Medical gas application and equipment market to hit $393.01b by 2034

Thanks to a rise in hospitals, ambulatory centres, and speciality clinics.

The medical gas application and equipment market is expected to reach $393.01b by 2034 at a compound annual growth rate of 6.4%, according to a Polaris Market Research report.

The sector’s expansion is attributed to the rising number of hospitals, ambulatory surgical centres, and speciality clinics in developed and developing countries.

“As regulatory standards become stricter from organisations such as the FDA, ISO, and NFPA, hospitals are increasingly required to upgrade and repair outdated gas supply systems to comply with patient safety, operational efficiency, and best-practice standards,” the report said.

Technological developments such as automation, digital pressure monitoring, and integrated alarm systems are also driving market growth.