Capnography Device Market to Reach USD 1.13bn by 2024, Grand View Research Predicts.
(C)2016 M2 COMMUNICATIONS
- The global Capnography Device Market is expected to reach USD 1.13bn by 2024, according to a new report by US-based market research and consulting company Grand View Research, Inc.
New regulatory guidelines for procedural sedation and the growing adoption of capnography in patient monitoring due to higher reliability and efficiency are anticipated to propel the Capnography Device Market over the forecast period.
In addition, the associated advantages, such as ease-of-usage, minimally invasive nature, and medical efficiency with its usage, are the key growth drivers.
Moreover, the rising incidences of respiratory diseases needing continuous patient monitoring are expected to fuel the demand in the coming years.
Furthermore, the increasing focus of industry leaders in the R/D for the development of new-generation capnographs is expected to serve this market with lucrative growth opportunities in the near future.
For instance, Oridion's micro stream technology that helped in minimizing the dispersion of gases in the sampling tube has created a revolution in the Capnography Device Market.
The handheld capnography segment dominated the product market in 2015, owing to its associated benefits such as portability, lightness, ease-of-use, and treatment efficiency.
On the contrary, multi-parameter capnography devices are expected to grow at a lucrative CAGR of over 18.0% due to their increasing applications in patient monitoring.
They are proven to be successful in the detection of ET tube placement verification, breathing irregularities, and monitor procedural sedation. These aforementioned factors attribute towards the growth of the multiparameter segment over the forecast period.
Micro stream is identified as the fastest growing technology segment. This can be attributed to the fact that this technology is more effective and easy to incorporate as compared to side stream and main stream capnography.
It offers four-hour waveform trending, single-use filters, and a rechargeable battery with eight-hour usage life. These features enable clinicians to treat intubated and non-intubated patients.
Ambulatory care centers are expected to grow at a lucrative CAGR during the forecast period. Capnography helps in the early detection of hypoventilation or apnea, which is critical for patients following ambulatory procedures.
The aforementioned benefit associated with the adoption of capnography technology is expected to drive the segment growth over the forecast period.
Hospitals dominated the end-use segment of the capnography device market owing to the shifting of preference of hospitals from conventional patient monitoring devices to capnography.
For instance, Medstar Harbor Hospital in the US adopted capnography to monitor patients following Patient-Controlled Analgesia for regulating their post-surgical pain.
In 2015, North America dominated the overall capnography market at over 55.0% due to the increasing incorporation of capnography in hospitals.
Moreover, changes in demographic trends, such as a growing geriatric population and healthcare expenditure, are presumed to boost the industry growth.
Asia Pacific is anticipated to be growing at the fastest rate over the forecast period owing to high unmet needs for healthcare in the emerging economies such as China and India.
Moreover, the increasing prevalence of COPD and asthma in these regions is expected to create future growth opportunities for leaders in Capnography Device Market.
Furthermore, the rising medical tourism pertinent to different types of dental surgeries, cosmetic surgeries and cardiac procedures, and the increasing proportion of GDP expenditure on healthcare in growing economies, such as Brazil, are the factors augmenting the capnography equipment industry growth.
The key players are now adopting collaborative strategies, such as new product launches and mergers and acquisitions to facilitate the business growth and geographical presence.
For instance, in January 2014, Southmedic, Inc. received premarket approval for the C02/02 nasal cannula, in a probe to expand its capnography product portfolio.
The introduction of such technologically advanced devices is expected to exert a positive impact on the industry growth during the forecast period.
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|Date:||Aug 4, 2016|
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