The number of respiratory diseases have burgeoned in recent years. Diseases such as acute respiratory disease syndrome, chronic obstructive pulmonary disease (COPD) and bronchiectasis have become more prevalent among patients. Deteriorating air quality, addiction to smoking and rising pollution are some major factors.
Based on the abovementioned trends, the global high-flow nasal cannula market is foreseen to expand credibly in the future. The global high-flow nasal cannula market is anticipated to register a staggering CAGR of 11.8% during the forecast period (2020-2025). The market is anticipated to double, surpassing a value of US$ 9.0 Bn by the end of 2025. Technological advancements by key players and ongoing clinical trials for new technology are also set to leverage the market.
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Key Takeaways of Global High-flow Nasal Cannula Market Study:
- Active Humidifiers are anticipated to account for a major chunk of the global high-flow nasal cannula market (>1/4th). Growing focus on the efficiency of humidified oxygen supply in high-flow nasal cannula therapy shall drive innovations in the components segment. This is anticipated to leverage the market.
- By application, active respiratory failure shall leverage the high-flow nasal cannula market. The specific advantages offered by the high-flow nasal cannula market coupled with growing acceptance among patients are key growth drivers. The segment is poised to hold three-tenth of the high-flow nasal cannula market.
- The Sleep Apnea segment is the second-most lucrative in the global high-flow nasal cannula market. The segment shall grow impressively at a CAGR of 13.5% during the forecast period.
- By region, North America shall dominate the global high-flow nasal cannula market. Adoption of Non-invasive ventilation (NIV) and continuous positive airway pressure (CPAP) procedures is anticipated to augment the high-flow nasal cannula market. The region shall capture more than two-fifth of the overall market.
- Asia-Pacific shows lucrative growth opportunity. It is anticipated to expand at a CAGR of 13.2%, capturing more than one-fifth of the market. Rising population and the consequent prevalence of respiratory disorders is projected to boost the Asia-Pacific high-flow nasal cannula market.
“The global high-flow nasal cannula market demonstrates lucrative growth prospects. The increasing prevalence of respiratory disorders has prompted major manufacturers to invest in technological advancements to cater to the burgeoning demand,” concludes a Fact.MR analyst.
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Technological Enhancement to Remain Key Premise for Market Expansion:
The global high-flow nasal cannula market is fragmented. The key companies are Fisher & Paykel Healthcare Limited, BD/CareFusion, ResMed Inc., and Telefax incorporated. These players consistently innovate their product portfolios by virtue of technological advancements to acquire market presence.
Fisher & Paykel 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.
COVID-19 Impact Analysis:
The novel coronavirus pandemic has brought the entire world to a standstill. With rising number of infections every day, healthcare providers are racing against time to provide timely assistance to infected patients. The high-flow nasal cannula market is anticipated to experience an uptick throughout the duration of the pandemic. Scoring over conventional oxygen therapy, the high-flow nasal cannula therapy helps regulate the temperature and moisture content to provide comfortable oxygen delivery to infected patients.
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Leading players in the HFNC market are also contributing in their own way to contain the spread of the pandemic. For instance, ResMed has accelerated its production of its AirCurve 10 bi-level devices to provide some comfort to COVID-19 patients. Likewise, Fisher & Paykel is accelerating its production of ventilators and other respiratory support and humidification products to hospitals.
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