Over the five-year period from 2023 to 2033, it is predicted that sales of high-flow nasal cannulas will grow at a rapid CAGR of 12%. By 2033, the market, which is currently valued at US$ 7.7 billion, is anticipated to have grown to US$ 24 billion.
Because hospitals have state-of-the-art medical facilities, patients with chronic obstructive lung illnesses prefer them. Due to their advantages, including a lower risk of infection and the perfect flow rate, high-flow nasal cannulas are frequently used in hospitals to treat respiratory conditions. Up to 100% heated, humidified oxygen can be delivered at a flow rate of up to 60 litres per minute using a device known as a high-flow nasal cannula. As a substitute for traditional respiratory support, high-flow nasal cannulas are becoming more popular.
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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.
Competitive Landscape:
Top high-flow nasal cannula providers are consistently innovating their product portfolios through technological advancements to acquire market presence. Key market players are making high investments in R&D projects to enhance quality control of products using advanced technologies and following safety regulations to reduce the environmental impact.
Major high-flow nasal cannula manufacturers are focusing on producing top-notch cannulas and distributing them to clinics, hospitals, and healthcare institutions. Leading companies in the high-flow nasal cannula market use a variety of strategies to boost sales across numerous geographies, including improving product standards, collaborations, and supply chain management.
For instance,
- Fisher & Paykel Healthcare is a leading player in the global high-flow nasal cannula market. Its flagship products include F&P 950 Humidifier, Optiflow High-flow System, and the AIRVO 2. Other products include OptiFlowTM Nasal High, F&P Brevida Masks, and the F&P SimplusTM Full Face Masks.
- ResMed Inc. is another market leader in the respiratory therapy market. It offers a strong product portfolio for the treatment of sleep apnea and non-invasive ventilation. Its flagship products include AirView, myAir, and ClimateLine MAX for the treatment and management of sleep apnea and respiratory disorders.
- In August 2021, ResMed introduced AirSense 11, its newest positive airway pressure (PAP) device for treating and controlling obstructive sleep apnea.
Key Segments of High-Flow Nasal Cannula Industry Research:
· By Component :
- Air/Oxygen Blenders
- Air Humidifiers
- Single Heated Tubes
- Nasal Cannulas
- Others
· By Application :
- Acute Respiratory Failure
- Chronic Obstructive Pulmonary Disease (COPD)
- 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 & Africa
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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.
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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