The global medical gas cylinders market is expected to witness a market value of US$ 19.7 billion in 2023 and is expected to accumulate a market value of US$ 29 billion by registering a CAGR of 4.4% in the forecast period from 2023 to 2033. The Medical Gas Cylinders market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as the increasing demand for medical gases in hospitals, clinics, and home healthcare settings, as well as the rising popularity of smoked food products, are expected to boost the market growth over the analysis period.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 19.7 billion |
| Projected Market Value in 2033 | US$ 29.0 billion |
| Growth Rate (2023 to 2033) | 4.4% CAGR |
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Medical Gas Cylinders has flourished. One of the major factors that are expected to accelerate market growth includes the continually rising demand for medical gases. With the rising number of patients suffering from chronic diseases and the increasing number of surgeries, there is a growing demand for medical gases, such as oxygen, nitrogen, and carbon dioxide.
The growing geriatric population is another major factor that is anticipated to boost the market growth over the analysis period. The world's population is aging rapidly, and the geriatric population is more prone to chronic diseases that require medical gases for treatment. In addition, advancements in technology have led to the development of lightweight and portable medical gas cylinders that are easy to handle and transport, which in turn are expected to accelerate the market growth.
Furthermore, governments across the world are increasing their healthcare expenditure to improve the quality of healthcare services. Hence, the increasing healthcare expenditure is another factor expected to increase the demand for medical gas cylinders. Also, the growing trend of patients receiving healthcare services at home has also led to an increase in the demand for portable medical gas cylinders.
Besides, the healthcare industry is expanding globally, and with the increasing number of hospitals and clinics, the demand for medical gas cylinders is expected to increase. In addition, the increasing awareness about the benefits of medical gases for treating various diseases is one of the major factors that is anticipated to propel market growth.
On the regional end, the Medical Gas Cylinders market in North America is expected to account for the maximum share during the analysis period. The major factors that are driving the regional market growth include the well-established healthcare infrastructure and a high standard of healthcare services in the region.
On the other hand, the Medical Gas Cylinders Market in Asia Pacific is witnessing significant growth in recent years. The regional growth can be attributed to several factors such as the increasing demand for medical gases due to the rising prevalence of chronic diseases, the growing geriatric population, and the increasing number of surgical procedures.
Recent developments in technology, mergers, acquisitions, and partnerships within the companies involved in the designing of Medical Gas Cylinders are expected to create lucrative opportunities for market growth over the analysis period.
Medical gas cylinders consist of high-pressurized gas used for various medical purposes. In order to cater to the varying requirements of the end users, medical gas cylinders are available in various formats and sizes. Continuous demand for life-essential gases at the hospital propelled a significant increase in the sales of medical gas cylinders.
Besides this, the consumption of portable gas cylinders is expected to increasing g with a high pace, as most people prefer to have such cylinders at home for emergency situations, especially during rising pandemic situations.
To fulfill increased demand many key players across the globe are planning to increase their production capabilities and expansion of distribution services. The global outlook for the medical gas cylinder is anticipated to remain positive throughout the forecasted period due to the evergreen medical sector.
Rapidly rising cases of COVID in various regions demand oxygen gas to treat patients. Every day rising requirement for oxygen gas cylinders is supplementing the sales of medical gas cylinders. Also, the set-up of temporary medical facilities to treat COVID patients pushes the requirement for medical gas cylinders to cater to the demand for oxygen gas cylinders.
The portable medical gas cylinders are gaining significant traction among people attributed to having safety measures at home. The non-availability of space in hospital lead to a homecare setting which ultimately bolsters the market for medical gas cylinder. Further, as these type of cylinders is lightweight and easy to handle, many hospitals used this in an ambulance or emergency vehicle.
Therefore, these cylinders create revenue-generating opportunities for the key players as well as open a new door for applications.
The entry of new players in the market for manufacturing medical cylinders to cater to the need during the current scenario is augmenting the market growth for medical gas cylinders. The players are introducing a new product line of medical gas cylinders in their product portfolio which is expected to push the market growth for medical gas cylinders.
The factor challenging for the medical gas cylinder market is the high cost of raw materials as well as their availability. Also, the precaution needed to be taken while manufacturing and storing the same may hamper the medical gas cylinder market.
Key players are
To achieve a leading position and to deal with the market competition, manufacturers of medical gas cylinders are strategically planning for the expansion of the business line. Some of the key players are focussing on product and technology-level innovations and therefore investing a twofold amount in research activities.
Further, to cater the increasing demand for gas cylinders during the COVID-19 pandemic situations, manufacturers are planning to have a strong distribution network in the international market.
Rapidly rising chronic diseases and infectious diseases create demand for oxygen and other medical gases in hospitals. This led to the demand for medical gas cylinders to provide a continuous supply of required medical gases in hospitals.
Recently, the Indian government has decided to provide funds for 151 PSA and 162 PSA medical oxygen-generating plants in public health facilities and increase the production of oxygen cylinders. Attributing to this, India is expected to gain a new horizon in the global medical gas cylinder market.
The impact of the COVID-19 pandemic on the medical gas cylinder market was and is significantly positive as during COVID-19 there was a tremendous increase in the use of gas cylinders in hospitals and ambulances.
Also, various medical facilities were immediately started along with a homecare setting which augments the sales of the medical gas cylinders. On the back of these statements, the market for medical gas cylinders bolstered during COVID-19.
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Medical Gas Cylinders Market
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