According to the business intelligence report titled ‘Global Medical Gas Market Size study, by Product (Pure Gases, Gas Mixtures), by Equipment (Medical Air Compressors, Cylinders, Outlets, Regulators and Others), by Application (Therapeutic, Diagnostic and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global medical gas market was assessed at USD 10.59 billion in 2020 and is anticipated to be worth USD 19.36 billion by 2027, expanding at 9% CAGR between 2021-2027.
 

Increasing healthcare expenditure in developed countries such as the U.K. and U.S. is a key factor fueling global medical gas market expansion. As per Statista, total healthcare expenditure in the United Kingdom has grown from USD 280.52 billion in 2017 to USD 311.35 billion in 2019.
 

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Meanwhile, the U.S. national health expenditure as per GDP is projected to reach 18.2% in 2021 and 19.7% by 2028.
 

For the unversed, medical gas is usually manufactured, packaged, and supplied to a patient for therapeutic, anesthetic, or diagnostic uses. To that effect, surging popularity of home care services, supportive government policies, and high admission rate for hospitals will aid revenue inflow as well.
 

While growing incidence of diseases such as respiratory disorders, cancer, and sleep apnea will facilitate industry growth, high cost of medical gases and stringent government regulations will act as challenges for businesses in this domain.
 

Based on product gamut, global medical gas market sphere is split into gas mixtures, and pure gases. Speaking of equipment, the industry is divided into cylinders, medical air compressors, outlets, regulators, and others. As per application scope, the business domain is bifurcated into diagnostic, therapeutic, others.
 

From the regional frame of reference, North America held majority of worldwide medical gas industry share in the recent past owing to high concentration of leading companies, escalating healthcare expenditure, and availability of an advanced healthcare infrastructure.
 

Meanwhile, Asia Pacific market is slated to expand rapidly between 2021-2027, primarily due to increasing incidence of diseases, rising disposable income, and growing healthcare spending.
 

Key players formulating the competitive landscape of global medical gas market are The Linde Group Inc., BeaconMedaes LLC, Airgas, Inc., Atlas Copco AB, Medical Gas Solutions Ltd., Taiyo Nippon Sanso Corporation,  Air Products and Chemicals Inc., Matheson Tri-Gas Inc., Praxair Inc., and Air Liquide S.A.