Market research company Future Market Insights’ projections on the high flow nasal cannula market reveal that the market is slated to be valued at ~US$ 18 Bn by 2030. Technological advancements by key market players are also anticipated to burgeon the high-flow nasal cannula market. Moreover, clinical trials for evaluating new application areas shall open up new avenues for the market. According to the Global Burden of Disease Study, 2013, around 300 million people suffered from COPD during that year. This is attributed to growing addiction for smoking, deteriorating air quality and rising pollution across the globe. The prevalence of respiratory disorders will further boost market prospects.
Growing prevalence of respiratory disorders have led to an increase in the uptake of high-flow nasal cannula (HFNC) devices. The Center for Disease Control and Prevention (CDC) acknowledges the high-flow nasal cannula oxygenation therapy as a standard recommended therapy across the United States, especially during the COVID-19 pandemic.
Following this development, healthcare providers are facilitating extensive research on how to better integrate this technology in providing relief for severely infected patients. In the pre-COVID-19 scenario, HFNC was being administered to patients with acute respiratory distress syndrome (ARDS) and acute lung injury (ALI). These conditions were responsible for a majority of respiratory casualties.
Such extensive applications to correct respiratory anomalies is anticipated to sustain the market demand for HFNC treatment solutions and devices throughout the forecast period.
“Rising incidence of respiratory problems is anticipated to steer the high-flow nasal cannula market towards a positive growth trajectory. Moreover, the coronavirus pandemic is anticipated to leverage market prospects, owing to its suitability in oxygen delivery to patients,” opines an FMI analyst.
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Key Takeaways from FMI’s High Flow Nasal Cannula Market Report
North America and Europe shall capture half of the HFNC market E-commerce to be the most widely used channels for HFNC device delivery due to preference for contactless transactions Homecare settings to extensively use HFNC treatment devices Infant bronchitis and pneumocephalus to generate fertile ground for HFNC treatment during 2020-2030 Single-use nasal cannulas gain traction during the COVID-19 crisis High flow nasal cannula market shall expand at over 12% CAGR in 2020
High Flow Nasal Cannula Market- Key Trends
Continuous product launches to flood the global HFNC market as vendors look to acquire a competitive edge over their rivals Smooth oxygen delivery of heated, humidified oxygen at a flow rate of 60 liters per minute makes HFNC an ideal treatment method for respiratory patients Partnerships and collaborations with research institutions and hospitals are increasing in order to provide treatment for severely affected COVID-19 patients
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High Flow Nasal Cannula Market: Competitive Landscape
The high flow nasal cannula market is characterized by the presence of numerous players, making the market highly fragmented. The players are capitalizing on new product launches to acquire a market foothold.
For instance, in Jan 2019, ResMed unveiled its MOBI portable oxygen concentrator across the US market to address patients suffering from chronic obstructive pulmonary disease (COPD). Later that year, in May 2019, Fisher & Paykel Healthcare Ltd. launched the Optiflow 3S nasal cannula technology.
Likewise, Teleflex launched the Hudson RCI Comfort Flo Plus Cannula which concentrates on administering oxygen to the upper airway dead space, providing a greater level of comfort.
Want more insights?
High flow nasal cannula market, a new study from Future Market Insights, states the indications of high flow nasal cannula from 2015 to 2019 and presents demand projections from 2020 from 2030 on the basis of components (air/oxygen blender, active humidifier, nasal cannulas, heated inspiratory circuit, and consumables), application (acute respiratory failure, chronic obstructive pulmonary disease (COPD), bronchiectasis, carbon monoxide toxicity, sleep apnea, acute heart failure, and others), and end user (hospitals, specialty clinics, long-term care centers, ambulatory care centers, and homecare setting) across seven prominent regions.
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