Rise in number of ICU admissions, surge in preference of capnometers, growth in number of surgeries, and increase in technological advancements have boosted the growth of the global capnography market
PORTLAND, Oregon, July 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Capnography Market By Product Type (Capnographs (Mainstream Capnographs, Sidestream Capnographs, Microstream Capnographs) and Capnography Disposables) Application (Procedural Sedation, Pain Management, Emergency Medicine, Critical Care, General Floor, and Others), and End Use (Hospitals and Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global capnography industry was pegged at $393.9 million in 2019, and is projected to reach $1.18 billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027.
Major determinants of the market growth
Rise in number of ICU admissions, surge in preference of capnometers, growth in number of surgeries, and increase in technological advancements have boosted the growth of the global capnography market. However, high costs of the device and stringent regulatory procedures hamper the market. On the contrary, high growth potential in emerging market and surge in the geriatric population are expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario: The global capnography has greatly affected due to the outbreak of the Covid-19.
- The growing pressure to rapidly test and cure the patients infected with Covid-19 has boosted the demand for capnometers.
- The disrupted supply chain and increase in ICU admissions have negatively affected the demand-supply balance of capnometers.
Procedural sedation segment dominated the market
By application, the procedural sedation segment held the largest share in 2019, accounting for more than one-fourth of the global capnography market, owing to rise in surgeries and therapeutic procedures where sedation is required to minimize awareness of patients. However, the emergency medicine segment is expected to register the highest CAGR of 15.2% during the forecast period. This is due to the use of capnography products in hospital-based and freestanding emergency departments (EDs), urgent care clinics, observation medicine units, emergency medical response vehicles, at disaster sites, or via telemedicine.
Hospitals segment to manifest highest CAGR through 2027
By end user, the hospitals segment is anticipated to register the highest CAGR of 14.5% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for more than half of the global capnography market. This is attributable to the rise in investment in capnography products and approval of capnography products in most countries such as the U.S. and Europe.
North America held the lion's share
By region, the market across North America held the largest share in 2019, contributing to nearly two-fifths of the market, due to surge in prevalence of respiratory, cardiovascular diseases, and COPD and easy availability of capnography products coupled with awareness in healthcare worker related to use of capnography in treatment. However, the global capnography market across the Asia-Pacific region is expected to register the highest CAGR of 15.7% during the forecast period, owing to the presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income.
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Major market players
- Dragerwerk AG & Co. KGAA
- DICKINSON AND COMPANY
- Hamilton Bonaduz Ag
- General Electric
- Koninklijke Philips N.V. (Philips)
- Nihon Kohden Corporation
- Medtronic Plc.
- Smiths Group plc.
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SOURCE Allied Market Research