According to a new MarketsandMarkets report, the global medical gas and equipment market is slated to surge from its current $14 billion valuation to $20 billion by 2023, increasing at a compound annual growth rate of 6.2%. The major factors driving market growth include an aging population (and the subsequent increase in chronic diseases like COPD), the growing home healthcare market, and high smoking rates.

Based on product type, the market is divided into medical gases and medical gas equipment. Increasing use of medical gases for the diagnosis and treatment of various respiratory diseases, asthma, and other medical conditions—such as cardiovascular and lifestyle diseases—are further expected to drive the demand of medical gases during the forecast period, MarketsandMarkets officials say.

Moreover, based on application, the medical gas and equipment market is segmented into therapeutics, diagnostics, pharmaceutical manufacturing and research, and others—with the therapeutic segment expected to account for the largest share of the global medical gas and equipment market during the forecast period. MarketsandMarkets officials attribute this phenomenon to the rising incidences of cardiovascular diseases and respiratory disorders, the latter of which is due to lifestyle changes, rising pollution levels, and growing smoking rates.

Finally, on a regional basis, North America is expected to account for the largest share of the medical gas and equipment market in 2018, trailed by Europe and the Asia Pacific. The increasing adoption of technologically advanced medical gases and equipment, the highly developed healthcare systems in the U.S. and Canada, and the presence of a large number of leading medical gases and equipment manufacturers in the region are responsible for North America’s strong medical gas and equipment market.