The high-flow nasal cannula market size is projected to reach US$ 18.5 billion by 2031 from US$ 7.2 billion in 2023. The market is expected to register a CAGR of 12.5% during 2023–2031. The growing incidence of astama and COPD across the globe, the rising geriatric population, and the growth of medical science in emerging nations are likely to remain key trends in the market.
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 and developing countries have been increasing across the globe. Asthma is a medical condition where the airways swell and narrow and also produces 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, approximately19 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.
The key factors that are driving the growth of the market are rising incidences if asthma and COPD across the globe and the rising geriatric population. However, the side effects associated with the use of high-flow nasal cannula is expected to hamper the growth of the market. The high-flow nasal cannula market is estimated to have a larger share in the United States. The growth of the high-flow nasal cannula market in the United States is expected to grow due to the rise in the cases of respiratory disorders, coupled with the presence of market players offering innovative solutions in the market. Fisher & Paykel Healthcare Limited and ResMed are among the players holding a significant share of the global high-flow nasal cannula market. For instance, in March 2019, ResMed acquired HB Healthcare (HBH) to help millions of South Koreans living with sleep apnea, chronic obstructive pulmonary disease (COPD) and other respiratory conditions
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 growing healthcare industry in developing countries in the Asia Pacific region is creating better opportunities for significant market players to expand their businesses. This is a major reason for the market growth in the forecast period. Most of the major players focus on emerging markets such as India, China, and others as they have a large number of patients suffering respiratory disorders and growing medical tourism in developing countries. Many of the emerging countries are preferred locations for medical tourism. According to the global burden of disease data, India has 18 % of the world’s population, but it has 32% of the global burden of respiratory diseases of the global nasal flow cannula market share.
Key segments that contributed to the derivation of the high-flow nasal cannula market analysis are products & services, applications, and end users.
The geographic scope of the high flow nasal cannula market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America has largest market share of the high-flow nasal cannula market, by geography. Factors such as prevalence of respiratory disorders and the presence of promising government plans for the development of the care being provided to the patients for respiratory problems such as COPD and asthma. In the US, asthma and chronic obstructive pulmonary disease (COPD) are the substantial public health burdens. Governments are therefore taking initiative and creating patient-centric national guidelines for COPD that are accessible and easy for healthcare professionals to follow. For instance, with existing COPD guidelines, available from the American Thoracic Society (ATS) and the global initiative for Chronic Lung Disease (GOLD), create clinical practice guidelines that set reliable national standards for identifying people at risk for COPD as well as diagnosing and treating people with COPD across the care continuum. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the High Flow Nasal Cannula Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses High Flow Nasal Cannula Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.2 Billion |
| Market Size by 2031 | US$ 18.5 Billion |
| Global CAGR (2023 - 2031) | 12.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The High Flow Nasal Cannula Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the High Flow Nasal Cannula Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The high flow nasal cannula market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the high flow nasal cannula market are listed below:
The “High Flow Nasal Cannula Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Based on geography, the high flow nasal cannula market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America is the largest contributor to the growth of the global high flow nasal cannula market. Asia Pacific is expected to register the highest CAGR in the high flow nasal cannula market during 2023–2031
Growing incidences of asthma and COPD across the globe, growing geriatric population largely drive the high flow nasal cannula market size
The High Flow Nasal Cannula market majorly consists of the players such Allied Healthcare Products Inc.,Teleflex Incorporated, Flexicare Medical Ltd., Vapotherm Inc., ResMed Inc., Fairmont Medical, Fisher & Paykel Healthcare Limited, Well Lead Medical Co. Ltd., and Salter Labs.
The high flow nasal cannula market size is projected to reach US$ 18.5 billion by 2031
The market is expected to register a CAGR of 12.5% during 2023–2031