The global medical gas market is expected to experience significant growth during the forecast period of 2023-2028, with a projected compound annual growth rate (CAGR) of around 8%. Medical Gas market size is expected to reach around USD 25 billion by 2028, up from USD 16 billion in 2020.
The growth of the market is driven by the increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, and the rising demand for medical gases in healthcare facilities. Additionally, the growing geriatric population and the increasing number of surgeries and emergency care procedures are expected to further fuel the growth of the market.
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Based on product type, the medical oxygen segment is expected to hold the largest market share, owing to its high usage in respiratory therapy and emergency medicine. The medical nitrous oxide segment is expected to witness the fastest growth, driven by the increasing demand for nitrous oxide sedation in dental procedures.
Geographically, North America is expected to hold the largest market share in the medical gas market, owing to the presence of established healthcare infrastructure and high healthcare expenditure. The Asia-Pacific region is expected to witness the fastest growth in the market, driven by the growing healthcare sector and increasing demand for medical gases in emerging economies such as China and India.
Overall, the medical gas market is expected to witness significant growth in the coming years, driven by the increasing prevalence of respiratory diseases, rising demand for medical gases in healthcare facilities, and the growing geriatric population.
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Medical Gas Market Growth:
The medical gas market is expected to experience significant growth during the forecast period of 2023-2028, with a projected compound annual growth rate (CAGR) of around 8%. There are several factors that are expected to contribute to this growth.
Firstly, the increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD) and asthma, is expected to drive the demand for medical gases. Respiratory diseases are a major cause of morbidity and mortality worldwide, and medical gases such as oxygen and nitrous oxide are essential in the treatment of these conditions.
Secondly, the rising demand for medical gases in healthcare facilities is expected to fuel the growth of the market. Medical gases are used in a wide range of healthcare settings, including hospitals, clinics, and home healthcare. With the increasing demand for healthcare services, the demand for medical gases is also expected to increase.
Thirdly, the growing geriatric population is expected to contribute to the growth of the market. As people age, they are more likely to develop chronic diseases that require medical intervention, and medical gases are an important part of the treatment for many of these conditions.
Finally, the increasing number of surgeries and emergency care procedures is also expected to drive the demand for medical gases. Medical gases such as oxygen and nitrous oxide are essential in anesthesia and pain management, and are also used in emergency medicine.
Overall, the medical gas market is expected to experience significant growth in the coming years, driven by the increasing prevalence of respiratory diseases, rising demand for medical gases in healthcare facilities, growing geriatric population, and increasing number of surgeries and emergency care procedures.
Medical Gas Market Analysis:
The medical gas market is expected to experience significant growth during the forecast period of 2023-2028. This growth can be attributed to several factors, including the increasing prevalence of respiratory diseases, rising demand for medical gases in healthcare facilities, growing geriatric population, and increasing number of surgeries and emergency care procedures.
By product, the medical gas market can be segmented into medical oxygen, carbon dioxide, nitrous oxide, nitrogen, helium, and others. Medical oxygen is the most commonly used medical gas and is expected to hold the largest share of the market during the forecast period. This is due to the widespread use of medical oxygen in the treatment of respiratory diseases and other medical conditions.
By application, the medical gas market can be segmented into therapeutic, diagnostic, drug discovery and development, and others. The therapeutic segment is expected to hold the largest share of the market during the forecast period, driven by the increasing prevalence of respiratory diseases and the rising demand for medical gases in anesthesia and pain management.
By end-user, the medical gas market can be segmented into hospitals, home healthcare, pharmaceutical and biotechnology companies, academic and research institutions, and others. Hospitals are expected to hold the largest share of the market during the forecast period, driven by the increasing demand for healthcare services and the widespread use of medical gases in hospitals.
Geographically, North America is expected to hold the largest share of the medical gas market during the forecast period. This can be attributed to the high prevalence of respiratory diseases in the region, the presence of a large number of healthcare facilities, and the strong presence of key players in the region. The Asia-Pacific region is expected to experience the highest growth during the forecast period, driven by the increasing demand for healthcare services and the growing geriatric population in the region.
Overall, the medical gas market is expected to experience significant growth during the forecast period, driven by several factors including the increasing prevalence of respiratory diseases, rising demand for medical gases in healthcare facilities, growing geriatric population, and increasing number of surgeries and emergency care procedures. The market is expected to be dominated by medical oxygen, the therapeutic segment, and hospitals, with North America and Asia-Pacific as the key regions for growth.
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