DUBLIN–(BUSINESS WIRE)–The “High-flow Nasal Cannula Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The High-flow Nasal Cannula market is projected to grow with a CAGR of nearly 12.4% over the forecast period.
Companies Mentioned
- ResMed
- Fisher & Paykel Healthcare Limited
- Devatec
- Teleflex Incorporated
- Smiths Medical
- Vapotherm
- Hamilton Medical
- Flexicare Medical Limited
- Masimo (TNI medical AG)
- Great Group Medical Co., Ltd
Key Market Trends
Nasal Cannula is Expected to Hold a Major Share of the Market
By component, the nasal cannula is expected to hold a major share of the market. The major factors fueling the growth of the segment are the increasing number of product launches and the rising burden of respiratory disorders that increase the demand for such devices. Nasal cannula is used to supply oxygen to a person who cannot get enough oxygen to sustain normal body functioning. It is commonly used for people with lung diseases like chronic obstructive pulmonary disease or acute illness.
For instance, as per a June 2021 update by the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019. As per the same source, more than 80% of these deaths occurred in low- and middle-income countries. Thus, the high burden of COPD is increasing the demand for nasal cannula.
Several market players including Masimo, a medical device company, is engaged in the provision of nasal cannulas and the strategies adopted by these companies is contributing to the market growth. For instance, in March 2020, Masimo, a global leader in innovative non invasive monitoring technologies, entered into a definitive agreement to acquire TNI medical AG, an innovative ventilation company headquartered in Wurzburg, Germany.
Thus, due to the above-mentioned developments, the market is expected to witness a significant growth during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
Within North America, the United States has held the major share of the market. The major factors contributing to the market growth are the presence of key players, the high prevalence of respiratory diseases in the region, and established healthcare infrastructure.
The increasing incidences of respiratory disorders in the country is a major factor driving the market growth. For instance, as per the Interactive Summary Health Statistics for Adults by the Centers for Disease Control (CDC), 3.5% of the population had asthma in 2020. Thus, the statistics lead to increasing demand for nasal cannula.
In the United States, the market players are adopting various strategies, such as collaborations, partnerships, and product launches, which are showing a positive impact on the high flow nasal cannula market. For instance, in August 3, 2020, 3B Medical, based in the United States introduced the Freedom X oxygen cannula intended to address the nostril irritation caused to patients by nasal cannulas.
Thus, due to the above-mentioned developments, the market is expected to show lucrative growth over the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidence of Respiratory Disorders
4.2.2 Technology Advances in the High-flow Nasal Cannula Systems
4.3 Market Restraints
4.3.1 Limitations of the High-flow Nasal Cannula Therapy
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION (Market Size by Value -USD million)
5.1 By Component
5.1.1 Air/Oxygen Blender
5.1.2 Active Humidifier
5.1.3 Single Heated Tube
5.1.4 Nasal Cannula
5.1.5 Other Consumables
5.2 By Application
5.2.1 Acute Respiratory Failure
5.2.2 Chronic Obstructive Pulmonary Disease
5.2.3 Acute Heart Failure
5.2.4 Others
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xdoeg8
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