According to The Insight Partners market research study of ‘High-flow nasal cannula to 2027-Global Analysis and Forecasts by Component, Application and End User.’ The global High-flow nasal cannula market is anticipated to reach US$ 11,198.78 Mn in 2027 from US$ 4,390.74 Mn in 2018. The market is anticipated to grow with a CAGR of 11.1% from 2019-2027. The report provides trends prevailing in the global high-flow nasal cannula market and the factors driving market along with those that act as hindrances.
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The global high-flow nasal cannula market, based on the component, is segmented into air oxygen blender, nasal cannula, heated inspiratory circuit, active humidifier. The application segment is segmented into bronchiectasis, acute respiratory failure, acute heart failure, chronic obstructive pulmonary disease. The end user segment is segmented into ambulatory care centers, hospitals, and long-term care centers. In 2018, the chronic obstructive pulmonary disease (COPD) accounted for the largest market share in the global high-flow nasal cannula market by application. High-flow nasal cannula is preferred widely among the patients with COPD as it offers ease in breathing and helps in better management of the disease. Moreover, a rise in the cases of COPD has been witnessed over the years, which is expected to drive the growth of the segment during the forecast period.
The market for high-flow nasal cannula is expected to grow, owing to factors such as growing incidences of asthma and COPD across the globe and growing geriatric population in high-flow nasal cannula products. Moreover, emerging markets in Asia pacific region are likely to have a positive impact on the growth of the market in coming years.
Leading companies operating in the high-flow nasal cannula market are Great Group Medical Co., Ltd., Salter Labs, Fisher and Paykel Healthcare Limited, TNI Medical AG, MEK-ICS Co., Ltd. Flexi Care Medical Limited, Vapotherm, Teleflex Incorporated, Resmed, Inc., Hamilton Medical among others. The market has observed various organic as well as inorganic developments during recent years in the High-flow nasal cannula market. For instance, in March 2019, ResMed completed the acquisition of HB Healthcare (HBH) to help millions of South Koreans living with sleep apnea, chronic obstructive pulmonary disease (COPD) and other respiratory conditions.
Growing Incidences of Asthma and COPD Across the Globe
The number of cases of asthma and COPD has been growing all over the world at a substantial rate. In recent years, the number of smokers and the levels of air pollution in developed, as well as developing countries, is increasing across the globe. Asthma is a medical condition where the airways swell and narrow and also produce mucus. This further leads to wheezing, coughing, and recurrent attacks of breathlessness, which differ in severity and frequency from person to person. According to the World Health Organization estimates, there are approximately 235 million people suffering from asthma around the world. Moreover, the Centers for Disease Control and Prevention (CDC) reported, approximately 19 million adults in the United States (18 years of age or above) are currently suffering from asthma, which accounts for almost 7.7% of the total adult population. Whereas, about 6.2 million patients below 18 years of age have asthma, which accounts for 8.4% of the total children population. Also, according to the WHO estimates published during December 2016, there were around 383,000 deaths due to asthma in 2015.
Growing Geriatric Population
COPD and asthma are senescence condition, which leads to gradual complications. Asthma in older adults is a critical condition that often goes unnoticed, as per the Asthma and Allergy Foundation of America (AAFA). According to the Office of Disease Prevention and Health Promotion (ODPHP), approximately 23 million people in the U.S. have some form of asthma, most of which include the older population. Older people with asthma often need high doses of medication, in spite of mild asthma attacks. Hence, they are more likely to suffer from respiratory failure much faster as compared to the younger population. Also, COPD can appear at any age. However, it is more prevalent in the older population and can be fatal. The aging population is growing exponentially worldwide.
The report segments Global High-Flow Nasal Cannula Market as follows:
Global High-Flow Nasal Cannula Market – By Component
Global High-Flow Nasal Cannula Market – By Application
Global High-Flow Nasal Cannula Market – By End User
Global High-flow nasal cannula Market – By Geography
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