed air is used for delivering power to orthopedic instruments, surgical instruments, and ventilators.
Nitrogen is an odorless, colorless, non-flammable, non-toxic gas. It stays inactive at room temperature. It is used to drive medical tools and equipment in healthcare. Liquid nitrogen is utilized in cyrosurgery in surgery in gynecology, stomatology, and ophthalmology.
Therefore, the rising prevalence of respiratory diseases boosts the demand for medical gases and equipment.