Proliferation of chronic diseases that necessitate the use of capnography devices is anticipated to accelerate capnography devices market growth by 2025. Capnography has been helping first responders to make life-saving decisions. Massive sections of population enduring such diseases and resultant admission in hospitals for treatment is likely to positively respond to the capnography devices market growth.
A brief overview of the major driving forces adding to the revenue share of the capnography devices industry is as follows:
U.S. capnography devices market, 2018 & 2025 (USD Million and Units)
Increasing prevalence of chronic disease is fueling capnography devices market outlook
The incumbrance of chronic diseases is rapidly increasing worldwide. Nearly half of the total deaths resulting from chronic diseases are creditable to cardiovascular diseases. Diabetes and obesity have been exhibiting worrying trends because both have started to appear earlier in life and affecting a large section of the population.
It has been projected that, by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide. Out of these 71% of deaths will occur due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes in developing countries.
Following are some predictions by Global Alliance of Chronic Diseases (GACD) on chronic diseases:
Use of capnography equipment in surgeries will impetuously drive the capnography devices market growth. It is thus rather overt that rise in chronic disease prevalence will augment the industry trends.
Rising occurrence of respiratory and pulmonary diseases will accelerate the growth of capnography devices market
Respiratory disease accounts for a huge global health problem which in turn will offer a push to the growth graph of capnography devices industry. It is estimated that 235 million people suffer from asthma, over 200 million people endure chronic obstructive pulmonary disease (COPD), and 65 million have moderate-to-severe COPD.
Around 8.7 million people develop tuberculosis (TB) yearly, millions live with pulmonary hypertension and more than 50 million people endure occupational lung diseases. These figures total to over 1 billion people who are struggling with chronic respiratory conditions.
Chronic obstructive pulmonary disease (COPD) has been ranked as fourth-most predominant cause of death globally and the numbers are still growing. An estimated 65 million people have moderate to severe COPD, among whom about 3 million people die every year, making it the third leading cause of death in the world and the figures are rising. Respiratory diseases make up five of the 30 most common causes of death, out of which COPD is ranked third.
Escalating number of respiratory diseases in the geriatric population will augment the capnography devices market size in the times to come. According to a recent survey, increasing evidence suggests that the capnography devices were being more commonly used in case of respiratory diseases. Also, decreasing preference of pulse oximetry devices will help to raise the growth of capnography devices market by 2025.
Contribution of end-users such as hospitals is propelling capnography devices market size
Increasing number of patients with chronic and respiratory diseases, growing number of hospitals, and rising investments in healthcare sector will significantly help to augment capnography devices industry share. In India, as of 31st March 2017, there are 23,582 government hospitals having 710,761 beds. Around 19,810 hospitals are present in rural areas with approximately 279,588 beds and nearly 3,772 hospitals are in urban area with closely 431,173 beds.
Around 70% of population in India resides in rural areas and to serve their requirements, there are about 156,231 sub centers, nearly 25,650 primary health centers and approximately 5,624 community health centers in the country. Hospitals as an end-use segment of capnography market is thus estimated to grow at 9.8% over 2019-2025.
Summing up, it would be apt to state that capnography devices market is slated to witness exponential growth owing to the rising population with chronic and respiratory diseases. These diseases have demanded the use of capnography devices in hospitals for better treatment. Capnography devices market size is set to exceed $700 million by 2025.