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South Korea Medical Gas and Equipment Market By Medical Gases (Oxygen, Nitrous Oxide, Carbon Dioxide, Nitrogen, Others); By Application (Therapeutic, Diagnostic, Pharmaceutical Manufacturing, Research, Others); By End-user (Hospitals, Ambulatory Surgical Centers, Home Healthcare, Clinics, Others); By Medical Gas Equipment (Cylinders, Flowmeters, Regulators, Vacuum Systems, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 70794 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
South Korea medical gas and equipment market Size 2023 USD 143.10 million
South Korea medical gas and equipment market, CAGR 8.07%
South Korea medical gas and equipment market Size 2032 USD 266.15 million

Market Overview

The South Korea medical gas and equipment market is projected to grow from USD 143.10 million in 2023 to USD 266.15 million by 2032, at a CAGR of 8.07%.

The South Korea medical gas and equipment market is driven by the increasing demand for advanced healthcare infrastructure, fueled by an aging population and a rise in chronic diseases. The growing adoption of medical gas systems in hospitals, clinics, and healthcare facilities for critical care and surgical procedures is further propelling market growth. Technological advancements in gas delivery systems and the rising trend of home healthcare also play a significant role in expanding the market. Additionally, government initiatives to improve healthcare services, including the development of medical gas networks, are supporting market expansion. The growing awareness about the benefits of medical gases in patient care and the increasing number of surgeries and treatments in the country are contributing to the positive market outlook. As healthcare facilities upgrade to meet higher standards, the demand for reliable and efficient medical gas equipment is expected to continue rising.

The South Korea medical gas and equipment market is characterized by a strong presence of key players, both domestic and international, catering to the growing demand for advanced healthcare solutions. Prominent companies such as Taiyo Nippon Sanso Corporation, Air Liquide, and Linde Plc dominate the market, providing a wide range of medical gases and equipment essential for critical care, diagnostics, and therapeutic applications. Regional players like South Korea National Air Separation Engineering Co., Ltd. and Suzhou Xinglu Air Separation Plant Science and Technology Development Co., Ltd. further contribute to the market, supporting local healthcare institutions with tailored medical gas solutions. Additionally, INOX Air Products Pvt. Ltd. and Universal Industrial Gases, Inc. play a vital role in supplying industrial gases for healthcare applications. These companies are instrumental in driving the adoption of innovative medical gas technologies, ensuring the continued growth and development of the market across South Korea.

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Market Insights

  • The South Korea medical gas and equipment market is projected to grow from USD 143.10 million in 2023 to USD 266.15 million by 2032, with a CAGR of 8.07%.
  • Increasing demand for medical gases in critical care and surgical procedures is driving market growth.
  • Rising prevalence of respiratory diseases and chronic conditions fuels the need for oxygen therapy and other medical gases.
  • Smart technologies and IoT-enabled devices are gaining traction, improving the efficiency and safety of medical gas delivery systems.
  • The market faces challenges such as high initial investment costs and the complexity of regulatory compliance.
  • Major players like Taiyo Nippon Sanso, Air Liquide, and Linde Plc dominate the market, while regional companies like South Korea National Air Separation Engineering contribute significantly.
  • The market is expanding in regions such as Seoul, Gyeonggi, and Busan, driven by growing healthcare infrastructure and demand for medical gases.

Market Drivers

Growing Healthcare Infrastructure

The expanding healthcare infrastructure in South Korea is one of the primary drivers of the medical gas and equipment market. As the country continues to invest in state-of-the-art hospitals and healthcare facilities, the demand for medical gases like oxygen, nitrogen, and nitrous oxide is increasing. For instance, South Korea’s Ministry of Health and Welfare has announced its 2025 Action Plan, which includes expanding healthcare infrastructure to support the needs of an aging population and improve access to essential healthcare services. The country’s advanced healthcare system, with its focus on improving patient care, is driving the adoption of sophisticated medical gas delivery systems in hospitals, surgical centers, and intensive care units. This trend is expected to continue, contributing significantly to the market’s growth.

Aging Population and Rising Chronic Diseases

South Korea’s aging population is another key driver fueling the medical gas and equipment market. The country has one of the highest life expectancies in the world, and as the elderly population increases, so does the need for healthcare services. For instance, the proportion of people aged 65 and above in South Korea is projected to surpass 25% by 2025, significantly increasing the demand for healthcare services. Elderly individuals often require medical gases for respiratory conditions, anesthesia, and other treatments. The rising prevalence of chronic diseases such as COPD, cardiovascular conditions, and diabetes among the aging population further drives the demand for medical gas systems to support ongoing treatment and rehabilitation efforts.

Technological Advancements in Medical Gas Systems

Technological advancements in medical gas delivery systems are revolutionizing the healthcare landscape in South Korea. Newer, more efficient, and safer gas management systems are improving the delivery and monitoring of medical gases in various healthcare settings. Innovations such as automated gas pressure regulators, advanced flowmeters, and real-time monitoring systems enhance the reliability and precision of gas delivery. These developments not only ensure optimal patient care but also improve operational efficiency, driving the adoption of advanced medical gas equipment across the country.

Government Initiatives and Healthcare Upgrades

Government initiatives aimed at upgrading healthcare infrastructure and promoting medical advancements further stimulate the growth of the medical gas and equipment market. South Korea’s healthcare policies, focused on expanding access to healthcare and improving the quality of patient care, are encouraging healthcare facilities to modernize their equipment, including medical gas systems. Moreover, the government’s investments in medical research and development contribute to innovations in medical gas technologies, ensuring that the sector remains at the forefront of healthcare advancements.

Market Trends

Increasing Adoption of Home Healthcare Solutions

A significant market trend in South Korea’s medical gas and equipment sector is the growing adoption of home healthcare solutions. As the aging population increases, there is a rising demand for home-based care, where medical gases like oxygen are essential for treating chronic respiratory conditions. For instance, the South Korean home healthcare market is experiencing robust growth due to the expanding geriatric population and the increasing prevalence of chronic diseases. Home healthcare providers are increasingly offering medical gas solutions to support patients with long-term illnesses or those recovering from surgery. This trend is driving the need for portable, easy-to-use medical gas equipment that can be safely managed outside of clinical settings, thus expanding the market for home healthcare-focused gas systems and devices.

Integration of Smart Technologies

Smart technologies are gaining traction in South Korea’s medical gas and equipment market. The integration of Internet of Things (IoT) devices and automated systems in medical gas delivery is improving efficiency and safety. Real-time monitoring and automated gas management systems enable healthcare providers to track gas usage, manage supplies, and ensure that patients receive the correct gas mixture. These innovations not only reduce the risk of human error but also optimize healthcare facility operations, driving the demand for advanced, connected medical gas equipment. As the healthcare sector moves toward digital transformation, smart medical gas systems are expected to become increasingly common.

Rising Demand for Critical Care and Surgical Procedures

The demand for medical gases is also being driven by an increase in critical care and surgical procedures in South Korea. As the country continues to enhance its medical capabilities, there is a growing number of complex surgeries and treatments that require medical gases for anesthesia, pain management, and respiratory support. The trend toward minimally invasive surgeries and advanced medical interventions further increases the use of medical gases in both public and private healthcare institutions. This surge in medical procedures is fueling demand for a variety of medical gas equipment, including cylinders, regulators, and central gas supply systems.

Enhanced Focus on Patient Safety and Compliance

Another prominent trend in the South Korean medical gas market is the heightened focus on patient safety and regulatory compliance. Healthcare facilities are increasingly prioritizing the safety of medical gas systems to prevent errors, contamination, and malfunctions that could affect patient outcomes. Compliance with stringent national and international standards, including those set by the Korean Ministry of Health and Welfare, is a key consideration for healthcare providers. This focus on safety is driving the demand for high-quality, certified medical gas equipment that meets regulatory requirements and ensures safe, effective patient care.

Market Challenges Analysis

High Initial Investment Costs

One of the primary challenges facing the South Korean medical gas and equipment market is the high initial investment required for advanced medical gas systems. The cost of purchasing, installing, and maintaining sophisticated gas delivery systems can be prohibitive, especially for smaller healthcare facilities or those in rural areas. Additionally, the need for ongoing training and certification for medical staff to operate these systems safely adds to the financial burden. While larger hospitals and well-funded healthcare institutions can absorb these costs, smaller players may struggle to keep up, potentially limiting the overall market growth and accessibility of high-end medical gas solutions.

Regulatory and Safety Compliance Challenges

Another significant challenge in the South Korean medical gas and equipment market is the complexity of regulatory and safety compliance. Medical gas systems are subject to stringent national and international standards, which require continuous monitoring, inspection, and updates to ensure safe operation. For instance, the Ministry of Food and Drug Safety (MFDS) mandates strict compliance with regulations related to the installation, operation, and maintenance of medical gas systems. Navigating these regulations can be difficult for healthcare providers, especially when introducing new technologies or upgrading existing systems. Any non-compliance or safety lapses can lead to serious repercussions, including fines, facility shutdowns, and compromised patient care. As the medical gas industry evolves, staying up-to-date with evolving regulations and maintaining safety standards remains a challenge for healthcare facilities, potentially slowing market adoption and innovation.

Market Opportunities

Expanding Home Healthcare Market

A significant market opportunity in South Korea’s medical gas and equipment sector lies in the expanding home healthcare market. With the country’s aging population and increasing prevalence of chronic diseases, there is a growing demand for medical gas solutions to support home-based treatments. Patients with respiratory conditions such as COPD, asthma, and other chronic illnesses require continuous oxygen therapy, which presents an opportunity for the development of portable and user-friendly medical gas systems. The demand for home healthcare services is expected to rise, creating a market for compact, efficient medical gas equipment that can be easily used outside of clinical settings. Companies that innovate to provide affordable, reliable, and easy-to-use home healthcare solutions stand to gain a competitive advantage in this growing segment.

Technological Advancements and Smart Solutions

The integration of advanced technologies into medical gas systems presents another opportunity for growth in the South Korean market. The rise of smart medical gas solutions, including IoT-enabled devices and automated gas delivery systems, offers improved efficiency and safety in healthcare settings. Real-time monitoring, automated alarms, and predictive analytics can help prevent errors and enhance operational management, which is particularly valuable in critical care environments. Additionally, the shift toward digital healthcare services and smart hospitals is expected to drive demand for connected medical gas equipment that integrates seamlessly with other healthcare technologies. As healthcare facilities continue to modernize and prioritize patient safety and operational efficiency, there is substantial potential for growth in the adoption of these innovative medical gas solutions.

Market Segmentation Analysis:

By Medical Gases:

The South Korea medical gas and equipment market is primarily segmented by the type of medical gases used, which include oxygen, nitrous oxide, carbon dioxide, nitrogen, and others. Oxygen holds the largest share of the market, driven by its critical role in treating respiratory disorders, anesthesia, and intensive care units. Nitrous oxide is widely used for anesthesia during surgeries and dental procedures, further contributing to its strong market presence. Carbon dioxide is essential in diagnostic procedures, such as endoscopy, and is also utilized in certain surgical applications. Nitrogen is commonly used for cooling applications and in the preservation of medical samples. The “Others” category includes gases such as helium and argon, used in specialized applications such as cryosurgery and medical imaging. As the demand for advanced healthcare solutions rises, the need for a variety of medical gases in both clinical and non-clinical settings continues to drive market growth across these segments.

By Application:

The application-based segmentation of the South Korea medical gas and equipment market includes therapeutic, diagnostic, pharmaceutical manufacturing, research, and other segments. The therapeutic application segment dominates, driven by the increasing number of respiratory patients, surgical procedures, and critical care treatments requiring medical gases like oxygen and nitrous oxide. The diagnostic segment also plays a vital role, particularly in medical imaging and procedures that use carbon dioxide and nitrogen. The pharmaceutical manufacturing segment is growing due to the use of medical gases in the production of various drugs and vaccines, while the research segment benefits from gases like nitrogen and oxygen for laboratory testing and clinical trials. Other applications include the use of gases in medical equipment maintenance, calibration, and sterilization. As healthcare technology advances, the demand for specialized medical gases in these diverse applications is expected to continue expanding, creating new growth opportunities in the South Korean market.

Segments:

Based on Medical Gases:

  • Oxygen
  • Nitrous Oxide
  • Carbon Dioxide
  • Nitrogen
  • Others

Based on Application:

  • Therapeutic
  • Diagnostic
  • Pharmaceutical Manufacturing
  • Research
  • Others

Based on End-user:

  • Hospitals
  • Ambulatory Surgical Centers
  • Home Healthcare
  • Clinics
  • Others

Based on Medical Gas Equipment:

  • Cylinders
  • Flowmeters
  • Regulators
  • Vacuum Systems
  • Others

Based on the Geography:

  • Seoul Metropolitan Region
  • Gyeonggi Province
  • Busan and Ulsan Regions
  • Daegu Region

Regional Analysis

Seoul Metropolitan Region

The Seoul Metropolitan Region is the leading contributor to South Korea’s medical gas and equipment market, holding a market share of around 45%. The region is home to a large number of tertiary hospitals, medical centers, and healthcare institutions that require medical gases for critical care, surgeries, and diagnostic procedures. The concentration of medical research and innovation in Seoul further boosts the demand for specialized medical gases, including oxygen, nitrous oxide, and carbon dioxide. As the capital and most populous region in South Korea, Seoul’s healthcare facilities drive a significant portion of the market, supporting advancements in medical gas systems and technologies. Additionally, the rapid development of smart healthcare solutions and the implementation of IoT-enabled medical gas delivery systems in the region offer further growth opportunities.

Gyeonggi Province

Gyeonggi Province, which surrounds the Seoul Metropolitan Region, holds a market share of approximately 25% in the medical gas and equipment sector. This region benefits from its proximity to Seoul, making it a key hub for healthcare services, medical research, and pharmaceutical manufacturing. The healthcare infrastructure in Gyeonggi Province is robust, with numerous hospitals, clinics, and long-term care facilities relying on medical gases for therapeutic and diagnostic purposes. As Gyeonggi Province continues to urbanize and attract investment in healthcare, the demand for medical gas systems and equipment is expected to grow significantly. Additionally, the expansion of home healthcare services and research institutions in the province contributes to the rising need for efficient medical gas solutions.

Busan and Ulsan Regions

The Busan and Ulsan regions together contribute around 15% to the overall market share of South Korea’s medical gas and equipment market. Busan, as the second-largest city in South Korea, serves as a significant industrial and healthcare hub. The region is home to various medical institutions, including specialized clinics and hospitals, that require a steady supply of medical gases for emergency care, surgeries, and patient management. Ulsan, while smaller in population, has a growing healthcare sector, particularly in industries related to pharmaceutical manufacturing and research. The demand for medical gases in these regions is rising, driven by both urbanization and the increasing need for advanced healthcare solutions in industrial areas.

Daegu Region

The Daegu region accounts for approximately 10% of the medical gas and equipment market in South Korea. Although it is one of the smaller regions in terms of market share, Daegu is a significant healthcare and educational center in the country. The region has a well-established network of hospitals and medical institutions that utilize medical gases for a variety of therapeutic and diagnostic applications. As Daegu’s healthcare infrastructure continues to grow, particularly with advancements in medical research and specialized healthcare facilities, the demand for medical gases and related equipment is expected to increase. Moreover, Daegu’s emphasis on medical education and innovation provides a strong foundation for further market development in the coming years.

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Key Player Analysis

  • Taiyo Nippon Sanso Corporation
  • Air Liquide
  • Linde Plc
  • South Korea National Air Separation Engineering Co., Ltd.
  • Suzhou Xinglu Air Separation Plant Science and Technology Development Co., Ltd.
  • INOX Air Products Pvt. Ltd.
  • Universal Industrial Gases, Inc.
  • Cryogenmash JSC
  • NovaAir Pvt. Ltd.
  • Gas Malaysia Berhad

Competitive Analysis

The South Korea medical gas and equipment market is highly competitive, with leading players continuously innovating to meet the rising demand for medical gases and advanced delivery systems. Key players such as Taiyo Nippon Sanso Corporation, Air Liquide, Linde Plc, South Korea National Air Separation Engineering Co., Ltd., Suzhou Xinglu Air Separation Plant Science and Technology Development Co., Ltd., INOX Air Products Pvt. Ltd., Universal Industrial Gases, Inc., Cryogenmash JSC, NovaAir Pvt. Ltd., and Gas Malaysia Berhad dominate the market. For instance, Linde Healthcare supports research by clinicians and academic institutions to enable the delivery of the right gas to the right organ in the right dose, thereby optimizing patient care and outcomes. Companies that invest in smart technologies are gaining a competitive edge, particularly with solutions that allow for real-time monitoring, predictive analytics, and automated systems to enhance gas delivery and management in critical care environments. In addition to technological advancements, companies are prioritizing safety and regulatory compliance to ensure that their products meet stringent standards. This is crucial as healthcare facilities require highly reliable and compliant systems for patient care. The market also sees significant competition in terms of pricing and distribution, with companies working to optimize supply chains to meet the increasing demand for medical gases across various healthcare settings. Regional players focus on providing tailored solutions to meet the specific needs of local healthcare systems, ensuring a strong foothold in the South Korean market. As the healthcare industry evolves, companies continue to refine their strategies to maintain leadership in this competitive landscape.

Recent Developments

  • In September 2024, Taiyo Nippon Sanso Corporation announced the development of CO2 shipping tank equipment aimed at achieving carbon neutrality, with plans for market release in Spring 2025.
  • In May 2024, Linde entered into a long-term agreement with H2 Green Steel to supply industrial gases for the world’s first large-scale green steel plant. This project involves an investment of approximately $150 million to build an on-site air separation unit (ASU), which will also support local healthcare customers by providing essential gases like oxygen and nitrogen.
  • In February 2024, GCE group launched new terminal units designed to improve safety and accuracy in medical gas pipeline systems. These units are critical for connecting medical gases to devices like ventilators
  • In January 2024, Linde signed a record number of small on-site projects in 2023, totaling 53 projects with a capital expenditure of $270 million. These projects focus on the supply of nitrogen and oxygen, utilizing Linde’s ECOVAR® technology for enhanced efficiency and sustainability across various sectors, including healthcare.

Market Concentration & Characteristics

The South Korea medical gas and equipment market is characterized by moderate concentration, with a mix of global industry leaders and regional players competing for market share. While large multinational corporations dominate the market, regional players have a strong presence, especially in offering tailored solutions to meet local healthcare needs. The market’s characteristics reflect a high degree of specialization, driven by the critical nature of medical gases in therapeutic, diagnostic, and emergency care applications. The demand for medical gases such as oxygen, nitrous oxide, and carbon dioxide is growing rapidly due to an aging population, increasing prevalence of chronic diseases, and advancements in surgical and critical care technologies. The competitive landscape is shaped by both technological advancements and a strong emphasis on safety and regulatory compliance. Companies invest heavily in developing innovative solutions, such as smart gas management systems that integrate IoT and automation, to improve operational efficiency and ensure the safe and accurate delivery of gases in healthcare settings. Furthermore, the market is marked by a growing trend toward home healthcare solutions, driving the demand for portable medical gas systems. As healthcare facilities continue to modernize, the market will likely see further consolidation, with larger players acquiring smaller companies to expand their product portfolios and distribution networks.

Report Coverage

The research report offers an in-depth analysis based on Medical Gases, Application, End-user, Medical Gas Equipment and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The South Korea medical gas and equipment market is expected to continue its growth, driven by an aging population and increasing prevalence of chronic diseases.
  2. The demand for medical gases, particularly oxygen, will rise as more patients require respiratory support due to respiratory disorders and aging.
  3. Technological advancements, such as IoT-enabled medical gas systems, will play a pivotal role in enhancing operational efficiency and safety.
  4. Home healthcare solutions will see increased adoption, creating a demand for portable and user-friendly medical gas systems.
  5. Companies will focus on developing advanced gas management systems with real-time monitoring and predictive analytics to improve patient care.
  6. Increased government support for healthcare infrastructure and the adoption of modern medical technologies will drive market expansion.
  7. The integration of AI and automation in medical gas systems will enhance the accuracy and efficiency of gas delivery, reducing human error.
  8. The growth of the pharmaceutical manufacturing and research sectors will further stimulate the demand for medical gases in these industries.
  9. Competitive pressure will lead to more strategic partnerships, acquisitions, and product innovations among key players in the market.
  10. Regulatory compliance will remain a critical factor, pushing companies to prioritize safety, quality control, and adherence to local healthcare standards.

CHAPTER NO. 1 : INTRODUCTION 20
1.1.1. Report Description 20
Purpose of the Report 20
USP & Key Offerings 20
1.1.2. Key Benefits for Stakeholders 20
1.1.3. Target Audience 21
1.1.4. Report Scope 21

CHAPTER NO. 2 : EXECUTIVE SUMMARY 22
2.1. Medical Gas and Equipment Market Snapshot 22
2.1.1. South Korea Medical Gas and Equipment Market, 2018 – 2032 (USD Million) 23

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 24
3.1. Russia-Ukraine and Israel-Palestine War Impacts 24

CHAPTER NO. 4 : MEDICAL GAS AND EQUIPMENT MARKET – INDUSTRY ANALYSIS 25
4.1. Introduction 25
4.2. Market Drivers 26
4.2.1. Rising prevalence of respiratory diseases 26
4.2.2. Increasing demand for home healthcare services 27
4.3. Market Restraints 28
4.3.1. Stringent regulatory policies 28
4.4. Market Opportunities 29
4.4.1. Growing advancements in portable medical gas equipment 29
4.5. Porter’s Five Forces Analysis 30
4.6. Buying Criteria 31

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 32
5.1. Import Analysis by South Korea 32
5.1.1. South Korea Medical Gas and Equipment Market Import Volume/Revenue, By South Korea, 2018 – 2023 32
5.2. Export Analysis by South Korea 33
5.2.1. South Korea Medical Gas and Equipment Market Export Volume/Revenue, By South Korea, 2018 – 2023 33

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 34
6.1. Demand Analysis by South Korea 34
6.1.1. South Korea Medical Gas and Equipment Market Demand Volume/Revenue, By South Korea, 2018 – 2023 34
6.2. Supply Analysis by South Korea 35
6.2.1. South Korea Medical Gas and Equipment Market Supply Volume/Revenue, By South Korea, 2018 – 2023 35

CHAPTER NO. 7 : PRODUCTION ANALYSIS 36
7.1. Production Analysis by South Korea 36
7.1.1. South Korea Medical Gas and Equipment Market Production Volume/Revenue, By South Korea, 2018 – 2023 36

CHAPTER NO. 8 : PRICE ANALYSIS 37
8.1. Price Analysis by Medical Gases 37
8.1.1. South Korea Medical Gas and Equipment Market Price, By Medical Gases, 2018 – 2023 37
8.1.2. South Korea Medical Gases Market Price, By Medical Gases, 2018 – 2023 37

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 38
9.1. Key Raw Materials and Suppliers 38
9.2. Key Raw Materials Price Trend 38

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 39
10.1. Manufacturing Cost Analysis 39
10.2. Manufacturing Process 39

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 40
11.1. Company Market Share Analysis – 2023 40
11.2. Value Chain Analysis 40
11.2.1. South Korea Medical Gas and Equipment Market: Company Market Share, by Volume, 2023 41
11.2.2. South Korea Medical Gas and Equipment Market: Company Market Share, by Revenue, 2023 42
11.2.3. South Korea Medical Gas and Equipment Market: Top 6 Company Market Share, by Revenue, 2023 42
11.2.4. South Korea Medical Gas and Equipment Market: Top 3 Company Market Share, by Revenue, 2023 43
11.3. South Korea Medical Gas and Equipment Market Company Volume Market Share, 2023 44
11.4. South Korea Medical Gas and Equipment Market Company Revenue Market Share, 2023 45
11.5. Company Assessment Metrics, 2023 45
11.5.1. Stars 45
11.5.2. Emerging Leaders 45
11.5.3. Pervasive Players 45
11.5.4. Participants 45
11.6. Start-ups /SMEs Assessment Metrics, 2023 45
11.6.1. Progressive Companies 45
11.6.2. Responsive Companies 46
11.6.3. Dynamic Companies 46
11.6.4. Starting Blocks 46
11.7. Strategic Developments 47
11.7.1. Acquisitions & Mergers 47
New Product Launch 47
South Korea Expansion 47
11.8. Key Players Product Matrix 48

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 49
12.1. PESTEL 49
12.1.1. Political Factors 49
12.1.2. Economic Factors 49
12.1.3. Social Factors 49
12.1.4. Technological Factors 49
12.1.5. Environmental Factors 49
12.1.6. Legal Factors 49
12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 : MEDICAL GAS AND EQUIPMENT MARKET – BY MEDICAL GASES SEGMENT ANALYSIS 50
13.1. Medical Gas and Equipment Market Overview, by Medical Gases Segment 50
13.1.1. Medical Gas and Equipment Market Revenue Share, By Medical Gases, 2023 & 2032 51
13.1.2. Medical Gas and Equipment Market Attractiveness Analysis, By Medical Gases 52
13.1.3. Incremental Revenue Growth Opportunity, by Medical Gases, 2024 – 2032 52
13.1.4. Medical Gas and Equipment Market Revenue, By Medical Gases, 2018, 2023, 2027 & 2032 53
13.2. Oxygen 54
13.3. Nitrous Oxide 55
13.4. Carbon Dioxide 56
13.5. Nitrogen 57
13.6. Others 58

CHAPTER NO. 14 : MEDICAL GAS AND EQUIPMENT MARKET – BY APPLICATION SEGMENT ANALYSIS 59
14.1. Medical Gas and Equipment Market Overview, by Application Segment 59
14.1.1. Medical Gas and Equipment Market Revenue Share, By Application, 2023 & 2032 60
14.1.2. Medical Gas and Equipment Market Attractiveness Analysis, By Application 61
14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 61
14.1.4. Medical Gas and Equipment Market Revenue, By Application, 2018, 2023, 2027 & 2032 62
14.2. Therapeutic 63
14.3. Diagnostic 64
14.4. Pharmaceutical Manufacturing 65
14.5. Research 66
14.6. Others 67

CHAPTER NO. 15 : MEDICAL GAS AND EQUIPMENT MARKET – BY END-USER SEGMENT ANALYSIS 68
15.1. Medical Gas and Equipment Market Overview, by End-user Segment 68
15.1.1. Medical Gas and Equipment Market Revenue Share, By End-user, 2023 & 2032 69
15.1.2. Medical Gas and Equipment Market Attractiveness Analysis, By End-user 70
15.1.3. Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032 70
15.1.4. Medical Gas and Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 71
15.2. Hospitals 72
15.3. Ambulatory Surgical Centers 73
15.4. Home Healthcare 74
15.5. Clinics 75
15.6. Others 76

CHAPTER NO. 16 : MEDICAL GAS AND EQUIPMENT MARKET – BY MEDICAL GAS EQUIPMENT SEGMENT ANALYSIS 77
16.1. Medical Gas and Equipment Market Overview, by Medical Gas Equipment Segment 77
16.1.1. Medical Gas and Equipment Market Revenue Share, By Medical Gas Equipment, 2023 & 2032 78
16.1.2. Medical Gas and Equipment Market Attractiveness Analysis, By Medical Gas Equipment 79
16.1.3. Incremental Revenue Growth Opportunity, by Medical Gas Equipment, 2024 – 2032 79
16.1.4. Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2018, 2023, 2027 & 2032 80
16.2. Cylinders 81
16.3. Flowmeters 82
16.4. Regulators 83
16.5. Vacuum Systems 84
16.6. Others 85

CHAPTER NO. 17 : MEDICAL GAS AND EQUIPMENT MARKET – SOUTH KOREA ANALYSIS 86
17.1. Medical Gases 86
17.1.1. South Korea Medical Gas and Equipment Market Revenue, By Medical Gases, 2018 – 2023 (USD Million) 86
17.2. South Korea Medical Gas and Equipment Market Revenue, By Medical Gases, 2024 – 2032 (USD Million) 86
17.3. Application 87
17.3.1. South Korea Medical Gas and Equipment Market Revenue, By Application, 2018 – 2023 (USD Million) 87
17.3.2. South Korea Medical Gas and Equipment Market Revenue, By Application, 2024 – 2032 (USD Million) 87
17.4. End-user 88
17.4.1. South Korea Medical Gas and Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 88
17.4.2. South Korea Medical Gas and Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 88
17.5. Medical Gas Equipment 89
17.5.1. South Korea Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2018 – 2023 (USD Million) 89
17.5.2. South Korea Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2024 – 2032 (USD Million) 89

CHAPTER NO. 18 : COMPANY PROFILES 90
18.1. Taiyo Nippon Sanso Corporation 90
18.1.1. Company Overview 90
18.1.2. Product Portfolio 90
18.1.3. Swot Analysis 90
18.1.4. Business Strategy 91
18.1.5. Financial Overview 91
18.2. Air Liquide 92
18.3. Linde Plc 92
18.4. South Korea National Air Separation Engineering Co., Ltd. 92
18.5. Suzhou Xinglu Air Separation Plant Science and Technology Development Co., Ltd. 92
18.6. INOX Air Products Pvt. Ltd. 92
18.7. Universal Industrial Gases, Inc. 92
18.8. Cryogenmash JSC 92
18.9. NovaAir Pvt. Ltd. 92
18.10. Gas Malaysia Berhad 92

List of Figures
FIG NO. 1. South Korea Medical Gas and Equipment Market Revenue, 2018 – 2032 (USD Million) 23
FIG NO. 2. Porter’s Five Forces Analysis for South Korea Medical Gas and Equipment Market 30
FIG NO. 3. South Korea Medical Gas and Equipment Market Import Volume/Revenue, By South Korea, 2018 – 2023 32
FIG NO. 4. South Korea Medical Gas and Equipment Market Export Volume/Revenue, By South Korea, 2018 – 2023 33
FIG NO. 5. South Korea Medical Gas and Equipment Market Demand Volume/Revenue, By South Korea, 2018 – 2023 34
FIG NO. 6. South Korea Medical Gas and Equipment Market Supply Volume/Revenue, By South Korea, 2018 – 2023 35
FIG NO. 7. South Korea Medical Gas and Equipment Market Production Volume/Revenue, By South Korea, 2018 – 2023 36
FIG NO. 8. South Korea Medical Gas and Equipment Market Price, By Medical Gases, 2018 – 2023 37
FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 38
FIG NO. 10. Manufacturing Cost Analysis 39
FIG NO. 11. Manufacturing Process 39
FIG NO. 12. Value Chain Analysis for South Korea Medical Gas and Equipment Market 40
FIG NO. 13. Company Share Analysis, 2023 41
FIG NO. 14. Company Share Analysis, 2023 42
FIG NO. 15. Company Share Analysis, 2023 42
FIG NO. 16. Company Share Analysis, 2023 43
FIG NO. 17. Medical Gas and Equipment Market – Company Volume Market Share, 2023 44
FIG NO. 18. Medical Gas and Equipment Market – Company Revenue Market Share, 2023 45
FIG NO. 19. Medical Gas and Equipment Market Revenue Share, By Medical Gases, 2023 & 2032 51
FIG NO. 20. Market Attractiveness Analysis, By Medical Gases 52
FIG NO. 21. Incremental Revenue Growth Opportunity by Medical Gases, 2024 – 2032 52
FIG NO. 22. Medical Gas and Equipment Market Revenue, By Medical Gases, 2018, 2023, 2027 & 2032 53
FIG NO. 23. South Korea Medical Gas and Equipment Market for Oxygen, Revenue (USD Million) 2018 – 2032 54
FIG NO. 24. South Korea Medical Gas and Equipment Market for Nitrous Oxide, Revenue (USD Million) 2018 – 2032 55
FIG NO. 25. South Korea Medical Gas and Equipment Market for Carbon Dioxide, Revenue (USD Million) 2018 – 2032 56
FIG NO. 26. South Korea Medical Gas and Equipment Market for Nitrogen, Revenue (USD Million) 2018 – 2032 57
FIG NO. 27. South Korea Medical Gas and Equipment Market for Others, Revenue (USD Million) 2018 – 2032 58
FIG NO. 28. Medical Gas and Equipment Market Revenue Share, By Application, 2023 & 2032 60
FIG NO. 29. Market Attractiveness Analysis, By Application 61
FIG NO. 30. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 61
FIG NO. 31. Medical Gas and Equipment Market Revenue, By Application, 2018, 2023, 2027 & 2032 62
FIG NO. 32. South Korea Medical Gas and Equipment Market for Therapeutic, Revenue (USD Million) 2018 – 2032 63
FIG NO. 33. South Korea Medical Gas and Equipment Market for Diagnostic, Revenue (USD Million) 2018 – 2032 64
FIG NO. 34. South Korea Medical Gas and Equipment Market for Pharmaceutical Manufacturing, Revenue (USD Million) 2018 – 2032 65
FIG NO. 35. South Korea Medical Gas and Equipment Market for Research, Revenue (USD Million) 2018 – 2032 66
FIG NO. 36. South Korea Medical Gas and Equipment Market for Others, Revenue (USD Million) 2018 – 2032 67
FIG NO. 37. Medical Gas and Equipment Market Revenue Share, By End-user, 2023 & 2032 69
FIG NO. 38. Market Attractiveness Analysis, By End-user 70
FIG NO. 39. Incremental Revenue Growth Opportunity by End-user, 2024 – 2032 70
FIG NO. 40. Medical Gas and Equipment Market Revenue, By End-user, 2018, 2023, 2027 & 2032 71
FIG NO. 41. South Korea Medical Gas and Equipment Market for Hospitals, Revenue (USD Million) 2018 – 2032 72
FIG NO. 42. South Korea Medical Gas and Equipment Market for Ambulatory Surgical Centers, Revenue (USD Million) 2018 – 2032 73
FIG NO. 43. South Korea Medical Gas and Equipment Market for Home Healthcare, Revenue (USD Million) 2018 – 2032 74
FIG NO. 44. South Korea Medical Gas and Equipment Market for Clinics, Revenue (USD Million) 2018 – 2032 75
FIG NO. 45. South Korea Medical Gas and Equipment Market for Others, Revenue (USD Million) 2018 – 2032 76
FIG NO. 46. Medical Gas and Equipment Market Revenue Share, By Medical Gas Equipment, 2023 & 2032 78
FIG NO. 47. Market Attractiveness Analysis, By Medical Gas Equipment 79
FIG NO. 48. Incremental Revenue Growth Opportunity by Medical Gas Equipment, 2024 – 2032 79
FIG NO. 49. Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2018, 2023, 2027 & 2032 80
FIG NO. 50. South Korea Medical Gas and Equipment Market for Cylinders, Revenue (USD Million) 2018 – 2032 81
FIG NO. 51. South Korea Medical Gas and Equipment Market for Flowmeters, Revenue (USD Million) 2018 – 2032 82
FIG NO. 52. South Korea Medical Gas and Equipment Market for Regulators, Revenue (USD Million) 2018 – 2032 83
FIG NO. 53. South Korea Medical Gas and Equipment Market for Vacuum Systems, Revenue (USD Million) 2018 – 2032 84
FIG NO. 54. South Korea Medical Gas and Equipment Market for Others, Revenue (USD Million) 2018 – 2032 85

List of Tables
TABLE NO. 1. : South Korea Medical Gas and Equipment Market: Snapshot 22
TABLE NO. 2. : Drivers for the Medical Gas and Equipment Market: Impact Analysis 26
TABLE NO. 3. : Restraints for the Medical Gas and Equipment Market: Impact Analysis 28
TABLE NO. 4. : South Korea Medical Gas and Equipment Market Revenue, By Medical Gases, 2018 – 2023 37
TABLE NO. 5. : Key Raw Materials & Suppliers 38
TABLE NO. 6. : South Korea Medical Gas and Equipment Market Revenue, By Medical Gases, 2018 – 2023 (USD Million) 86
TABLE NO. 7. : South Korea Medical Gas and Equipment Market Revenue, By Medical Gases, 2024 – 2032 (USD Million) 86
TABLE NO. 8. : South Korea Medical Gas and Equipment Market Revenue, By Application, 2018 – 2023 (USD Million) 87
TABLE NO. 9. : South Korea Medical Gas and Equipment Market Revenue, By Application, 2024 – 2032 (USD Million) 87
TABLE NO. 10. : South Korea Medical Gas and Equipment Market Revenue, By End-user, 2018 – 2023 (USD Million) 88
TABLE NO. 11. : South Korea Medical Gas and Equipment Market Revenue, By End-user, 2024 – 2032 (USD Million) 88
TABLE NO. 12. : South Korea Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2018 – 2023 (USD Million) 89
TABLE NO. 13. : South Korea Medical Gas and Equipment Market Revenue, By Medical Gas Equipment, 2024 – 2032 (USD Million) 89

 

Frequently Asked Questions

What is the current size of the South Korea Medical Gas and Equipment Market?

The South Korea medical gas and equipment market is valued at USD 143.10 million in 2023 and is projected to reach USD 266.15 million by 2032, reflecting a compound annual growth rate (CAGR) of 8.07%.

What factors are driving the growth of the South Korea Medical Gas and Equipment Market?

Key growth drivers include the expansion of healthcare infrastructure, an aging population, increasing prevalence of chronic diseases, technological advancements in gas delivery systems, and the growing adoption of home healthcare solutions. Government initiatives to modernize healthcare services also contribute significantly to market growth.

What are the key segments within the South Korea Medical Gas and Equipment Market?

The market is segmented by medical gases (Oxygen, Nitrous Oxide, Carbon Dioxide, Nitrogen, Others), application (Therapeutic, Diagnostic, Pharmaceutical Manufacturing, Research, Others), end-user (Hospitals, Ambulatory Surgical Centers, Home Healthcare, Clinics, Others), and medical gas equipment (Cylinders, Flowmeters, Regulators, Vacuum Systems, Others).

What are some challenges faced by the South Korea Medical Gas and Equipment Market?

Challenges include high initial investment costs for advanced gas systems, the complexity of regulatory compliance, and ensuring adherence to stringent safety standards. Smaller healthcare facilities may also face financial and logistical difficulties in adopting modern gas delivery technologies.

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