Medical Gas Equipment Market Size

Medical Gas Equipment Market Size

Medical Gas Equipment Market size was worth USD 2.8 billion in revenue in 2022 and is estimated to expand at 7% CAGR from 2023 to 2032, driven by the rapid growth of the elderly population worldwide owing to the expanding healthcare infrastructure and increasing rate of average life expectancy. As per UN estimates, the geriatric population may reach 2.1 billion by 2050.

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The rising burden of diabetes, coronary heart disease, and blood pressure has stirred the higher demand for medical gas equipment for chronic disease management. The surging prevalence of chronic respiratory disorders, including chronic obstructive pulmonary disease (COPD) and asthma have led to the growing need for oxygen therapy equipment, including oxygen concentrators and portable oxygen tanks to improve oxygenation, relieve symptoms, and enhance the quality of life. It has been estimated that COPD affects 1 out of 10 individuals in the adult global population. The scaling number of in-patients will also prove favorable for the market expansion.

The rising preference for point of care diagnostics to match the growing prevalence of infectious diseases will drive the demand for medical gas equipment. According to the WHO, tuberculosis is one of the world's deadliest infectious diseases and accounted 1.6 million deaths in 2021. However, the presence of stringent regulatory landscape driven the dictation of guidelines and rules by various governments and organizations for safe and effective usage of medical gas equipment will limit the product adoption to some extent. To illustrate, the U.S. FDA has published stringent rules and regulations for handling medical gas equipment.