September 13, 2021 05:00 ET | Source: Global Market Insights, Inc Global Market Insights, Inc
Selbyville, Delaware, Sept. 13, 2021 (GLOBE NEWSWIRE) --
According to latest report “Capnography Devices Market by Product (Hand-held, Stand-alone, Multi-parameter), Technology (Side Stream, Main Stream, Micro Stream), Component (Original Equipment Manufacturer (OEM) Modules), Application (Emergency Medicine, Critical Care, Procedural Sedation, Pain Management), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of capnography devices will cross $873 million by 2027.
Growing number of respiratory diseases across the globe is anticipated to promote the market growth. According to the World Health Organization (WHO), in 2020, more than 2.2 million lung cancer cases were diagnosed with 1.8 million deaths worldwide. As a result, an upsurge in demand for capnography devices has facilitated the development with multiple features, offering a wide range of selection to the operators. Similarly, an extensive investment by various public as well as private organizations for innovating technologically advanced capnography instruments would further amplify the market expansion.
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The capnography devices market for multi-parameter segment is expected to witness 8% growth rate through 2027 owing to the several advantages offered by multi-parameter capnography instruments. These devices offer capnography in dependable affordable configurations and provide a broad range of standard & optional parameters. Integrated circuits help physicians to deliver highly precise multi-parameter patient monitoring while minimizing power consumption. Additionally, factors such as the surging demand for early diagnosis of respiratory disorders and growing demand for real-time monitoring in critical care applications will boost the segment expansion. Multi-parameter capnography devices are highly used for improving the quality of healthcare in both hospitals and ambulatory surgical centers. The diagnosis of critically ill patients using multi-parameter capnography instrument enables the identification of early respiratory depression and indicates the efficiency of therapeutic interventions.
The micro stream segment in the capnography devices market is poised to expand at a CAGR of 7.8% till 2027 led by the use of micro stream capnography devices in a wide range of applications. Micro stream integrated capnography devices deliver an early sign of respiratory depression, thereby providing physicians the opportunity to reduce the risk associated with that disease. This technology can be integrated into virtually all clinical environments for use with intubated and non-intubated newborn to adult patient populations. Micro stream technology provides an efficient secretion & moisture handling, making etCO2 diagnosis easier, especially for non-intubated patients. Furthermore, research studies showed that micro-stream technology precisely measures the alveolar CO2 in neonates.
The capnography devices market for original equipment manufacturer (OEM) modules segment will reach over USD 388 million in 2027. Original equipment manufacturer (OEM) modules are intended to deliver CO2 monitoring to a host monitoring system during recovery or anesthesia in the intensive care unit. These components are cost-effective that aids the capnography device manufacturers to cut the cost to quite a large extend while attaining the same or improved performance. Many companies are emphasizing on providing modules with well-equipped data collection and analysis systems for precise monitoring of respiratory CO2 concentration. The original equipment manufacturer modules are highly configurable to meet most OEM implementation requirements.
The procedural sedation segment in the capnography devices market is predicted to cross USD 233 million by 2027 due to the potential advantages of capnography devices during procedural sedation to enhance patient safety by decreasing severe sedation-related adverse events including permanent neurological disability or death that are caused by inadequate oxygenation. Moreover, the implementation of capnography technology offers an additional layer of safety and decreases the risk of respiratory compromise in patients receiving procedural sedation.
The capnography devices market for hospitals segment will account for USD 476 million by 2027. The high market share is attributed to the growing geriatric population and the surging prevalence of respiratory diseases. As per the World Health Organization report, in 2019, the population of people aged 60 years and above was approximately 1 billion across the globe and is estimated to reach 1.4 billion by 2030. Elderly people are highly susceptible to infectious respiratory ailments such as bronchial asthma, tuberculosis, and respiratory tract infections among others. The rising elderly population is thereby projected to foster the visits to hospitals for a breathing treatment. In addition, factors such as the easy availability of professional surgeons, early management of health conditions, improved quality of care, and emphasis on preventative interventions among others are driving the segment growth.
In Asia Pacific, China capnography devices market captured over 32% of revenue share in 2020. The high growth in the country is credited to the increasing prevalence of respiratory disorders. As per the research article published in 2020, in the past 20 years, the prevalence of asthma in children has augmented significantly in China. Owing to the disabling nature of asthma, the economic burden of medical treatment of children with asthma is also surging. Further, according to the article published by the National Center for Biotechnology Information, in 2018, lung cancer was the leading cause of cancer that accounted for around 20% of all cancer deaths in China.
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Some of the major players operating in the capnography devices market are Dragerwerk AG & CO. KGaA, Masimo Corporation, Medtronic, Nihon Kohden, Smiths Medical and Phillips Healthcare. These companies are adopting strategic initiatives such as partnerships, collaborations, new product launches, and commercial expansion to bolster their product portfolio and market presence.
Table of Contents (ToC) of the report:
Chapter 3 Capnography Devices Market Insights
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