The growth of Latin America capnography equipment market, estimated to be worth US$ 30.2 Mn by the end of 2021, is expected to be driven by the fast paced technological advancements in the next 5 years. Increasing incidences of Asthma and COPD are expected to drive the market growth during the forecast period. The significant rise in the number of plastic surgeries is expected to create white spaces of growth in the market. The medical tourism of the region also plays a vital role in expansion of the landscape.
The COVID-19 pandemic is expected to amplify the demand for capnography equipment in Latin America owing the scaling number of COVID-19 patients. The market revenue is projected to grow expontially over this phase of pandemic. Brazil is expected to laed the market in Latin America in terms of growth rate owing to the rise in demand of these equioment for plastic surgeries, dental surgeries, cosmetic surgeries and cardiac procedures.
Key market players are launching real-time portable devices to attain a competitive edge in the market. They are focused on getting quick product approvals to launch new products and expand their product portfolio. Established players in the market include Nihon Kohden Corporation, Drägerwerk AG & Co. KGaA., Nonin Medical, Inc., Welch Allyn, Inc., and Philips Healthcare.
The capnography technique is widely used in intensive care units in hospitals. Capnography equipment is a tool that monitors the levels of expiratory CO2 respiratory gases during anesthesia, procedural sedation, and intensive care. The market for capnography equipment in Latin America is projected to flourish over the next few years, precisely through to 2021. The market value was nearly US$ 9.7 Mn in 2014 and is expected to reach up to US$ 30.2 Mn by the end of 2021, expanding at a robust CAGR of 17.5 % o ver the forecast period 2014-2021.
Key Market Dynamics
Rising prevalence of respiratory ailments and exploding demand for plastic surgery procedures in Latin America will continue to be the key factors driving the capnography equipment market in the region. Moreover, technological advancements will also remain a major factor fueling the market growth. Plastic surgery involves a vital step i.e. procedural sedation. The increasing number of plastic surgery procedures across Latin America are most likely to escalate the demand for capnography equipment. A large number of international as well as domestic players in this region already have sidestream chronographs in their product portfolios. This in addition to boosting the overall awareness about the technique, fosters the demand as well. A large number of routine hospital settings are being increasingly recommended to use capnography by governments, the American Society of Anesthesiologists, and the Uruguayan Society of Anesthesiologists. Similar favorable initiatives by various government bodies and medical organizations will play a critical role in propelling the demand for equipment and thereby accelerating the market growth. WHO has also advocated the use of capnography monitoring during certain procedures, such as hypoventilation, endotracheal tube placement, and esophageal intubation. Since usage of capnography equipment may also enhance the outcome of the aforementioned procedures, capnography equipment are likely to witness rising demand in the next few years. With guidelines from several government bodies and research organizations repeatedly highlighting the significance of this equipment in hospital settings, the market in Latin America is anticipated to gain momentum over the forecast period. Since the recent past, the U.S. healthcare system has been holding a strong impact on the Latin American healthcare market. This is foreseen to be a major factor in pushing the capnography equipment market in L. America.
By product type, the market for capnography equipment in Latin America is segmented into capnograph and disposables. The capnograph segment is further categorized into mainstream, sidestream, and microstream sub-segments. Mainstream capnographs cannot be used in case of non-intubated patients, whereas sidestream capnographs lack the ability to monitor neonates. Sidestream capnographs were observed to lead the market in 2014, microstream capnographs will however witness the highest growth during forecast period, attributed to their capability to monitor neonates as well as non-intubated patients. Another factor favoring the growth of this sub-segment is affordability. On the other side, disposables segment is anticipated to witness the highest CAGR and remain dominant over capnographs. This growth is strongly attributed to the need for periodical sensor replacement in case of capnographs. On the basis of end-user, the market is classified as hospitals, ambulatory, and others. In 2014, hospitals dominated ambulatory care centers and will continue to account for a major revenue share.
The market for capnography equipment in Latin America is segmented into Brazil, Mexico, Argentina, Colombia, Argentina, and rest of Latin America. Brazil was the largest (over 31%) shareholder in 2014, owing to soaring demand for plastic surgery procedures and burgeoning medical tourism especially for plastic/cosmetic surgery. Brazil will be the fastest growing market for capnoraphy equipment throughout the forecast period. A recent survey on all the plastic surgery procedures conducted in Latin America, conducted by ISAPS (the International Society of Aesthetic Plastic Surgery) indicates that Brazil is the largest shareholder, followed by Mexico. Where Brazil’s contribution to total Latin American market value is around 9.1%, Mexico’s share is merely 3.8%.
Key Players Analysis
Some of the major companies participating in the Latin America capnography equipment market include Medtronic, Inc., Philips Healthcare, Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Masimo Corporation, Welch Allyn, Inc., Nonin Medical, Inc., and Smiths Medical.
The Latin America capnography equipment market is a multibillion industry that has witnessed robust growth within a relatively shorter span. A report on this market has been recently published by Persistence Market Research. The report analyzes the Latin America market for capnography equipment for a six-year forecast period, 2013-2019. It provides elaborated data on each aspect of the market, such as primary market drivers, challenges to market growth, upcoming growth opportunities, recent trends that are expected to influence the market during the forecast period, key companies leading the market landscape, and major regional markets for capnography equipment.
The Latin America capnography equipment market report begins with the market overview and overall status. The next section extensively covers the important factors that may contribute to the growth of the market. After detailed analysis of high, medium, and low impact drivers, the reports_bk_01_01_2020 introduces the restraints section wherein all the factors that might hamper the market directly or indirectly are interpreted. In the next part, the report features attractive growth opportunities for the Latin America capnography equipment markets in various segments and regions. In the trends section, the reports_bk_01_01_2020 offers quick insights into the latest trends in the capnography equipment industry and explain how they would impact the Latin America capnography equipment market.
The report segregates the capnography equipment market into two key segments and five regional segments. The last part of the report features extensively studied profiles of leading companies in the Latin America market for capnography equipment.
To deduce Latin America’s capnography equipment market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type and end-user, and application; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the Latin America capnography equipment market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the Latin America capnography equipment market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the Latin America capnography equipment market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the Latin America capnography equipment market. Further, to understand key segments in terms of their growth and overall Latin America capnography equipment market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the Latin America capnography equipment market.
Major players profiled in this report include: