Published Date : 10 Nov 2022
The global high flow nasal cannula market size was exhibited at USD 6,728.37 million in 2022 and is predicted to hit USD 15,926.4 million by 2030, growing at a CAGR of 11.3% during the forecast period from 2022 to 2030.
The Nasal Cannula (NC) is a system used to provide extra oxygen to a patient or adult in need of respiratory assistance. The nasal cannula contains a lightweight tube, which then divides into two prongs, these separate prongs are placed in the patient's nostrils, from which a mixture of air and oxygen flows. The epidemic of Covid-19 prompted industry players to make advanced high-flow nasal cannulas. In addition, CDC accepted oxygenation therapy of high-flow nasal cannula as a standard and is recommended in the U.S. recommendations for Covid-19 patient care. The sudden rise of the COVID-19 pandemic has led to increasing demand for high-flow nasal cannula due to the growth of the target market has been augmented tremendously.
The number of respiratory disorders around the world is growing at an alarming rate, and strict actions to prevent the occurrences of such diseases should be taken by the common people and the government both. Also, now increasing prevalence of COVID-19 across the globe which experience mild to moderate respiratory illness is also creating demand for high-flow nasal cannula. Non-communicable diseases (NCDs), including cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes, are one of the most prevalent diseases today. As per the WHO report, The Global Impact of Respiratory Disease published in 2017, the number of people suffering from the chronic obstructive pulmonary disease worldwide was approximately 65 million. High-flow oxygen therapy is an advanced technique to treat infant bronchiolitis. Several experimental studies have reported its beneficial physiologic effects, and the clinical experience has been positive.
The PICU (pediatric intensive care unit) admission rates and consequential costs were lower for High Flow than for Low Flow oxygen therapy. High Flow oxygen therapy proved more cost-effective than standard treatment in all baseline analyses and was also more cost-effective in the sensitivity analyses. Nevertheless, emerging markets of high-flow nasal cannula are anticipated to create potential opportunities for the growth of the global high-flow nasal cannula market.
High Flow Nasal Cannula Market Report Scope
|Market Size In 2022||USD 6,728.37 million|
|Market Size By 2030||USD 15,926.4 million|
|Growth Rate from 2022 to 2030||
CAGR of 11.3%
|Forecast Period||2022 to 2030|
The report covers data for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America dominated the global market with a market share of more than 40%, in 2020. The growth of the region is primarily attributed to the increasing prevalence of COVID-19, coupled with the presence of key players in the region. Additionally, the high prevalence of respiratory diseases as well as well-established healthcare facilities in the United States, and Canada of North America is expected to fuel the target market in the future. Asia Pacific is expected to register a significant market share over the forecasted period owing to an increase in awareness regarding the effectiveness offered by high flow nasal cannulas in the countries especially in China, India, Japan, and Thailand in the region. Also, favorable government regulations are responsible for the high demand for high flow nasal cannulas in the region. Moreover, growing research and development activities by the key companies in the country is another important factor to contribute the high market share of the Asia Pacific over the forecast period. African and Middle Eastern regions will demonstrate noticeable progress over the forecast period.
Key Market Players and Strategies:
The major companies functioning in the worldwide high-flow nasal cannula include Armstrong Medical Ltd, Salter Labs Inc, ResMed, Inc. Teleflex Inc, Apothem Inc. Becton Dickinson, and Company, Smiths Medical, Flex care Medical Ltd, Teijin Pharma Limited. TNI Medical AG, Fisher & Paykel Healthcare Limited, and Hamilton Medical AG among others. Major companies operating in the global high-flow nasal cannula market are investing heavily in the research and development of advanced products. Also, strategic business partnerships like mergers as well as acquisitions in the target industry are expected to boost the market growth during the next 10 years.
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