Nasal Cannula Market Growth Report and Size by 2031
The Nasal Cannula Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Low Flow Nasal Cannula and High Flow Nasal Cannula). The report further presents analysis based on the Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, and Hybrid Prosthetic Devices). The report is segmented by End Use (Hospitals, Ambulatory Healthcare Services, Long Term Care Centers, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the Report
The report Nasal Cannula Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Nasal Cannula Market Segmentation
Type
- Low Flow Nasal Cannula and High Flow Nasal Cannula
Product
- Passive Prosthetic Devices
- Body Powered Prosthetic Devices
- Myoelectric Prosthetic Devices
- Hybrid Prosthetic Devices
End Use
- Hospitals
- Ambulatory Healthcare Services
- Long Term Care Centers
- Others
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Nasal Cannula Market: Strategic Insights
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Nasal Cannula Market Growth Drivers
- Increasing Prevalence of Respiratory Disorders: Respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and other similar diseases, have continued to rise with modernity. The World Health Organization (WHO) attributes respiratory diseases to the leading causes of mortality around the world. The effect is rapidly growing, especially in developed countries where old age tends to prevail. One of the primary factors driving the growth of the oxygen nasal cannula market is the increasing demand for oxygen therapy for such patients. Since these patients require supplemental oxygen, nasal cannulas are highly utilized, which explains the high turnover of the product.
- Global Population Dynamics: Aging Population: The increasing number of elderly people across the globe remains yet another potential factor that is anticipated to enhance the growth of the nasal cannula sector. Older people are more prone to various respiratory conditions like COPD, lung fibrosis, and various other pulmonary illnesses and these individuals would need oxygen therapy. As noted by the United Nations, in about 35 years, nearly one out of every six individuals will be aged above 65 years and this statistic has global implications. This change in demographics will predictably increase the need for respiratory treatments and interventions including the use of nasal cannula for the delivery of oxygen.
- Increasing Adoption of Home Healthcare Services: The growing acceptance of home healthcare around the world and treatment that is centered on the patients is greatly changing the nasal cannula market. The patients suffering from chronic obstructive pulmonary disease (COPD) and other conditions have found receiving oxygen therapy at home more convenient and preferable to hospitals and clinics. The presence of portable oxygen concentrators alongside the light weight of nasal cannulas has encouraged patients to undertake their respiratory treatment at home instead of incurring high costs in the convalescence of a hospital, hospitalization being the default option to many.
Nasal Cannula Market Future Trends
- Customization and Personalization: As patient care becomes more individualized, manufacturers are focusing on developing nasal cannula that creating nasal cannula that poses functional roads to ensure comfort and ease in usage. Adjustable mask flow rates, lightweight mask, soft materials technologies are being integrated with this mask to improve comfort and performance. Solutions that take into account different patient preferences and their clinical needs are on the rise. For instance, there are variations of children nasal cannula that are quite different from adults’ nasal cannula because of their size and care requirements.
- Integration with Telemedicine and Remote Patient Monitoring Systems: In response to telemedicine and remote patient monitoring trends, there has been incorporation of nasal cannula into the already available mobile health applications. For instance, devices that are able to measure the levels of oxygen and control the levels administered to the patients by themselves has made it possible for the medical practitioners to carry out the health supervision for the patients from a distance. This technology of integrating the respiratory devices with telehealth services is anticipated to be prevalent since the healthcare systems are being restructured for remote patient care.
- Increased Acceptability of One-Time Use and Disposable Cannulas: Much of the patients are now being offered and making use of one-way disposable nasal cannulas for the reasons of increased concern of cleanliness and avoidance on the incidence of infections, especially after the breakout of Covid -19. With disposables, patients are prevented from the risk of cross-contamination and the products are also user-friendly to health workers and patients. The adoption of single-use nasal cannulas has resulted in a transformation in the market structure, while most healthcare systems had been relying on the older generation reusable models.
Nasal Cannula Market Opportunities
- Advancement in Smart Nasal Cannulas: There are many opportunities in the market to develop smart nasal cannulas that can monitor the patient for liters of oxygen, breathing rate and other parameters of a patient’s vitals. These smart devices incorporate sensors and wireless communication technologies and allow healthcare professionals to collect information in real time which aid in more effective patient surveillance and care. This advancement can change the management of oxygen therapy especially in patients who have chronic lung disorders.
- Strategic Partnerships And Acquisitions: The nasal cannula industry presents opportunities to pursue mergers and acquisitions amongst the principal players in the industry. They can do so by entering into agreements with medical device companies or hospitals for a wider range of products, better distribution networks, and stronger research activities. Such strategic combinations will be vital in entering new markets, especially within developing regions.
- Increased Government Initiatives for Respiratory Care: In most nations respiratory health care is becoming a major concern for policy makers today than ever before because of the burdens imposed by respiratory illnesses and the COVID-19 pandemic. Countries with high populations and poor healthcare provision are expected to invest more in respiratory devices such as nasal cannulas. There is a good growth prospect for nasal cannula makers due to government support for respiratory health including provisions for reimbursements for home care devices.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Nasal Cannula Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Nasal Cannula Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Low Flow Nasal Cannula segment, by type, dominated the market in 2023.
Players operating in the market are Allied Healthcare Products Inc., Teleflex Incorporated, Flexicare Medical Ltd., Vapotherm Inc., ResMed Inc., Fairmont Medical, Fisher & Paykel Healthcare Limited, Well Lead Medical Co. Ltd., Salter Labs
North America region dominated the Nasal Cannula market in 2023.
Advancement in Smart Nasal Cannulas as a opportunity for growth of the market in forecast period.
The Nasal Cannula Market is estimated to witness a CAGR of 6.5% from 2023 to 2031
The major factors driving the Nasal Cannula market are:
1. Increasing Prevalence of Respiratory Disorders
2. Global Population Dynamics
- Allied Healthcare Products Inc.
- Teleflex Incorporated
- Flexicare Medical Ltd.
- Vapotherm Inc.
- ResMed Inc.
- Fairmont Medical
- Fisher & Paykel Healthcare Limited
- Well Lead Medical Co. Ltd.
- Salter Labs
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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