High-flow Nasal Cannula Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The High-flow Nasal Cannula market is projected to grow with a CAGR of nearly 12.4% over the forecast period. The major factor attributing to growth of the market is the increase in prevalence of respiratory diseases like asthma, COPD, Chronic Bronchitis, Emphysema etc. According to the World Health Organization, around 235 million people are living with asthma. Over 80% of asthma-related deaths occur in lower-middle income countries.
According to Centres for Disease Control and Prevention, 16 million people are affected by COPD. As the number of patients increase, the market growth also rises. Furthermore, technological advancements in the high flow nasal cannula systems is also boosting the market growth. However, the limitations to the high flow nasal cannula like higher cost than the normal cannula and increased complexity constraints the market growth.
High flow nasal cannula therapy is effective in improving the oxygenation status in patients with Chronic Obstructive Pulmonary Disease accompanied by any disease. The dominant share of the segment is due to the increasing prevalence of the disease. According to Centers for Disease Control and Prevention, in the year more than 250 million people around the world had COPD for the year 2017, and it is predicted that the number will continue to rise in the forecast period. In patients with COPD, the application of HFNC postextubation significantly decreased the neuroventilatory drive and work of breathing compared with conventional oxygen therapy. HFNC, as compared with conventional Oxygen therapy, significantly decreases the neuroventilatory drive and the work of breathing in patients with COPD. As the prevalence of COPD increases and the product advancements boost the segment growth.
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of respiratory diseases in the region, and established healthcare infrastructure. Furthermore, beneficial government initiatives and increase in number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, high number of patients, and a developed healthcare market. According to Centers for Disease Control and Prevention, about 9 million adults were diagnosed with chronic bronchitis, and about 3.5 million adults were diagnosed with emphysema in the year 2017 only in the United States. As per the statistics the the increasing patient pool and increasing disposable revenue in this country boosts the market growth of the region.
The High-flow Nasal Cannula market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are ResMed, Fisher & Paykel Healthcare Limited, Devatec, Teleflex Incorporated, Smiths Medica, Vapotherm, Hamilton Medical, Flexicare Medical Limited, TNI medical AG, Great Group Medical Co., Ltd.