NEW YORK, Sept. 28, 2020 /PRNewswire/ -- The WHO says that around 235 million people live with asthma around the world, while more than 3 million die of chronic obstructive pulmonary disease (COPD) every year. As a result, the global capnography devices market revenue is predicted to increase to $713.3 million by 2030, from $379.9 million in 2019, at a 6.0% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
With the growing prevalence of respiratory diseases, the volume of capnography procedures in emergency medicine and critical care departments is rising, thus driving the capnography devices market. These devices measure the concentration of carbon dioxide (CO2) in the exhaled air, which helps in determining how well the lungs are functioning. In case of anomalies, the graph readings help doctors in understanding the situation and taking the necessary action.
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On account of the COVID-19 pandemic, the capnography devices market has received an unprecedented boost, as COVID is essentially a respiratory disease. By mid-September 2020, the disease has infected more than 28 million people and killed over 920,000. This has put the global healthcare industry under severe pressure, as the mounting number of patients is leading to an acute shortage of hospital beds, diagnostic, monitoring, and therapeutic equipment, and other medical resources. Thus, governments are making hefty investments to procure the necessary systems, including ventilators and capnography devices.
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The capnography devices market is predicted to witness the higher CAGR, of 6.4%, in the OEM modules bifurcation, under segmentation by component, in the coming years. Patient monitoring systems are being rapidly integrated with OEM modules to increase their functionality. In addition, with OEM modules, CO2 and end-tidal CO2 monitoring by small and portable devices becomes simple and accurate.
In the past, the highest revenue in the capnography devices market was generated by the emergency medicine category, under the application segment. With the increasing awareness on safely sedating patients in emergency care departments, the usage of such devices is rising.
Hospitals would continue being the largest end users in the capnography devices market during the next decade. In such medical settings, capnography is conducted in a wide range of departments, including neonatal care, emergency, labor, surgery, and intensive care.
North America has been the largest capnography devices market till now, and the situation will not change in the future. The prevalence of respiratory diseases is quite high in the region; the U.S. is the worst-affected country by COVID-19, accounting for over 6.5 million cases till mid-September 2020. Moreover, as per the CDC, COPD accounts for the third-largest death count in the U.S., which creates a high demand for capnography procedures.
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The fastest advance in the capnography devices market would be observed in Asia-Pacific (APAC) in the immediate future. On account of the rising incidence of respiratory diseases and government initiatives, the sale of such devices is increasing in the region. The WHO says that low- and middle-income countries account for around 90% of all COPD deaths. Moreover, the growing geriatric population in the region is also driving the demand for these devices.
Product Launches Define Competitive Landscape of Market
In a definitive step toward increasing their customer base, capnography devices market players are launching new and improved devices, which:
The most significant organizations in the global capnography devices market are Shenzhen Comen Medical Instruments Co. Ltd., Diamedica (UK) Limited, Nonin Medical Inc., Edan Instruments Inc., Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA, Becton, Dickinson and Company, Masimo Corporation, Smiths Group plc, Medtronic plc, Welch Allyn Inc., Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., and Zoll Medical Corporation.
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North America leads the ventilator market, globally. High prevalence of chronic diseases and increasing geriatric population are the two major factors boosting the growth of the market in the region. Further, the U.S. holds the largest share in the regional market. Increasing prevalence of tobacco smoking can be viewed as a key factor supporting the growth of the market in the country.
Respiratory Care Device Market
North America holds the largest share in the respiratory care device market. Rising government expenditure on healthcare, high prevalence of respiratory diseases, and growing aging population are some major factors driving the growth of the market in the region. In North America, the U.S. accounts for the majority market share, primarily on account of high prevalence of tobacco smoking in the country.
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