DUBAI, U.A.E, July 15, 2020 /PRNewswire/ -- Market research company Future Market Insights' projections on the high flow nasal cannula market reveal that the market is slated to be valued at ~US$ 18 Bn by 2030.
Growing prevalence of respiratory disorders have led to an increase in the uptake of high-flow nasal cannula (HFNC) devices. The Center for Disease Control and Prevention (CDC) acknowledges the high-flow nasal cannula oxygenation therapy as a standard recommended therapy across the United States, especially during the COVID-19 pandemic.
Following this development, healthcare providers are facilitating extensive research on how to better integrate this technology in providing relief for severely infected patients. In the pre-COVID-19 scenario, HFNC was being administered to patients with acute respiratory distress syndrome (ARDS) and acute lung injury (ALI). These conditions were responsible for a majority of respiratory casualties.
Such extensive applications to correct respiratory anomalies is anticipated to sustain the market demand for HFNC treatment solutions and devices throughout the forecast period.
"While COVID-19 is the primary growth accelerator for the short-term, prevalence of other chronic respiratory ailments will sustain HFNC demand for the remaining forecast," opines an FMI analyst.
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Key Takeaways from FMI's High Flow Nasal Cannula Market Report
- North America and Europe shall capture half of the HFNC market
- E-commerce to be the most widely used channels for HFNC device delivery due to preference for contactless transactions
- Homecare settings to extensively use HFNC treatment devices
- Infant bronchitis and pneumocephalus to generate fertile ground for HFNC treatment during 2020-2030
- Single-use nasal cannulas gain traction during the COVID-19 crisis
- High flow nasal cannula market shall expand at over 12% CAGR in 2020
High Flow Nasal Cannula Market- Key Trends
- Continuous product launches to flood the global HFNC market as vendors look to acquire a competitive edge over their rivals
- Smooth oxygen delivery of heated, humidified oxygen at a flow rate of 60 liters per minute makes HFNC an ideal treatment method for respiratory patients
- Partnerships and collaborations with research institutions and hospitals are increasing in order to provide treatment for severely affected COVID-19 patients
High Flow Nasal Cannula Market: Region-wise Analysis
- Single-use HFNC devices are gaining traction across the German, Japanese and English markets respectively
- The United States market shall expand at over 10% CAGR by 2020-end
- Growing healthcare literacy amongst the population shall propel HFNC usage in India and China
- Japan dominates the East-Asian high flow nasal cannula market
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High Flow Nasal Cannula Market: Competitive Landscape
The high flow nasal cannula market is characterized by the presence of numerous players, making the market highly fragmented. The players are capitalizing on new product launches to acquire a market foothold.
For instance, in Jan 2019, ResMed unveiled its MOBI portable oxygen concentrator across the US market to address patients suffering from chronic obstructive pulmonary disease (COPD). Later that year, in May 2019, Fisher & Paykel Healthcare Ltd. launched the Optiflow 3S nasal cannula technology.
Likewise, Teleflex launched the Hudson RCI Comfort Flo Plus Cannula which concentrates on administering oxygen to the upper airway dead space, providing a greater level of comfort.
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High Flow Nasal Cannula Market Taxonomy
- Air/Oxygen Blender
- Active Humidifier
- Nasal Cannulas
- Heated Inspiratory Circuit
- Acute Respiratory Failure
- Chronic Obstructive Pulmonary Disease (COPD)
- Carbon Monoxide Toxicity
- Sleep Apnea
- Acute Heart Failure
- Specialty Clinics
- Long-term Care Centers
- Ambulatory Care Centers
- Homecare Settings
- Rest of LATAM
- Rest of Europe
- Rest of South Asia
- South Korea
- New Zealand
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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High flow nasal cannula market, a new study from Future Market Insights, states the indications of high flow nasal cannula from 2015 to 2019 and presents demand projections from 2020 from 2030 on the basis of components (air/oxygen blender, active humidifier, nasal cannulas, heated inspiratory circuit, and consumables), application (acute respiratory failure, chronic obstructive pulmonary disease (COPD), bronchiectasis, carbon monoxide toxicity, sleep apnea, acute heart failure, and others), and end user (hospitals, specialty clinics, long-term care centers, ambulatory care centers, and homecare setting) across seven prominent regions.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights