Medical Gases Market Size

Medical Gases Market Size

Medical Gases Market size was valued at over USD 14.1 billion in 2020 and is estimated to grow with a 6.5% CAGR between 2021 and 2027. Several countries are noted to establish a stronger healthcare infrastructure. These are also observed to upgrade the existing healthcare facilities in order to provide a better quality of healthcare services to patients. Such activities compel the end-users to abide by the regulatory requirements to set up an efficient medical gas system and employing suitable medical gases for appropriate procedures. This is one of the prime factors driving the demand in the industry.

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Medical gases refer to the gases that are processed, packaged for medical applications. Medical gases are employed for anesthesia, diagnostic and therapeutic purposes in a healthcare facility.

Further, medical gases play a crucial role in the healthcare sector. During the advent of COVID-19, medical gases, particularly oxygen, were noted to witness increased demand. Medical oxygen is identified as one of the essential medicines during the treatment of coronavirus. However, with an unexpectedly increasing demand from all regions, production and supply related limitations were noted to cause a shortage in the market in 2020. Further, as the demand stabilized and suppliers upscaled their production capabilities, and efficient demand-supply scenario in the industry is expected to develop in the coming years.

Although, coronavirus restrictions have limited several other applications of medical gases, a nearly 10% increase in the supply is stated by the healthcare facilities, acting as a boon to the industry. This trend is predicted to continue in the industry over the short-term forecast period until the pandemic related restrictions are exercised globally.