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NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Medical gas Cylinder Market size is estimated to grow by USD 3.26 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of over
11%
during the forecast period. Growing need for medical gas cylinders during chronic disease treatment and surgeries
is driving market growth,
with a trend towards
rise in number of hospitals and surgical centers. However,
stringent regulatory requirements associated with medical gas cylinders
poses a challenge - Key market players include Advanced Material Systems Co., Air Liquide SA, Air Products and Chemicals Inc., Atlas Copco AB, B.N.O.S. Meditech Ltd., CIMC ENRIC Holdings Ltd., DCC plc, Everest Kanto Cylinder Ltd., Faber Industrie SPA, HERSILL SL, Invacare Corp., Koninklijke Philips N.V., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Linde Plc, Luxfer Holdings Plc, Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Rama Cylinders Pvt. Ltd., Sinoma Science and Technology Co. Ltd., and Worthington Industries Inc..
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Technavio has announced its latest market research report titled Global medical gas cylinder market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Medical Gas Cylinder Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2017 - 2021 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 11% |
| Market growth 2024-2028 |
USD 3262 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
10.25 |
| Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
| Performing market contribution |
North America at 33% |
| Key countries |
US, Germany, China, UK, and Japan |
| Key companies profiled |
Advanced Material Systems Co., Air Liquide SA, Air Products and Chemicals Inc., Atlas Copco AB, B.N.O.S. Meditech Ltd., CIMC ENRIC Holdings Ltd., DCC plc, Everest Kanto Cylinder Ltd., Faber Industrie SPA, HERSILL SL, Invacare Corp., Koninklijke Philips N.V., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Linde Plc, Luxfer Holdings Plc, Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Rama Cylinders Pvt. Ltd., Sinoma Science and Technology Co. Ltd., and Worthington Industries Inc. |
Market Driver
The global medical gas cylinder market is experiencing significant growth due to the increasing number of hospitals and surgical centers in both developed and developing countries. In the UK, a USD 4.3 billion investment was announced in October 2020 for 40 new hospitals and hospital schemes. Similarly, Steward Health Care planned to build a new hospital in the US in March 2021. Developing countries like China and India have made substantial progress in their healthcare infrastructure, with China investing USD43.5 million in hospital construction in Wuhan and India operating 19 institutes of All India Institutes of Medical Sciences and planning to open five more by 2025. These new hospitals and surgical centers are primary consumers of medical gas cylinders, leading to market expansion.
The Medical Gas Cylinder Market is witnessing significant growth due to increasing demand for oxygen therapy equipment in operating theatres and patient care. Obesity, respiratory conditions, and chronic diseases such as asthma, tuberculosis , and coronary heart disease are major drivers. Regional firms are expanding production capabilities to meet demand. Regulators prioritize safety measures for medical gases like oxygen and carbon dioxide. Portable gas cylinders and portable oxygen tanks are essential for ambulances, temporary medical facilities, and telemedicine. Preterm births and aging population increase the need for oxygenation and chronic disease management. Oxygen concentrators are gaining popularity due to their cost-effectiveness. Safety is paramount in the medical gas industry. Leading firms like Air Liquide invest in cutting-edge medical equipment and vacuum systems. Smoked food products and high blood pressure are also contributing factors. The market is expected to continue growing due to increasing deaths from chronic diseases and the need for better patient care.
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Market
Challenges
Medical gas cylinders are essential for providing oxygen therapy, heliox therapy, and life support in Intensive Care Units (ICUs) and emergency situations. Strict regulations govern the design and manufacturing of these cylinders to ensure safety and quality. In Europe, medical gas cylinders must comply with the Medical Device Directive (MDD), Directive 2007/47/EC, and Council Directive 93/42/EEC. The oxygen used in these cylinders also needs to meet regulatory standards, such as the American National Standards Institute (ANSI) Z86.1 - 1973 for medical air supply in the US and US Pharmacopeia medical-grade oxygen standards. Manufacturers must operate under licenses issued by the UK medical regulator, the Medicines and Healthcare Products Regulatory Agency, to ensure compliance with Good Manufacturing Practice as laid down in European Directive 2003/94/EC. Failure to adhere to regulations could lead to product recalls or rejections, impacting the growth of the global medical gas cylinder market.
The Medical Gas Cylinder Market is experiencing significant growth due to the increasing aging population and the rise in chronic diseases such as asthma, diabetes, and coronary heart disease. With an average life expectancy on the rise, the demand for medical gases like oxygen, nitrogen, and carbon dioxide is increasing in hospitals, clinics, ambulatory surgical centers , and home healthcare settings. Companies like Air Liquide are leading the market with their cutting-edge medical equipment and distribution services. However, challenges such as helium shortages, high-pressure cylinder development, and the need for effective healthcare systems in emerging economies pose hurdles. The market is also witnessing favorable initiatives like federal helium reserves and innovations in medical gas mixtures and equipment for chronic disease management and emergency vehicle use. In-patients and homecare settings alike require life-essential gases for various treatments, including lung diffusion mixtures and high-pressurized gases for surgeries and ambulance services. The market is expected to continue its development, driven by the increasing healthcare expenditure and the growing geriatric population.
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Segment Overview
This medical gas cylinder market report extensively covers market segmentation by
End-user
Product
Geography
3.1 North America
3.2 Europe
3.3 Asia
3.4 Rest of World (ROW)
1.1
HHH-
The global medical gas cylinder market is experiencing growth due to the rising utilization of medical gas cylinders in hospitals and home healthcare for therapy and diagnosis. With an estimated 200 million people suffering from chronic obstructive pulmonary disease (COPD) worldwide, the need for medical gases like oxygen and nitrous oxide is increasing. In hospitals, medical gas cylinders are used extensively in Intensive Care Units (ICUs), Pediatric Intensive Care Units (PICUs), and Neonatal Intensive Care Units (NICUs). Nitrogen gas cylinders are employed to power surgical instruments. The infrastructure development and affordability of healthcare in developed countries like the US and the UK are fueling market growth. Additionally, the HHH segment is expanding due to the rising awareness and adoption of home healthcare. Portable medical gas cylinders are an alternative option for patients unable to visit healthcare facilities. The increasing number of surgeries and the growing prevalence of chronic diseases, such as asthma, are driving the demand for medical gas cylinders in hospitals and home healthcare .
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Research Analysis
The Medical Gas Cylinder Market is experiencing significant growth due to the increasing elderly population and advancements in healthcare infrastructure. With an average life expectancy on the rise, the geriatric population is expanding, leading to a higher demand for medical gases in chronic disease management. Conditions like diabetes , coronary heart disease, high blood pressure, and chronic respiratory disorders require continuous oxygen therapy and nitrogen for cryotherapy. Medical gas equipment is essential for chronic disease management, particularly in hospitals and clinics. Preterm births and home healthcare also contribute to the market's growth. Obesity, a global health concern, increases the demand for medical gases in obesity-related surgeries. However, challenges such as Helium shortages and the impact of smoked food products on nitrogen supply can affect market growth. Technology advancements in medical gases, such as portable cylinders and alternative gas sources, are expected to drive the market forward.
Market Research Overview
The Medical Gas Cylinder Market is witnessing significant growth due to the increasing aging population and the rise in chronic diseases such as asthma, diabetes, coronary heart disease, and chronic respiratory disorders. The elderly population and those with chronic conditions require effective healthcare systems that include hospital care, clinics, ambulatory surgical centers, and home healthcare. Medical gases like oxygen, nitrogen , carbon dioxide, and high-pressure cylinders are essential for patient care in various settings, including hospitals, operating theatres, and emergency vehicles. Favorable initiatives and innovations in healthcare infrastructure, such as cutting-edge medical equipment, oxygen therapy equipment, and oxygen concentrators, are driving market development. The shortage of helium, a critical component in medical gas mixtures, is a challenge, with the Federal helium reserve playing a crucial role in ensuring supply. Safety measures and regulations are stringent to ensure the quality and safety of medical gases, including those used in smoked food products and vacuum systems. The market includes regional firms and distribution services, with a focus on meeting the growing demand for medical gases in therapeutic applications, such as lung diffusion mixtures, and in infectious diseases like tuberculosis and obesity. The market is also expanding to temporary medical facilities, telemedicine, and home care settings, including portable oxygen tanks and homecare setting medical gas equipment.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Product
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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