Medical Gas Market Will Grow Rapidly In Coming Years
Medical Gas Industry The global medical gas market size is expected to reach USD 25.55 billion by 2030, expanding at a CAGR of 8.14% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapid rise in the prevalence of chronic diseases, which necessitates the use of medical gases at various stages of disease management and control, is a major factor driving the market forward. According to the WHO, there has been a significant increase in the prevalence of diabetes, heart disease, and other non-communicable diseases worldwide over the last two decades. For instance, as per the CDC data, in 2018, 51.8% of US adults suffered from at least 1 chronic condition, and 27.2% had multiple chronic conditions. Medical gases are an important component of many long-term care treatments for chronic conditions, and thereby rising prevalence of these diseases is expected to drive the growth of the medical gases market in the coming years. Furthermore, in...