Medical Nitrous Oxide Market in terms of revenue was estimated to be worth $1.8 billion in 2023 and is poised to reach $2.8 billion by 2029, growing at a CAGR of 6.6% from 2023 to 2029 according to a new report by MarketsandMarkets™. Factors propelling the medical nitrous oxid market include the advancements in healthcare infrastructure, increase in number of surgical procedures continues to rise globally, the demand for anesthesia gases, including nitrous oxide, is expected to increase, and demand for non-invasive pain management.
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The gaseous state segment is expected to register the highest growth of the medical nitrous oxide market
By product, the global medical nitrous oxide market is categorized into liquid state and gaseous state. The gaseous segment is expected to register the highest growth of the medical nitrous oxide market in 2023. The portability and ease of use, precise dosing and control, and storage, and cost-effectiveness are expected to propel the growth of this market.
Anaesthesia and pain relief accounted for the largest share of the market, by application
By application, the global medical nitrous oxide market is categorized into anaesthesia and pain relief, cryosurgery, and surgical insufflation. The anaesthesia and pain relief segment held the largest share of the market in 2023. Primarily attributed to the factors such as synergistic effects as nitrous oxide, when used alongside traditional anesthetics, amplifies their pain-relieving and anxiety-reducing properties. This allows for lower dosages of other medications, potentially minimizing side effects and reducing costs; verstality across procedures, and patient preference and compliance.
Hospitals accounted for the largest share of the end user segment of the medical nitrous oxide market
Based on end user, the medical nitrous oxide market is categorized into hospitals, home healthcare, and academic and research institutions. The hospitals segment held the largest share of the medical nitrous oxide market in 2023. Hospitals cater to a diverse range of patients and medical procedures, creating a concentrated demand for N2O across various applications, from anesthesia and pain relief in surgeries to respiratory support in critical care. This high volume translates to substantial market share for hospitals.
North America accounted for the largest share of the global medical nitrous oxide market
Based on the region, the global medical nitrous oxide market is divided into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the global medical nitrous oxide market in 2023, while the Asia Pacific is projected to be the fastest-growing region in the forecast period. The large share of North America can be attributed to advanced Healthcare Infrastructure, high prevalence of chronic diseases, favorable regulatory landscape, and growing geriatric population.
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Medical Nitrous Oxide Market Dynamics:
Drivers:
- Improvements in healthcare infrastructure
Restraint:
- Availability of alternatives
Opportunities:
- Growing demand for pain management
Challenge:
- Limited awareness
Key Market Players of Medical Nitrous Oxide Industry:
Some of the leading players in the medical nitrous oxide market include Messer SE & CO. KGAA (Germany), SOL SpA (Italy), Ellenbarrie Industrial Gases (India), Norco Inc. (US), Carbide and Chemicals (India), Jiangsu Huazhong Gas Co., Ltd. (China), Chengdu Taiyu Industrial Gases Co., Ltd. (China), nexAir (US), American Welding & Gas (US), Oxygen & Argon Works Ltd (Israel), Matheson Tri-Gas Inc. (US), CalOx (US), Steelman Gases Pvt. Ltd. (India), Earlbeck Gases & Technology (US), Air Liquide (Paris), Linde plc (Ireland), Southern Gas Limited (India), and Gulf Cryo (UAE).
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Medical Nitrous Oxide Market - Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the medical nitrous oxide market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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