The global medical gases market revenue was around US$ 9 billion in 2023 and is estimated to reach US$ 16.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2024 to 2032.
Medical gases are used in the pharmaceutical and medical industries for several applications. These gases are used by medical professionals to diagnose and treat a variety of illnesses in their patients. Medical gases such as hydrogen, oxygen, nitrogen, carbon dioxide, nitrous oxide, and hydrogen are examples of gases that are used in healthcare settings. Using medical gas equipment, these gases are created, packaged, and given to patients for diagnosis, therapy, or anesthesia.
Factors Influencing Market Growth
- Due to an aging population and an increase in surgical procedures, the healthcare industry is experiencing a growing demand for medical gases which is expanding the medical gases market growth.
- Medical tourists from other nations are drawn to developing regions with cutting-edge healthcare facilities and cost advantages. Medical gases play a crucial role in the surgical, diagnostic, and post-operative care that these foreign patients receive. This is expected to stimulate market growth.
- The market is expanding even more as a result of the rise in demand for oxygen therapies as a life-saving treatment for a variety of ailments.
- Strict regulations on the production and supply of medical gases may hinder market growth.
Impact of COVID-19
COVID-19 positively impacted the market. The main symptom of COVID-19 is respiratory, and in more serious cases, patients may have low oxygen levels. Hospitals and other healthcare facilities found themselves in greater need of medical oxygen as a result of this. Non-traditional markets, like field hospitals and other temporary medical facilities, saw a rise in demand for medical gases. As a result, distributors and manufacturers formed new alliances and altered their distribution networks. There were shortages, especially in low- and middle-income nations, due to the rise in demand for medical oxygen. For medical professionals, caring for COVID-19 patients was a major challenge.
Regional Insights
North America dominated the market in 2023. This is because of factors like the availability of advanced healthcare infrastructure in this region. There are a lot of hospitals and other healthcare facilities that offer advanced facilities. There is an increase in the use of instruments and procedures requiring medical gases for operations. This contributes to the demand for medical gases in this region, expanding the market.
Leading Competitors
- Air Products and Chemicals, Inc.
- Messer Holding GmbH
- PT Samator Indo Gas Tbk.
- Linde plc
- Nippon Sanso Holdings Corporation
- SOL Spa
- NOL Group
- DCC Plc
- WestAir Gases And Equipment Inc.
- Air Liquide
- Taiyo Nippon Sanso Corp
- Messer Group
- Matheson Tri-Gas
- H.A.C Technical Gas Services
- Cranney Companies
- RS Gases
- Sharjah Oxygen Company
- Ellenbarrie industrial Gases
- MEC Medical Ltd.
- Other Prominent Players
Segmentation Analysis
The global medical gases market segmentation focuses on product, application, end-user, and region.
Segmentation based on Product
- Pure medical gases
- Oxygen
- Carbon dioxide
- Nitrous oxide
- Nitrogen
- Others
- Medical gases mixture
- Medical air
- Others
Segmentation based on Application
- Therapeutics
- Diagnostics
- Others
Segmentation based on End User
- Hospitals
- Pharmaceutical and biotechnology companies
- Diagnostic centers
- Others
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa