The global capnography devices market was valued at USD 515.6 million in 2020 and is expected to grow at a CAGR of 9.9% during the forecast period. The major factors driving the global market include the increasing use of capnography in critical surgeries and are also extremely useful in the monitoring of the patient after surgery. In recent year’s medical reimbursements are available for the device in many countries across the globe, which will further aid in the adoption of capnography devices while conducting complex surgeries.
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The device manufacturers have made huge strides in developing advanced capnography devices in recent years. For instance, Molecular correlation spectroscopy along with photodetectors is installed in mainstream capnography and these developments are expected to drive the demand of the market during the forecast period. Modern devices are highly accurate and durable maintaining standard oxygen levels and these devices can also be easily sterilized.
The devices are increasingly preferred over oximetry and are associated with many clinical benefits in improved post-operative monitoring. Collaborations among key market players and the launch of new products with next-generation technologies will be the major boost for the growth of the market in the years to come.
For instance, in May 2020, Masimo and Philips entered into a partnership wherein the former’s measurement technology will be used for IntelliVue MX-series multi-parameter monitors. In another development, in September 2020, Capsule Technologies, one of the major players in the market for capnography devices unveiled its novel device based on connected capnography-monitoring technology.
The new device, the Vitals Plus monitoring solution has received FDA’s nod for its use in a clinical setup. Many new products are expected to be launched in the market with the collaboration of major players and with the emergence of various new technologies.
The sudden outbreak of the coronavirus will also be a key factor driving the global market growth of capnography devices. Coronavirus mainly affects the respiratory system in humans and the situation of the people who are already suffering from respiratory diseases such as COPD will further worsen upon contracting the Virus. This will result in the increased hospitalization in ICU where there is an increase in the adoption of capnography instruments.
There is a second wave of the pandemic in many countries across the globe and the effect is not going to wane soon even with the approval of vaccines. During the forecast period coronavirus will drive the growth of the capnography devices market for to a certain extent.
The market is primarily segmented on the basis of product, technology, application, end-use, and region.
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Handheld capnography accounted for the largest market revenue share of the capnography devices industry, due to various benefits offered by the device including its size, high durability, and high portability. Hand-held capnography devices offer several benefits and advantages that will increase demand and acceptance, propelling the industry forward.
Multi-parameter products are expected to be the fastest growing in this segment during the forecast period, as they can measure two or more parameters at the same time and its increasing adoption in emergency medicines.
Hospitals accounted for the largest market share of the global capnography devices market in 2020. Capnography is used to monitor carbon dioxide in patients receiving general anesthesia and it is also used to monitor the effectiveness of cardiopulmonary resuscitation and in the monitoring of patients admitted to ICU.
Ambulatory surgical centers are one of the major end-users of capnography devices in the market and are estimated to witness significant growth over the forecast period. These centers use capnography devices for procedural sedation while performing minor surgeries such as endoscopy and cardiac catheterization.
North America contributes to the largest market share in the global market for capnography devices in 2020. The market growth in North America is mainly driven by the rising prevalence of respiratory medical conditions and other chronic diseases with COPD being the third leading cause of death in the U.S. in 2018 - 2019. In the U.S. alone, more than 9.0 million people were diagnosed with chronic bronchitis and 3.8 million with emphysema, in 2018.
During the forecast period, Asia Pacific is expected to witness the highest growth rate due to an increase in the geriatric population in the region. The region is home to more than 390 million people, aged over 60 years. The increase in the geriatric population will contribute to an increase in chronic diseases among the population that may help in the increased adaptation of capnography devices. Many of the emerging economies belong to this region and governments are taking various steps and providing funds to improve healthcare infrastructure.
Key companies are involved in the manufacturing of advanced devices and are looking to expand their footprint with new collaborations and acquisitions. There is also a significant increase in the research & development funding to bring novel capnography technologies to the market of capnography devices.
Some of the major players operating the capnography devices market include Smiths Medical, Inc., Welch Allyn, Masimo, Dragerwerk AG & Co. KGaA, Diamedica (UK) Limited, Koninklijke Philips N.V., Stryker Corporation, Nonin Medical, Opto circuits India, Medtronic, Edan Instruments, Inc., BD and Kohden Corporation.