According to The Insight Partners research study, titled “Capnography Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Technology, Application, and End User,” the market is expected to grow from US$ 447.59 million in 2021 to US$ 716.38 million by 2028. It is estimated to grow at a CAGR of 7.1% from 2022 to 2028. The rising prevalence of respiratory disorders is contributing to the elevated demand for capnography equipment. However, a stringent and ambiguous process of approval of capnography equipment restricts the market growth.
The capnography equipment market experienced a slight decline in the revenue due to disturbed schedules of elective procedures, restrictions on movements of humans and supplies, and delays in supply chains. Medtronic reported a 12% decrease in its cardiac rhythm management device sales in 2020. Similarly, Abbott and Boston Scientific Corp witnessed 10.7% and 12.1% decline, respectively, in the performances of their cardiac rhythm segments in 2020. However, key players experienced a surge in the demand for capnography equipment due to the surge in the incidence of respiratory infections. According to the USFDA, capnography equipment is used in the monitoring of patients during the treatment of COVID-19. Patients provided with an artificial airway as a part of the COVID-19 treatment are monitored through capnography devices. Relaxations in social restrictions and the resumption of nonelective surgeries from 2021 have enabled the revival of the capnography equipment market.
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In addition to this, Europe also experienced more severe repercussions of the COVID-19 pandemic in 2020 as compared to the global economy. Furthermore, it witnessed a slower pace of recovery in 2021. The pandemic caused an unprecedented health crisis in European economies. The Europe is a key pharmaceutical exporter, a trade hub for medicines in transit, and a major global health donor for drug development and procurement by international agencies. Even though the COVID-19 pandemic harmed most companies’ overall sales, it had a positive impact on the capnography equipment market due to the increase in demand for capnography equipment for measurement of CO2.
Based on product type, the capnography equipment market is segmented into capnography accessories & disposables and capnometers. In 2021, the capnography accessories & disposables segment held a larger market share. However, the capnometer segment is expected to register a higher CAGR of 7.2% during 2022–2028. The driving factor for the growth of capnography accessories and disposables segment is due to increasing adoption of capnography equipment, its use in patient monitoring, and the growing number of surgical procedures. Increasing respiratory ailments and rising complex surgeries provide more growth opportunities for capnography accessories and disposables segment.
Capnometer, also known as end-tidal CO2 monitoring, is a device used to measure CO2 concentrations in respired gases. The capnometers segment is further segregated as multiparameter capnometers and standalone capnometers, and standalone ones are further categorized as handheld and conventional capnometers. The extensive use of capnometers in ventilation unit, anesthesia, and intensive care units are among the key factors contributing to the growth of the market for the capnometer segment.
Medtronic, Koninklijke Philips N.V., General Electric Company, Dragerwerk AG & Co. KGaA, Nihon Kohden Corporation, Hill Rom Holding Inc. (Baxter), Masimo, SCHILLER Americas Inc., ICU MEDICAL Inc., and BD are among the key companies operating in the capnography equipment market.
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