According to a new research study by Global Insight Services (GIS), the capnography equipment market is expected to grow rapidly over the next 10 years to reach a value of more than the US $530.3 million by 2031.
Capnography equipment is conventionally used for cardiology surgeries for patients under deep sedation and anesthesia. Still, with the increasing number of target patients for critical applications such as trauma and emergency cases, the demand for portable/point-of-care capnography equipment is expected to increase. In line with this changing market trend, key market players are primarily focusing on developing portable/point-of-care or handheld capnography equipment that can be used for such applications that require easy device mobility and patient access.
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Global Capnography Equipment Market: Key Drivers
The key factors such as the development of portable/POC capnography devices. In the initial stages, healthcare professionals can identify potential breathing complications (like airway obstruction, hyperventilation, hypoventilation, or apnea) through ventilation monitoring or capnograph evaluation of target subjects. Real-time measurement of various respiratory parameters helps healthcare professionals decide on patient treatment options and enables timely intervention at the onset of an adverse respiratory event.
The capnometers segment is likely to dominate the market during the forecast period
The rising adoption of capnography equipment, recommendations for its use in patient monitoring, medical reimbursements for capnography equipment across developed countries, and the rising number of surgical procedures are boosting the growth of the market.
The mainstream capnography segment is estimated to dominate the market during the forecast period
The advantages associated with mainstream capnography, like the ease of use and the ability to monitor breathing in intubated patients precisely, are likely to boost the growth of this market.
The cardiac surgery segment is anticipated to dominate the market during the forecast period
The large share of this segment is attributed to the increasing regulatory guidelines recommending capnography for cardiac surgeries coupled with the rising number of cardiopulmonary surgeries performed across the globe.
Hospitals dominate the capnography equipment market during the forecast period
Factors such as evolving guidelines related to the use of capnography and the rising incidence of chronic disorders are likely to boost the demand for capnography equipment in hospital settings in the upcoming years.
Market Restraints and Challenges
The major factor hindering the market growth is the stringent and ambiguous regulatory process for the approval of capnography equipment. Stringent (primarily in the US) and ambiguous regulatory guidelines are restraining the growth of the capnography medical devices market. In the US, it takes around three to seven years to prove the medical safety of any new device. As per the law, even a new size of a previously approved device needs to go through the entire process before commercialization. If a customized product/device is manufactured, the company must go through a long process in which every single part of the device has to be tested and approved separately. Simple capnography equipment receives FDA approval, but complex devices that need to comply with many FDA requirements are a hurdle for the convenience of capnography equipment on a large scale. There are also state legal requirements and manufacturing regulations to pose obstacles to the capnography equipment market.
The key players comprised in the global capnography equipment market are ZOLL Medical (Asahi Kasei) (Japan), Becton, Dickinson, and Company (US), Drägerwerk AG & Co. KGaA (Germany), Edan Instruments, Inc. (China), GE Healthcare (US), Hamilton Medical (Switzerland), Welch Allyn (a Hill-Rom company) (US), Koninklijke Philips N.V. (Netherlands), Masimo Corporation (US), Medtronic plc (Ireland), Mindray Medical (US), Nihon Kohden (Japan), Nonin Medical Inc.(US), Schiller (Switzerland) and Smiths Medical (UK), Avante (US), Bionics (South Korea), BPL Medical Technologies (India), Burtons Medical Equipment, Ltd. (UK), Criticare Technologies, Inc. (US), Diamedica (UK), Infinium Medical (US), SunMed (US), Nidek Medical India (India), ResMed Inc. (US), RMS (India), Shenzhen Comen Medical Instruments Co., Ltd. (China), SLE Ltd. (UK), UTAS Co. (Ukraine), and Zoe Medical (US).