One of the major drivers for the growth of the global capnography devices market is the rising prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), pulmonary embolism, and asthma, which require intensive respiratory monitoring. Owing to this, the market is expected to progress at a CAGR of 6.0% during the forecast period (2020–2030), and generate $713.3 million revenue in 2030.
On account of the ongoing COVID-19 pandemic, the capnography devices market has witnessed a significant positive impact across the world. Key players are witnessing surge in demand for capnography devices, amid the rising cases of novel coronavirus across the globe. Moreover, the COVID-19 pandemic has put health services under mounting pressure with an increasing number of infected individuals. Therefore, capnography devices are expected to witness increased demand during this pandemic.
Hospitals Category Is Expected to Witness Fastest Growth throughout Forecast Period
On the basis of end user, the capnography devices market is categorized into hospitals, ambulatory care centers (ACCs), and others. Hospitals are expected to witness highest CAGR during the forecast period, owing to large patient base in hospitals and a wide range of applications of capnography devices, ranging from neonatal care to advanced care. These devices are also utilized in labor rooms, intensive care units, and operation theaters.
Further, the capnography devices market on the basis of component is classified into original equipment manufacturer (OEM) modules and others. Of these, the OEM modules category is expected to lead the market in the coming years. OEM modules are increasingly being adopted by patient monitoring system manufacturers, as they can provide additional functionality to the existing patient monitoring systems. OEM modules-based capnography devices also have the ability to make end-tidal CO2 or CO2 monitoring simple and accurate in the small and portable monitors.
Globally, APAC is expected to be the fastest-growing region in the capnography devices market, during the forecast period. This can be mainly due to the increasing need for efficient respiratory monitoring systems, due to clinical urgency for treating respiratory diseases, in developing countries such as India and China. Complexity of the diseases varies on a case-to-case basis, which is expected to widen the growth potential of capnographs in the region. Moreover, increase in geriatric population that is prone to various chronic diseases further contributes to higher adoption of capnography devices. Presence of regional players also contribute to the growth of the market.
Creating Lucrative Opportunities with Product Launches and Approvals Is Strongest Measure Taken by Players in Market
In order to remain competitive, players in the capnography devices market are consistently focusing on strategic partnerships and business mergers coupled with product launches. For example, in August 2020, Masimo Corporation announced that pleth variability index (PVi) received FDA clearance as a continuous, noninvasive, dynamic indicator of fluid responsiveness in specific populations of mechanically ventilated adult patients. PVi is a measure of the dynamic changes in perfusion index that occur during the respiratory cycle.
Moreover, 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, phosgene, and nitrogen dioxide (Pac 8000 and 8500). The Pac series is designed to withstand harsh operating conditions and can be used in a temperature range from −40 to +55°C.
Some of the major players operating in the global capnography devices market are Diamedica UK Ltd., Edan Instruments Inc., Shenzhen Comen Medical Instruments Co. Ltd., Nonin Medical Inc., Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA, Masimo Corporation, Medtronic plc, Becton, Dickinson and Company, Smiths Medical, Zoll Medical Corporation, and Koninklijke Philips N.V.