A carbon dioxide sensor measures gaseous carbon dioxide levels by monitoring the amount of infrared (IR) radiation absorbed by carbon dioxide molecules. Measuring carbon dioxide is critical in monitoring many industrial processes and indoor air quality. The demand for CO2 monitors is expected to fuel owing to rising technological advancements to boost capnography. Furthermore, increasing cases of respiratory failure have propelled the adoption of CO2 monitors. However, inaccuracy in the measurements of PaCO2 concentrations can lead to acute respiratory failures, creating a negative impact on the growth of carbon dioxide (CO2) monitors market.
With the rising government initiatives to promote CO2 monitoring technology to detect pollution levels in the environment, the market is projected to garner significant traction in the years to come. According to Market Research Future (MRFR), the global Carbon Dioxide (CO2) Monitors Market is estimated to witness spectacular growth by 2027, growing at an impressive CAGR during the assessment period (2020 – 2027).
Additionally, augmenting uptake of carbon dioxide monitors and improving economic conditions worldwide substantiate the market's growth. The proliferation of IoT technology in connected smart medical devices pushes the market growth, providing improved outcomes and making real-time tracking and monitoring possible. Furthermore, the growing prevalence of infectious diseases such as coronavirus would support the market growth throughout the estimated period.
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Global Carbon Dioxide Monitors Market – Segmentations
The carbon dioxide (CO2) monitors market forecast is segmented into products, types, applications, and regions. The product segment is sub-segmented into wall-mounted and pipeline CO2 monitors. The type segment is sub-segmented into end-tidal carbon dioxide (EtCO2) monitors and transcutaneous carbon dioxide (tcpCO2) monitors.
The application segment is sub-segmented into hospital use, scientific research, breweries, greenhouses, underground car parks, office buildings, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Carbon Dioxide (CO2) Monitors Market – Competitive Analysis
Highly competitive, the CO2 monitors market appears fragmented due to the presence of several well-established players. These market players try to gain a larger competitive share through strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch. Market players form strategic partnerships with remote patient monitoring competitors.
Major Players:
Players leading the carbon dioxide monitors market include Dräger Medical GmbH, Criticare Technologies, Inc., GE Healthcare, Masimo Corporation, Invivo Corporation, Medtronic PLC, Nihon Kohden Corporation, Mindray DS USA, Inc., Nonin Medical, Inc., Philips Healthcare, OSI Systems, Inc., Radiometer Medical ApS, Thames Medical, and Smiths Medical, among others.
Global CO2 Monitors Market – Geographical Analysis
North America dominates the global carbon dioxide monitors market. The largest market share attributes to the presence of major market participants and advanced environment monitoring centers in the region. Besides, factors such as higher adoption of advanced CO2 monitors and early uptake of advanced technologies foster market growth. Excellent reimbursement frameworks boost the carbon dioxide (CO2) monitors market size.
Europe stands second in terms of the global carbon dioxide monitors market share. Market growth is driven by the availability of funds for research and the high adoption of advanced CO2 monitoring devices. Additionally, the presence of sophisticated healthcare infrastructures and scientific research, breweries, and greenhouses push the market growth.
The carbon dioxide monitors market in the Asia Pacific region is growing rapidly. Factors such as the growing aging population and infectious diseases in the region influence the market's growth. Furthermore, the growing medical device manufacturing and awareness for the benefits of CO2 monitors impact the growth of the market. The APAC carbon dioxide monitors market is estimated to grow at a considerable CAGR during the assessment period.
Industry/Innovation/Related News:
June 08, 2021 --- Researchers from Imperial College London and the Massachusetts Institute of Technology (MIT) announced a collaboration to tackle pollution and climate change. Scientists would pursue ideas focused on climate solutions and the transition to zero pollution.
These are a total of seven projects, including investigating new approaches to measuring and modelling atmospheric air pollution, developing a green chemistry alternative to making nitrate fertilizer, and looking at nature-based solutions to remove carbon dioxide from the atmosphere.
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