High Flow Nasal Cannula Market
(By Product Type: Single heated tube, Nasal cannula, Active humidifier, and Air blender; By Application: Acute Respiratory Failure, Chronic Obstructive Pulmonary Disease, Acute Heart Failure, and Others; By End-user: Hospitals and clinics, Ambulatory care centers, Long-term care centers, Others; By Sales Channel: Direct Channel and Distribution Channel) – Global Industry Analysis, Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts, 2021 – 2030
The global high flow nasal cannula market was valued at USD 5,431.5 million in 2020 and is predicted to reach USD 15,926.4 million by the end of 2030, representing impressive CAGR of 11.3% during the forecast period 2021 to 2030.
Crucial Factors Accountable for Market Growth Are:
Growing incidences of asthma and COPD across the globe
Low cost of high-flow nasal cannula compared to low-flow oxygen delivery systems
Growing geriatric population
Launch of advanced products by key operating players in the target industry
Key Market Insights:
Emerging applications of high flow nasal cannula are anticipated to create potential opportunities for the key players operating in global market. Due to outbreak of COVID-19, usage of high flow nasal cannula has been increased and has created tremendous opportunities for the major companies worldwide. Major players in the global market are focusing on the development of cost-effective advanced products to enhance market position. Increasing popularity and uptake of heated humidified high-flow nasal cannulas is key factor to propel industry growth over the forecast period 2021-2030. Further, ever-increasing number of respiratory disorders is growing at an alarming rate and in order treat such diseases adoption of high flow nasal cannula will continue to increase over next few years.
COVID-19 Impact on Global High Flow Nasal Cannula Market
Outbreak of COVID-19 has affected most of industries operating across the globe, however COVID-19 is projected to have positive impact on the target market as the use of high flow nasal cannula is finding special significance. The outbreak of COVID-19 has forced the key operating players to launch innovative products. The centers for disease control and prevention have acknowledged oxygenation therapy by high flow nasal cannula as ideal and recommended for the treatment of COVID-19.
Future of Global High Flow Nasal Cannula Market
Usage of high flow nasal cannula has been increased, due to ongoing COVID-19 pandemic that can have positive impact on the growth of the high flow nasal cannula industry over the forecast period. Additionally, growing attractiveness and uptake of heated humidified high-flow nasal cannulas across the world will enhance the target industry growth in the near future. Due to its excellent benefits heated humidified high-flow nasal cannulas are used to treat the patients with severe COVID-19.
Active humidifier Product Type Segment Estimated Foremost Market Stake In 2020
Active humidifier recorded the prime market share in the global high flow nasal cannula market by product type in 2020. Increased adoption of active humidifier in increased as it offers heated and humidified breathing gas which preserves the viscosity of the mucus which in turn maintains the ciliary activity. Nasal cannulaproduct type segment is predictable to rise at a noteworthy CAGR during the forecast time-frame.
Acute Respiratory Disorder Segment Estimated to Hold Major Market Share over the Forecast Period
Acute respiratory disorder application is anticipated to dominate the target market by application during the forecast period 2021-2030. Growing demand for high flow nasal cannula in order to treat acute respiratory disorders worldwide is propelling growth of the segment. Acute respiratory failure (ARF) is a critical condition HFNC therapy to the patients in the helps to decrease the intubation rate and increase the patient’s comfort level. However, chronic respiratory disorder segment is expected to rise at a significant CAGR during the forecast time-frame.
Hospitals and Clinics Segment is Predictable to Dominate the End-user Segment of High Flow Nasal Cannula Market Revenue
On the basis of end-user segment the global market is segregated intohospitals and clinics, long-term care centers, ambulatory care centers and others. Hospitals and clinics end-user segment is expected to dominate in terms of revenue over the forecast time frame. Ambulatory care centers end-user segment will expand at a significant CAGR during the forecast time-frame. The growth is attributed to owing to increasing demand for modern healthcare facilities that do not require overnight stay in developed countries across the globe which is in tern fueling growth of the segment.
Distribution Channel Segment is expected to Dominate the Sales Channel Segment of High Flow Nasal Cannula Market Revenue
On the basis of sales channel segment, the distribution channel end-user segment is expected to dominate in terms of revenue over the forecast time frame. Direct distribution sales channel segment will expand at a noteworthy CAGR during the forecast time-frame.
North America is estimated to be the Largest Market for High Flow Nasal Cannula
The research report covers key trends and prospects of high flow nasal cannula products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, high flow nasal cannula market is conquered by North America owing to increasing prevalence of COVID-19, coupled with presence of key player in the countries of the region. Further, high prevalence of respiratory diseases as well as well-established healthcare facilities United States, Canada will augment target market industry in future. Asia Pacific is expected to register the fast growth rate, on account of expanding high flow nasal cannula manufacturing capacity, coupled with presence of leading companies in the countries of Asia Pacific.
Top players contending in the market:
The companies focusing on research and development are expected to lead the global high flow nasal cannula market. Leading competitors contending in global high flow nasal cannula market are as follows:
Armstrong Medical Ltd
Salter Labs Inc
Becton Dickinson, and Company
Flexicare Medical Ltd
Teijin Pharma Limited
TNI Medical AG
Fisher & Paykel Healthcare Limited
Hamilton Medical AG
In order to better recognize the current status of high flow nasal cannula, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the high flow nasal cannula market. Research study offers key insights on high flow nasal cannula market and research analysis of market size and trend for probable global market segments.