The global high-flow nasal cannula market is likely to reach a value at US$ 24 billion in 2023. Between 2023 and 2033, an anticipated 12% CAGR should drive market acceleration. This would see the market’s value surpass US$ 24 billion in 2033. High-flow nasal cannulas are effective tools for delivering oxygen therapy to patients suffering from chronic respiratory diseases. Their use can be helpful in managing chronic obstructive pulmonary disease, asthma, cystic fibrosis, and sleep apnea.
Increasing prevalence of respiratory diseases around the world and rise in surgical procedures are contributing to an escalating demand for high-flow nasal cannulas. Technological advancements are also expected to drive market expansion in the years ahead. As per the report released by Australian Bureau of Statistics, in 2020 and 2021, under 2.7 million persons (10.7% of the populace) had asthma. Asthma prevalence was equal in boys and girls aged 0 to 14 years (9.5% and 7.9%), but it was higher in females than men (12.0% compared to 9.4%).
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Fact.MR expects nasal cannula sales to propel over the next decade. Factors such as the increasing number of product releases and the rising prevalence of respiratory ailments are set to generate substantial demand.
A nasal cannula is can provide oxygen to a person who is unable to get enough of it to maintain normal bodily functions. Those with lung conditions including acute sickness or chronic obstructive pulmonary disease can benefit from nasal cannulas.
North America is a prominent market for nasal cannulas. Due to growing awareness of chronic illnesses and the rising demand for nasal cannulas, this area exhibits a sizable CAGR. Both developing and undeveloped regions have been frequently reporting cases related to respiratory issues in recent years.
Key Takeaways:
- North America is likely to hold a 50% share in the global high-flow nasal cannula market from 2023 to 2033.
- Japan market is slated to accelerate at an impressive 11% CAGR in the global market from 2023 to 2033.
- Germany is likely to dominate the Europe high-flow nasal cannula market.
- By component, nasal cannulas is set to account for 60% shares in the global market between 2023 and 2033.
- Based on application, acute respiratory failure is poised to generate significant revenue.
Growth Drivers:
- The use of high-flow nasal cannulas to treat hypoxemic and hypercapnic respiratory failure is likely to increase demand.
- Increasing prevalence of sleep apnea should fuel the need for high-flow nasal cannulas.
- Increasing investments in research & development initiatives for the development of technological advancements is set to spur market expansion.
Restraints:
- Availability of substitutes in the market is projected to hinder the sales of high-flow nasal cannula.
- Long-term use of high-flow nasal cannulas can trigger several side effects and is likely to impede market acceleration.
Competitive Landscape:
To get a competitive advantage, the high flow nasal cannula market participants are expanding their portfolios. They are also pursuing inorganic expansion to ensure that they leave no stone unturned in terms of establishing market visibility.
For instance,
- In February 2022, a high flow nasal cannula (HFNC) was released by BUZUD, a prominent producer of medical devices based in Singapore.
- In February 2021, a novel pulmonary care therapy called softFlow® was developed by Masimo. It delivers high-flow, heated, and humidification respiratory gases via the nose.
Key Companies Profiled by Fact.MR
- Hamilton Medical
- ResMed Inc.
- TNI Medical AG
- Teleflex
- Salter Labs Inc.
- Vapothem Inc.
- Smiths Medical, Inc.
More Valuable Insights on High-flow Nasal Cannula Market
In the latest study, Fact.MR offers a detailed study on global high-flow nasal cannula market from 2023 to 2033. This study also highlights key drivers promoting the sales of high-flow nasal cannula through detailed segmentation as follows:
By Component:
- Air/Oxygen Blenders
- Air Humidifiers
- Single Heated Tubes
- Nasal Cannulas
- Others
By Application:
- Acute Respiratory Failure
- Chronic Obstructive Pulmonary Disease (CODP)
- Carbon Monoxide Toxicity
- Bronchiectasis
- Sleep Apnea
- Others
By End User:
- Hospitals
- Long-term Care Centers
- Ambulatory Care Centers
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Questions Covered in the High-flow Nasal Cannula Market Report
- What is the projected value of the high-flow nasal cannula market in 2023?
- At what rate will the global high-flow nasal cannula market grow until 2033?
- Which are the factors hampering the growth in high-flow nasal cannula market?
- Which region is expected to lead in the global high-flow nasal cannula market between 2023 and 2033?
- Which factors are likely to drive the high-flow nasal cannula market from 2023 to 2033?
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