[Research Report] The capnography equipment 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 market growth is attributed to the prevalence of respiratory disorders and the clinical benefits of capnography equipment over pulse oximetry
The capnography equipment market comprises major competitive players adopting strategies such as product launches, geographic expansion, and technological advancements. A few recent developments in the market are listed below:
- In July 2020, Welch Allyn (Hill Rom Holdings, Inc.) announced "Connex Vital Signs Monitor," a new product having an intuitive touchscreen that is adaptable for most low-acuity healthcare environments and clinical workflows. The product can also track cardiac activity using 3-or-5 lead ECG monitoring, measure pulse oximeter, non-invasive blood pressure (NIBP), temperature, end-tidal CO2 (EtCO2), respiration, and many more.
- In December 2021, Baxter International Inc. announced the acquisition of Hill Rom Holdings Inc. This acquisition unlocks the next phase of transformation, presenting a new wave of potential driving impact for patients, clinicians, employees, shareholders, and other communities to serve globally.
- In July 2021, Spacelabs Healthcare, a division of OSI Systems Inc. partnered with Masimo for integrating SET Pulse Oximetery, NomoLine capnography, rainbow SET Pulse CO-Oximetry, SedLine brain function monitoring, and O3 regional oximetry into selected Spacelabs multiparameter monitors.
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Capnography Equipment Market: Strategic Insights
Market Size Value in US$ 447.59 Million in 2021 Market Size Value by US$ 716.38 Million by 2028 Growth rate CAGR of 7.1% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Capnography Equipment Market: Strategic Insights
| Market Size Value in | US$ 447.59 Million in 2021 |
| Market Size Value by | US$ 716.38 Million by 2028 |
| Growth rate | CAGR of 7.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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The active participation of market players in product innovation and development, and an increase in approvals of products are fueling the growth of the capnography equipment market.
In 2010, the International Consensus on Cardiopulmonary Resuscitation and Emergency Cardiovascular Care Science and the American Heart Association (AHA) restructured their guidelines for Adult and Pediatric Advanced Life Support to include recommendations for capnography used during critical events. The new guidelines indorsed the routine use of quantitative waveform capnography for both intubation and during CPR. In the US, the process of proving the medical safety of a device takes ~3–7 years of a manufacturer. Per the law in the country, even if there is a slight change in the size of a previously approved device, the modified product needs to go through the entire process of approval before commercialization. Nevertheless, the FDA approval process for simple capnography equipment is easier than that of complex capnography equipment. The complex capnography equipment needs to comply with various FDA requirements, which act as a hurdle for the approval of capnography equipment on a large scale. The FDA usually evaluates all medical devices for safety and effectiveness, and conducts appropriate assessments to determine the risk-to-benefit ratio. However, in some cases, the body may require manufacturers to provide additional data, depending on the complexity of the device. The current FDA regulations consider capnography equipment in the category of traditionally manufactured medical products for their approval. Thus, variations and lack of standardization in regulations are hampering the growth of the capnography equipment market.
Regional Overview
Asia Pacific is expected to register the highest CAGR in the capnography equipment market during the forecast period. High demand for CO2 measurement instruments, increasing prevalence of respiratory diseases, and rising investments in R&D by major market players are among the factors augmenting the growth of the Asia Pacific capnography equipment market. According to the research data published in the Journal of Thoracic Diseases in China, COPD is progressively becoming a cause of public health concern, and it ranks first among the causes of disability. In 2018, the overall prevalence rate of COPD in China was 8.2%, and the mortality rate because of the disease was ~1.6%. COPD is stated to be the fourth leading cause of death in rural areas, with a prevalence rate of 4.4–16.7%. Thus, the growing prevalence of COPD is fueling the growth of capnography market in China. According to Statista, Chinese hospitals led more than 66 million inpatient surgical operations in 2020. The number varied considerably among regions. Health institutions in the southern province of Guangdong conducted more than 8 million operations in the year, while the western province of Qinghai led less than 200,000. The upsurge in the number of surgeries carried out in China is contributing to the growth of the capnography equipment market in APAC.
In India, the market for capnography equipment is rising owing to the growing prevalence of respiratory diseases. For instance, in 2018, according to an article published by DownToEarth, at least 1 in 10 asthma patients present globally lives in India, and the country records ~1.5–2 crore asthma patients. The Indian Study on Epidemiology of Asthma, Respiratory Symptoms and Chronic Bronchitis in Adults (INSEARCH) estimated the national burden of asthma at 17.23 million with an overall prevalence of 2.05%. The recent Global Burden of Disease estimated the total burden of asthma in India as 34.3 million, accounting for 13.09% of the global burden. It also attributed 13.2 thousand deaths in India were due to asthma. Overall, India has three times higher mortality and more than two times higher DALYs compared to the global proportion of asthma burden. The prevalence of asthma due to changing environmental conditions is fueling the growth of the capnography equipment market in India.
Thus, the growing elderly population, prevalence of respiratory diseases, and increase in the number of surgeries are expected to boost the capnography equipment market during the forecast period.
Lucrative Regions for Global Capnography Equipment Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Technology Insights
Based on technology, the capnography equipment market is segmented into mainstream capnography, sidestream capnography, and microstream capnography. In 2021, the mainstream capnography segment held the largest share of the market. In mainstream capnography, CO2 sensor is located between endotracheal tube and breathing circuit. It is characterized as invasive and the measurement of ETCO2 is done at the airway or sample site. The growth of the market for mainstream capnography is mainly ascribed to the ease of use, accuracy of monitoring breathing in intubated patients, and shorter response time. In April 2021, Masimo announced the FDA clearance of Radius PCG for the Root Patient Monitoring and Connectivity Platform. The product does not require any routine calibration. It provides accurate ETCO2, respiration rate measurements, and continuous EtCO2 waveforms displayed within 15 seconds.
The sidestream capnography segment is expected to register the highest CAGR in the capnography equipment market during the forecast period. In side-stream capnography, the CO2 is present away from the airway. The sensor is in the main unit and CO2 is collected through a sampling tube connected to a T-piece adapter located in the endotracheal tube and breathing circuit. The side-stream capnography is more comfortable for the patients due to its thin tubing and lighter than main-stream capnography. Further, sidestream technology provides adequate quantitative information about uneven alveolar emptying and ventilation–perfusion mismatch. Masimo offers sidestream capnography solutions with gas monitoring capabilities. It is suitable for gas monitoring across care areas such as pre-hospital, in-hospital to transport, long-term care, and home care.
Capnography Equipment Market, by Technology – 2021 and 2028
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Companies operating in the capnography equipment market adopt the product innovation strategy to meet the evolving customer demands worldwide, which also allows them to maintain their brand name in the market.
Capnography Equipment Market – Segmentation
The capnography equipment market is analyzed on the basis of product type, technology, application, end user, and geography. Based on product type, the market is segmented into capnography accessories & disposables and capnometers. Based on technology, the market is segmented into mainstream capnography, sidestream capnography, and microstream capnography. Based on application, the capnography equipment market is segmented into cardiac care, trauma and emergency care, procedural sedation, respiratory monitoring, and other application. Based on end user, the market is segmented into hospitals, ambulatory surgery centers, home care settings, and others. On the basis of geography, the capnography equipment market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Company Profiles
- 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.
- BD
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Technology, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The prevalence of respiratory disorders is driving the growth of capnography equipment demand. In capnography, carbon dioxide (CO2) absorbs infrared radiation, and the procedure involves the passage of infrared radiation over a gas sample collected from exhalation. In many cases, oxygen levels in the blood can remain normal for several minutes after a patient stops breathing. The capnography detects the CO2 present in the body and the detection is more accurate. The equipment can read every phase of the respiratory cycle, thereby providing more in-depth readings. The ability of capnography machines to provide robust data sets makes it easier for healthcare providers to diagnose the root causes of respiratory problems. The capnograph wavelength displays the entire breathing cycle, making it easier to track exact symptoms. Capnography is used to understand how a patient is responding to treatment as they can display the ongoing data in real time. The continuous measurement of human respiratory CO2 by using a capnograph provides valuable information about cardiopulmonary resuscitation, endotracheal tube placement, pulmonary embolism, and procedural sedation. The equipment is also used to obtain information about the effect of air pollution on cardiopulmonary characteristics and the effectiveness of a treatment for a patient with respiratory distress. The changes in the shape of the capnogram are used to diagnose respiratory disease conditions, and changes in end-tidal CO2 (EtCO2) i.e., the maximum CO2 concentration at the end of each tidal breath can be used to assess disease severity and response to treatment.
Factors such as the rising prevalence of respiratory disorders and clinical benefits of capnography equipment over pulse oximetry.
Stringent and ambiguous approval process of capnography equipment is expected to restrict the market growth during the forecast period
The capnography equipment market majorly consists of the players such as 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.
The global capnography equipment market based on product type, is segmented into capnometer and capnography accessories & disposables. In 2021, the capnography accessories & disposables segment held the largest share of the market, by product type. However, the capnometer segment is expected to witness growth in its demand at a fastest CAGR of 7.2% during 2022 to 2028.
The global capnography equipment market on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and the South & Central America. In 2021, North American region held largest market share. However, Asia Pacific region is estimated to grow at the fastest CAGR of 7.4% during the forecast period
The List of Companies - Capnography Equipment Market
- 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.
- BD
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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