The U.S. medical gases market size is projected to reach USD 5,182.6 million by 2024. Growing cases of chronic diseases, such as asthma, obesity, stroke, heart diseases, cancer, diabetes, are expected to drive growth in the medical gases market over the forecast period. Unhealthy eating habits due to hectic lifestyles coupled with a growing geriatric population base is resulting in the high incidence of chronic diseases in the region.
However, shortage of helium gas used for manufacturing medical equipment along with the stringent government regulations regarding the usage of this gas may impede market growth over the coming years. According to Centers for Disease Control and Prevention, tobacco smoke is the primary reason for progression and development of Chronic Respiratory Diseases (CRDs) in U.S.
In addition, growing exposure to air pollutants is expected to increase the importance of medical gases in the region. High demand and usage in the healthcare industry in U.S. will drive the pure gases segment. Oxygen plays a vital role in providing respiratory support. It has various medical applications in modern anesthetic techniques and is used in providing life support for artificially ventilated patients.
Increasing demand for advanced medical gas equipment, such as vacuum systems and manifolds, is driving the medical gases market. Rising awareness regarding chronic diseases and other health risks associated with them are also adding to the growth of this market in the region. Moreover, technological advancements in medical gas equipment and therapeutic and diagnostic products are expected to spur the demand in near future.
Rising need to maintain and standardize devices used for anesthetic gases will further fuel market demand in the coming years. Growing applications in lung function testing and blood gas analysis have also increased the product dover the past few years. Moreover, use of liquid helium gases to cool superconductive magnets coil scanners is projected to propel the regional market.
Product applications in therapeutics, diagnostics, drug discovery and development, and clinical research are also likely to offer new growth opportunities for the small-scale companies. The therapeutics segment is expected to witness a significant growth during the forecast period owing to demand for medicinal products and related equipment in hospitals and other healthcare centers.
Increasing number of patients suffering from respiratory diseases in United States is expected to drive medical gases market in the region. Most of the leading companies in the U.S. medical gases market have undertaken strategies, such as M&A and new product development, to expand the business. For instance, in 2016, Air Liquide, specialized in technologies, gases, and services, acquired Airgas, Inc., supplier of industrial gases and services.
Some of the key companies in this market include Airgas Inc.; Air Products and Chemicals Inc.; BeaconMedaes LLC; Air Liquide S.A.; The Linde Group; Medical Gas Solutions Ltd.; Matheson Tri-Gas Inc.; and Praxair Inc.