Medical gases market seen reaching $39.38B by 2035

Market Research Future projects the global medical gases and equipment market will grow from $20.58 billion in 2026 to $39.38 billion by 2035, driven by respiratory disease demand, hospital PSA oxygen plants and home healthcare expansion. The report says the shift is reshaping how hospitals, insurers and patients access oxygen and related infrastructure.

Why it matters: - The market is moving from a routine procurement category to core healthcare infrastructure tied to respiratory care, surgery and diagnostic imaging. - Growth is being supported by long-term demand, not discretionary spending, which makes the market less cyclical than many other healthcare equipment segments. - The expansion could improve oxygen access, lower delivery costs and widen home-based care options for chronic respiratory patients.

What happened: - Market Research Future projected the global Medical Gases and Equipment Market will reach $39.38 billion by 2035 from $20.58 billion in 2026. - The forecast implies a 7.48% compound annual growth rate from 2026 to 2035. - The market base was estimated at $19.35 billion in 2025. - The report tied growth to rising chronic respiratory disease burden, hospital adoption of on-site pressure swing adsorption oxygen plants and expansion of home healthcare reimbursement. - The source listed a free sample request, customization request and full report.

The details: - Chronic respiratory disease is a major demand driver because patients often need oxygen therapy for 5 to 15 years. - Global Burden of Disease data put diagnosed COPD cases above 600 million globally by 2025. - The report said the United States spends about $50 billion a year on COPD management, and the CDC expects that to rise 3.5% annually through 2030. - India’s national PSA oxygen program pledged an extra $800 million and had built more than 4,000 on-site plants by 2024. - The report said moving from cylinder supply to on-site generation can cut logistical expenses by 30% to 40%. - The WHO’s expanded oxygen-access guidance recommends on-site PSA generation as the primary supply model for district hospitals in low- and middle-income countries. - Medicare’s competitive bidding program has broadened access to portable oxygen concentrators in the U.S. - Germany’s statutory health insurance funds cover home oxygen therapy for more than 500,000 patients.

• Medical gases held about 59.8% of product revenue in 2025.
• Oxygen accounted for 36.5% of gas-type revenue in 2025.
• Medical gas equipment was the fastest-growing product class, at 8.3% CAGR through 2035.
• Integrated medical gas systems are emerging as bundled managed-service contracts covering generation, distribution and monitoring.
• Therapeutic use represented 51.2% of total demand in 2025, or about $9.91 billion.
• Diagnostic and imaging applications were the fastest-growing use case, at 10.05% CAGR.
• Hospitals were the largest end-user segment, with about 57.6% share in 2025, or roughly $11.15 billion.
• Home healthcare was the fastest-growing end-user segment, at 9.05% CAGR.

• Ambulatory surgical centers grew at 7.8% CAGR.

• North America held about 44.5% of the market in 2025, with the U.S. generating about 78% of the region’s revenue.

• Europe was the second-largest region at about 26.0% share in 2025.
• Asia-Pacific was the fastest-growing region, at 12.35% CAGR from 2026 to 2035.
• The Middle East and Africa region was projected to grow at 8.4% CAGR.

• South America generated about $1.06 billion in 2025, with Brazil accounting for roughly 58% of regional revenue.

• The report estimated the market’s Herfindahl-Hirschman Index at 1,200 to 1,500, signaling moderate concentration.

• The top five suppliers held roughly 55% to 62% of global revenue.
• Linde plc held about 14% to 18% of global revenue in 2024-2025.
• Air Liquide S.A. held about 13% to 17% of global revenue in 2024-2025.
• Air Products and Chemicals held about 8% to 11% of global revenue in 2024-2025.
• Taiyo Nippon Sanso held about 5% to 8% of global revenue in 2024-2025.

Between the lines: - The report shows a shift toward infrastructure-heavy, recurring-revenue healthcare models. - PSA plants, digital monitoring and portable oxygen devices are replacing older cylinder-based supply chains and changing supplier economics. - Home care reimbursement and aging populations are pushing more respiratory treatment out of hospitals and into residential settings. - The analysis also points to a future business model centered on gas monitoring software, analytics subscriptions and helium-recycling systems.

What’s next: - By 2030, the report expects digital gas monitoring platforms to become central to medical gas delivery. - IoT-enabled monitoring is expected to support predictive maintenance, purity tracking and inventory optimization. - Equipment vendors are likely to expand subscription-based analytics tied to gas-as-a-service contracts. - The report said closed-loop MRI cooling and helium-recycling systems could create a potential $1.5 billion incremental addressable market by 2032. - As device costs fall, the market could extend beyond tertiary hospitals to secondary clinics and diagnostic centers.

The bottom line: - Medical gases are becoming a growth market powered by chronic disease, decentralized care and hospital infrastructure upgrades, with oxygen access and digital delivery systems at the center of the shift.