The rising prevalence of acute respiratory failures (ARF) due to the COVID-19 outbreak, risk of community infection, increasing demand for high flow nasal cannula, and advancements in high flow oxygen therapy devices are some key factors contributing to the growth of the high flow oxygen therapy devices market.
According to a recent study by Future Market Insights (FMI), these factors have proven crucial at enabling growth in the high flow oxygen therapy devices market. Sales of high flow oxygen therapy devices are expected to top US$ 1.7 Bn in 2021, at a CAGR of -6.4% during 2021-2025 and CAGR of 1.4% during the forecast period (2025-2031).
Public health issues worldwide, including Acute Respiratory Failure (ARF), pneumonia, asthma, and interstitial lung disease, pose a significant socioeconomic burden on individuals and societies.
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Presently, COVID-19 is the primary risk factor for ARF. COVID-19 symptoms such as low blood-oxygen level and pneumonia in patients increase the risk of ARFs. Because of the growing ageing population and increased exposure to risk factors, ARF and pneumonia are becoming more prominent problems across the world, which is fuelling the demand for high flow oxygen therapy devices.
The World Health Organization (WHO) Child Health Epidemiology Reference Group estimates that the pneumonia resulted 105.7 million new cases in 2017; of these 13% were severe and needed immediate hospitalization.
Consistent rise in incidence of pneumonia will fuel the demand for high floe oxygen therapy devices through the forecast period. Indoor air pollution was a major risk factor that was estimated to have led to 29% of pneumonia deaths in 2017.
Outdoor air pollution was responsible for another 18% of all deaths. In addition, an increase of 81.1% in the number of pneumoconiosis cases were observed for both sexes from 1990 to 2017 worldwide. Thus, the growing burden of respiratory diseases along with the outbreak of COVID-19 across the world is expected to drive the high flow oxygen therapy devices market.
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Key Takeaways from High Flow Oxygen Therapy Devices Market Study
Demand for heated humidifiers is expected to grow at -6.6% CAGR during 2021-2025 and 1.3% CAGR through 2025-2031, owing to the occurrence of the COVID-19 pandemic. The acute respiratory failure segment accounted for a higher share of 90% among applications. This can be due to the rising COVID-19 cases that lead to acute respiratory failure in the infected patients and require non-invasive respiratory support. 500 Beds and Above Hospitals are projected to capture over 51% of the global market by 2031. This is attributed to the growing burden of respiratory diseases. North America is the largest revenue-generating region for high flow oxygen therapy devices, with the U.S. accounting for nearly 96% of the regional market in 2031. South Asia is the second most lucrative market with India accounting for over 58% of the share in 2031. Japan holds the leading position in East Asia and is expected to account for over 42% of the market in 2031.
Who is winning?
Some of the leading manufacturers of high flow oxygen therapy devices are focusing on product approvals and launch strategies for global expansion objectives, thereby, enhancing their market presence. The leading key players are also focusing on innovation and launching new technologies for increasing the efficiency of products.
In June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT. In 2019, TherOx Company received approval for SuperSaturated Oxygen Therapy system from the U.S. Food and Drug Administration (FDA) to be one of the effective therapies for cardiovascular diseases.
The key market players covered by FMI include Draegerwerk AG & Co. KGaA, Teleflex Medical GmBH, Philips Respironics, Vapotherm, Inc., ResMed, Vyaire Medical, Inc., Fisher & Paykel Corporation Ltd., Armstrong Medical, Flexicare Medical, Hamilton Medical Inc., Intersurgical Inc., Inspired Medical, WILAMed GmBH, Besmed Health Business Corp, Shenzhen Micomme Medical Technology Development Co., Ltd, Shenyang RMS Medical Tech Co. Ltd. and BMC Medical Co., Ltd.
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