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Capnography Devices Market Overview
The global capnography devices market generated $379.9 million revenue in 2019 and is projected to advance at a CAGR of 4.4% during the forecast period (2020-2025), mainly on account of growing prevalence of respiratory diseases, technological advancements in capnography devices, and rising government initiatives in this domain.
On the basis of product, the capnography devices market is categorized into handheld, stand-alone, and multi-parameter devices. Among these, it is expected that handheld would be the largest category in terms of revenue in the coming years. This is primarily due to advantages like point-of-care feature for patient’s comfort and ease of use, provided by these devices. This category is projected to hold more than 60.0% share in the market by 2025.
The capnography devices market is categorized into sidestream, mainstream, and Microstream, on the basis of technology. It is expected that the market for Microstream technology-based capnographs would witness the fastest growth, progressing at a CAGR of 5.8% during the forecast period.
Traditional high-flow sidestream capnometers result in erroneous end-tidal CO2 measurements and distorted waveforms in neonates and infants with small tidal volumes and high respiratory rates, whereas, Microstream technology accurately measures alveolar CO2 in newborns without pulmonary disease. This is a key factor responsible for the fastest growth of this category, as compared to sidestream and mainstream technology-based capnography devices.
Capnography devices are used for various applications, including emergency medicine, critical care, procedural sedation, pain management, and others. Among these, emergency medicine accounted for 27.5% share in the capnography devices market in 2019 in terms of revenue. It has been observed that the use of these devices leads to safer sedation of patients in emergency department. It is expected that by 2025, around 50,000 capnography devices will be sold, globally, for the use in emergency medicine.
Globally, North America was the largest market for capnography devices during the historical period. The regional market is mainly driven by rising prevalence of respiratory medical conditions, presence of prominent market players offering capnography devices, improved healthcare infrastructure, and high awareness amongst healthcare professionals in the region. Whereas, the APAC market is predicted to witness fastest growth during the forecast period, as there is high demand for improved respiratory monitoring systems, increasing awareness, rising number of government initiatives, and increasing incidents of preterm birth in the region.
The APAC capnography devices market is expected to witness lucrative growth as a consequence of increasing need for efficient respiratory monitoring systems. This can be due to clinical urgency for treating respiratory diseases in India, China, and other countries. As China and India are developing economies, presence of low-cost alternatives, such as pulse oximeters, is currently restricting the growth of the capnography devices market to a certain level. However, complexity of disease conditions varies on a case-to-case basis, which is projected to widen the growth potential of capnographs in the region.
Capnography Devices Market Dynamics
Rising prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), pulmonary embolism, and asthma, requires intensive respiratory monitoring, is expected to drive the capnography devices market in the coming years. According to the study, “The Global Burden of Diseases” by the World Health Organization (WHO), the cases of COPD are expected to rise during the forecast period. Moreover, COPD is the major cause of death, which is increasing at a faster rate. The study also reported that there were around 3.2 million deaths due to COPD in 2015, globally, which is projected to rise to 4.5 million in 2030. Furthermore, this disease is expected to affect the low- and middle-income countries more than the developed countries.
Besides, technological advancements related to these devices are also a key factor driving the growth of the capnography devices market. Some of these advancements include the incorporation of photo detectors and molecular correlation spectroscopy in Microstream capnographs, and the incorporation of miniaturized mainstream multi-gas monitors. Due to these advancements, capnography devices demonstrate high accuracy and safety levels and also have adjustable flow rate, which prevents moisture contamination and facilitates retrieval of large sample volume in comparison to conventional methods.
In addition, associated benefits of capnography, such as better optimization of post-operative outcomes, long-term efficacy, improved overall efficiency, and rapid response time are expected to facilitate the capnography devices market growth during the forecast period.
Moreover, innovations in capnography devices have not only made it convenient to use them, but also made them portable and automatic. Furthermore, these advancements help clinical researchers and physicians in investigational studies for the inclusion of capnography devices in clinical applications, such as home respiratory monitoring of adversely compromised pulmonary patients. All these factors are expected to propel the growth of the capnography devices market during the forecast period.
Capnography Devices Market Competitive Landscape
Ongoing product launches with novel technologies are expected to boost the capnography devices market. In March 2018, Drägerwerk AG & Co. KGaA announced the launch of a new series of personal single-gas monitors, namely, Pac 6000, 6500, 8000, and 8500. These monitors detect not only the standard gases such as carbon monoxide (CO), hydrogen sulfide (H2S), sulfur dioxide (SO2), and oxygen (O2) (Pac 6000 and 6500), but also special gases such as ozone (O3), phosgene, and nitrogen dioxide (NO2) (Pac 8000 and 8500). The Pac series is designed to withstand harsh operating conditions and can be used in a temperature range from -40 °C to +55 °C.
In December 2017, Edan Instruments Inc. launched its iM3 vital signs monitor that has an ultra-slim design, a large capacitive touch screen, and a rich set of functions, with full options of monitoring peripheral capillary oxygen saturation (SpO2) and non-invasive blood pressure (NIBP), and quick temp/infrared ear temp and differentiated work modes. The iM3 monitor can be used for both long time monitoring and spot check applications.
Leading players in the global capnography devices market include Diamedica UK Ltd., Shenzhen Comen Medical Instruments Co. Ltd., Edan Instruments Inc., Nonin Medical Inc., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Masimo Corporation, Becton, Dickinson and Company, Medtronic plc, Smiths Medical, Koninklijke Philips N.V., Zoll Medical Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Hill-Rom Holdings Inc., SCHILLER AG, General Electric Company, Opto Circuits India Ltd., Contec Medical Systems Co. Ltd., Stryker Corporation, Spacelabs Healthcare Inc., Zoe Medical Incorporated, Fukuda Denshi Co. Ltd., and Fairmont Medical Products Pty Ltd.