The high prevalence of respiratory diseases, technological advancements in capnography devices, and rise in government initiatives, across the globe, are the major growth drivers for the capnography devices market. Due to the aforementioned factors, the industry is projected to generate $736.6 million revenue in 2030, advancing at a CAGR of 5.7% during 2020–2030.
In the beginning of 2020, owing to COVID-19, manufacturing facilities of capnography devices were partially closed down due to lockdowns. Although, the demand for capnography devices has been increased, owing to the large number of admissions in healthcare settings and rising awareness among people regarding well-being. Thus, there has been a healthy growth in the capnography devices industry during this pandemic time.
Based on product, the capnography devices market is categorized into hand-held, stand-alone, and multi-parameter. Among these, the hand-held capnography devices dominated the market during the historical period, and it is expected to maintain its lead in the market during forecast period (2021–2030) as well, due to their small size, portability, and ease of use. Moreover, with the technological advancements, globally, healthcare professionals are adopting these medical devices that can provide point-of-care (POC) treatment to patients.
Moreover, the market for capnography devices is bifurcated into original equipment manufacturer (OEM) modules and others, on the basis of component. Out of these, the OEM modules have emerged as the larger revenue-generating and faster-growing category in the market, mainly on account of their ability of making end-tidal carbon dioxide (EtCO2) or carbon dioxide (CO2) monitoring simple and accurate, even in smaller and portable monitors.
Globally, North America was the largest contributor to the capnography devices market in 2020. This is mainly driven by high 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 the fastest growth in coming years, owing to the surging demand for improved respiratory monitoring systems, growing awareness about the devices, rising number of government initiatives, and increasing incidents of preterm birth.
Players in the capnography devices industry are frequently involved in product launches and their approvals to gain a significant market position. For instance, in April 2021, Masimo Corporation announced that Radius PCG, a portable real-time capnography device with wireless Bluetooth connectivity, received the Food and Drug Administration (FDA) 510(k) clearance. Radius PCG connects with the Root Patient Monitoring and Connectivity Platform to provide seamless, tetherless main-stream capnography for patients of all ages.
Similarly, 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. The monitors detect not only the standard gases, such as carbon monoxide, hydrogen sulfide, sulfur dioxide, and oxygen (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 °C to +55 °C.
Major players operating in the global capnography devices market are Diamedica (UK) Limited, 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 Group plc, Koninklijke Philips N.V., Welch Allyn Inc., Zoll Medical Corporation, and Shenzhen Mindray Bio-Medical Electronics Co. Ltd.