Global capnography devices market to grow $700m by 2025
As per a recent research report compiled by Global Market Insights, capnography devices market size is projected to exceed $700m by 2025. Increasing prevalence of chronic diseases and a surge in the number of surgical procedures worldwide will fuel capnography devices market size over the forthcoming years.
According to World Health Organisation (WHO), cases of chronic disorders like diabetes, cancer, asthma, heart and other diseases is projected to grow by 57% by the year 2020.
Capnography equipment are widely adopted for major surgeries to improve patient safety and reduce adverse respiratory event, avoiding deterioration to a more critical or fatal condition. Consistent need to improve the quality of surgical procedures will considerably foster capnography devices industry trends over the forecast timeframe.
Capnography has been recognised as a standard of monitoring patient safety in ICUs, as well as for the surgical patients during anesthesia. A substantial rise in acute respiratory and chronic obstructive pulmonary diseases among elderly population will further propel capnography devices industry size. With development of advanced technologies and better scientific understanding of the value of capnography, healthcare providers are able to easily identify potential breathing complications and respond accordingly with a change in clinical management.
Capnography has been shown to be a useful tool in monitoring patients who are suffering from breathing disorders, as it provides an early warning of respiratory depression and prevents people from serious adverse events. Reports suggest that in 2018, the deployment of capnography devices in critical care patients was registered at $93.3m globally. Growing number of people suffering from chronic conditions and increased admission of patients in hospitals will undoubtedly increase the need for patient monitoring, stimulating capnography devices market share.
Earlier in the year, Medtronic had informed about the results of PRODIGY, a multi-centre study for identifying people having higher risk of opioid-induced respiratory depression. The tool is expected to help direct early intervention through continued capnography-based monitoring, such as using the Capnostream device of Medtronic. The system could enable hospitals detect potential risks among patients early, demonstrating the importance of close monitoring through novel devices. Such initiatives will certainly outline capnography devices marketoutlook over the coming years.
Cardiovascular disease is one of the leading causes of mortality in the United States, followed by chronic respiratory diseases and cancer. According to the American Heart Association, approximately half of the adults in US have cardiovascular diseases. With gradual rise in the volume of patients suffering from cardio-respiratory diseases, there would be a wider utilisation of monitoring devices in treatments and during surgeries, proliferating North America capnography industry share.
A notable development in the field of capnography devices was Masimo’s FDA approved Root patient monitoring platform with Capnography. It had been observed that despite the advancement in medical tech, the lack of device integration and communication generates risks for patient safety in hospitals globally. To address these types of challenges, each Root can be used as a connectivity gateway to connect numerous standalone devices like hospital beds, ventilators, and other patient monitors. Reports confirm that in the year 2018, stand-alone capnography devices market size was recorded at $117.5m.
With considerable efforts put in by high-end hospitals and surgical centers towards adopting and innovating safer and reliable patient care products, capnography device industry will exhibit notable growth rate in the next few years. WHO had informed that in 2016, there were nearly 251 million cases of chronic obstructive pulmonary disease all over the world, where most instances were a result of long-term asthma, exposure to tobacco and may other causes. Capnography clearly has a vast application space in the healthcare sector to tackle the prevalence of chronic disorders.
Prominent players including Masimo Corporation, Smiths Medical, CareFusion, Medtronic, and among others have strongly built their R&D capabilities and enhanced manufacturing processes, showcasing strong dominance over the industry.
You can view the report here.