North America Medical Gas Equipment Market size exceeded USD 1,081 million in 2021 and is expected to witness 6.3% CAGR from 2022 to 2028. The rising burden of respiratory disease along with growing geriatric population in the region will be major factor for the market growth. Additionally, introduction of advanced medical gas equipment coupled with installation of backup systems will fuel the market demand.
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North America Market, By Product
The manifolds product segment accounted for 25.8% North America medical gas equipment market share in 2021. Medical gas manifolds are employed in healthcare facilities to ensure stable pressure and volume of medical gases supplied from cylinders or tanks. With increasing emphasis on the smooth supply of medical gases in hospitals as well as ambulatory surgical centers, manifolds are expected to witness a steady growth in the market throughout the forecast period. Furthermore, manifolds are used to supply medical gas uninterruptedly to medical facilities pipeline systems, thus it plays an important role in transportation of gases.
North America Market, By End-use
The hospitals end-use segment was valued at over USD 365.3 million in 2021, credited to use of cutting-edge medical equipment for delivery of medical air to patients needing oxygen therapy. Also, with increasing patient pool suffering from respiratory disease, preference for hospitals among patients will increase, thereby fostering segment growth. Further, increasing prevalence of lung-related disorders and chronic obstructive pulmonary disorders (COPD), increases the demand for oxygen.
North America Market, By Country
U.S. medical gas equipment market will observe around 6.2% growth rate to reach USD 1,312.6 million revenue by 2028, due to the availability of novel products coupled with the strict standards surrounding medical gas components. Majority of the manufacturers based in Europe or North America and seek product approval in the U.S. market to leverage better visibility for the products on a global level. With the introduction and approval of technologically advanced products in the region, a relatively higher adoption trend is observed among end-users. Additionally, a higher prevalence of respiratory illnesses such as COPD in the U.S. is another driving factor for the industry.
Competitive Industry Landscape
Major players involved in the North America medical gas equipment market are Linde plc, Allied Healthcare Products Inc., Air Liquide, Amico Corporation and Atlas Copco, among others.
Companies undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in May 2021, Atlas Copco acquired the operating assets of Medigas Service & Testing Co. Inc. (Medigas), a privately owned company that serves as an authorized BeaconMedaes representative of medical and laboratory equipment, installation, verification and services. This acquisition enabled the company to expand and strengthen their support to their customers across New York, U.S.