Medical Gas and Cylinder Market Growth
As the average life expectancy rises, so does the demand for medical gases like nitrogen, oxygen and carbon dioxide. As a result, the global medical gas and cylinder market is quickly expanding and is estimated to be worth over $26 billion by 2029. Year over year growth from 2022 to 2023 alone was over 10%, according to recent reports.
What’s Driving the Rising Demand for Medical Gases?
In response to market demands, companies like CalOx continue to offer increased access to medical gases and equipment, which are a lifeline for patients suffering from chronic illness. The need for medical gases and cylinders is growing at hospitals, clinics, surgery centers and in-home healthcare settings. Factors driving this growth include an aging population and a rise in chronic diseases like asthma, coronary heart disease, and diabetes. An increasing number of surgeries being performed in clinics and hospitals also requires more medical gases and equipment.
There is also a significant shift toward in-home healthcare, which often necessitates a steady supply of oxygen to treat patients with long-term health problems. More and more aging individuals, for example, are using portable oxygen containers in their homes as opposed to traditional oxygen tanks.
Regional Insights: North America
North American hospitals, clinics, and patients are forecasted to hold the highest share (33%) of the need for medical gases and equipment due to more advanced healthcare infrastructure, a growing elderly population, and increased spending on healthcare.
Recent improvements made in the infrastructure of hospitals and clinics in countries like the U.S. and the United Kingdom are expected to drive the growth in this segment the most during the next several years. Medical gases are used extensively in intensive care units (ICU), pediatric intensive care units (PICU) and neonatal intensive care units (NICU). Additionally, asthma and chronic obstructive pulmonary disease (COPD) are rising in this region, both of which require long-term oxygen therapy.
Other economies, including China and India, are investing more in their healthcare systems and are also anticipated to contribute to the demand for more medical gases.
Conclusion
As the market for medical gases and cylinders continues to expand over the next several years and into the next decade, CalOx is poised to offer products such as oxygen, nitrous oxide, carbon dioxide, cylinders, and much more to meet the current and future needs of patients. Whether you’re looking for medical gases and equipment to support your hospital, clinic, or in-home healthcare services, CalOX can help you find the right products to meet your needs. Not only do we offer gases and equipment, we can also provide refills, maintenance, and delivery services. To find out more, contact us today.