The medical gases and equipment industry will touch USD 33.84 billion by 2030, powering at a rate of 7.20%, as stated by a market research institution, P&S Intelligence, in one of its reports.
This is chiefly credited to the increasing incidence of chronic diseases globally. Furthermore, the spur in the size of the home healthcare industry, on top of tech- advancements, will boost the progress of the industry in the years to come.
Oxygen had the largest share, in the recent past, as a result of the occurrence of a large population of the patients suffering from respiratory ailments, including COPD, along with cardiac arrest, trauma, and severe bleeding. Furthermore, pure oxygen is put to use for the restoration of the tissue oxygen tension.
Also, the increasing patient count, which are in need of emergency care and ambulatory surgeries is thriving the advance of the category. Further, for the treatment of intoxication of a harmful substance and severe hypoxia, 100% oxygen must be directed through a face mask.
So, owing to the life-saving capability of O2, the category will continue to rule the segment in the years to come.
The therapeutic application dominated the market, with of over 40% share, in the past. This is as a result of the increasing usage of oxygen, medical air, nitric oxide, carbon dioxide, and helium as medication for the treatment of numerous conditions.
Moreover, medicinal oxygen is extensively employed in healthcare settings globally as complementary to anesthetic agents and in inhalation therapy. Furthermore, nitrous oxide is high in requirement in hospitals for use as an anesthetic, analgesic, and refrigerant in cryosurgical processes.
Hospitals had the largest share of over 27% in the industry. This is because of the increasing count of hospitals in both developed along with developing nations and their wide acceptance of carbon dioxide, liquid nitrogen, nitrogen protoxide, and medicinal air in ICUs, emergency rooms, and surgical rooms.
North America dominated the medical gases and equipment market with a share of over 35%, as a result of the increasing use of the related gases for the treatment along with CVD management, asthma, and COPD in hospitals, together with the high incidence of these ailments.
Moreover, the U.S. had the higher sales value, driven by the existence of a number of healthcare facilities. Also, because of the current growth in the usage of home-based therapy, the medical gas industry in the U.S. is facing a rise in standards, examination, and delivery processes.
Due to the increasing prevalence of pulmonary diseases all over the world, the demand for medical gases and equipment will continue to grow in the years to come.