The Global Capnography Devices Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The Global Capnography Devices Market is segmented by Component (OEM modules and Others); Product type (Handheld, Standalone and Multiparameter); Technology; Application; End user; Geography (North America, Europe, APAC and ROW).
Introduction
The body produces carbon dioxide as a byproduct of basic bodily functions such as metabolism, and this byproduct is eliminated when being transported through the blood to patient’s lungs, capnography devices are used to measure this expired CO2 by measuring the content of carbon dioxide inhaled and exhaled by the patient
The major factors driving the market growth include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices.
On the other hand, the presence of alternate medical devices that are cheaper and provide similar functionality are obstructing the growth of the market
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for capnography market is likely to increase during this pandemic period. These are used as primary device for treating the COVID-19 patients and suspected cases having breathing issues.
Table of Contents
Market Overview
The global capnography devices market is expected to have incremental growth of $321.50 million during 2020-2025
Growth momentum is expected to accelerate during the forecast period with a 10.10% CAGR.
The rising geriatric population, high prevalence of chronic respiratory diseases, and increase in government expenditures on the healthcare industry are driving the market growth.
North America is dominating the market due to the rising prevalence of respiratory diseases as a consequence of unhealthy lifestyles and high stress levels
Key Trends
Technological advancement on capnography devices will further boost the market growth.
High utility of respiratory devices in combating infectious diseases and pandemics are expected to propel the market growth.
Increasing number of programs and initiatives aimed at spreading awareness about the benefits of portable ventilator in home healthcare will also support market growth.
Key Market Players
Some of the key players in the market are Koninklijke Philips, Smiths Group, Masimo, Medtronic, Dragerwerk, Welch Allyn.
The market is highly competitive owing to the rise in demand for respiratory devices coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, collaborations and extensive R&D in this area are some of the initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, increasing utilization of capnography devices for the management of chronic diseases.
Increasing geriatric populations with respiratory problems is also driving the market growth.
Increase in U.S government expenditures on healthcare is another factor that is driving the market.
Presence of alternate medical devices that are cheaper and provide similar functionality is expected to hinder its adoption.
Higher cost of devices and lack of skilled professionals are hampering the growth of the market.