High-Flow Nasal Cannula sales are poised to expand at 12% y-o-y in 2021, after an uncertain year in 2020.
High-Flow Nasal Cannula sales are poised to expand at 12% y-o-y in 2021, after an uncertain year in 2020. Demand is majorly underpinned by a burgeoning number of respiratory diseases becoming prevalent among patients such as chronic obstructive pulmonary disease (COPD) acute respiratory disease syndrome, and bronchiectasis. Fact.MR, a global research & consulting firm, in the updated edition of the report, states a staggering growth rate during the period 2020-2025.
“The focus of the medical research industry on managing and treating pulmonary diseases and infections has generated a big playfield of prospects globally for high flow nasal cannula. These cannulas have substituted conventional cannulas which were previously the key technology for oxygen delivery into the lungs. Thus, the total revenues volume in the global high flow nasal cannula market is poised to rise in the times to follow.”, says Fact.MR.
Demand for Diverse Oxygen Supply Technologies
The high flow rates demonstrated by nasal cannulas have allowed the medical sector to assess the efficacy of these devices. Also, the demand for oxygen supply in geriatric patients has furthermore opened up new paths for the market’s maturity and growth.
The healthcare sector has, frequently, pointed out the significance of respiratory support methods. Apart from this, the awareness of the masses about respiratory care has further created new prospects for advancement and growth, according to the Fact.MR study.
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How Acute Respiratory Failures to Influence Demand for High-Flow Nasal Cannula Market?
The acute respiratory failures category shall hold about three-tenth of the overall share, expanding remarkably at an 11.5% CAGR in 2021. According to the study, acute respiratory failures are projected to find an extensive application of high-flow oxygen therapy utilizing high-flow nasal cannula. The distinctive benefits and the surge in production of these methods amid patients are foreseen to bolster market share.
Trailing the acute respiratory failure category is the sleep apnea category. High-flow nasal cannula devices assist in offering a consistent flow of oxygen through the nasal cannula and improves upper airway hindrance. Growing incidences of sleep apnea are further projected to encourage the market. In 2021, the projected CAGR is slated at around 13.8%.
US Continues to Remain Lucrative for High-Flow Nasal Cannula
North America, led by the US is poised to remain lucrative in the forthcoming years. As per Fact.MR’s analysis, the inclination for continuous positive airway pressure (CPAP) and non-invasive ventilation (NIV) devices has increased rapidly in-home care settings for patients suffering from respiratory ailments in the US. This has prompted key market players to upsurge the manufacturing of high-flow nasal cannula devices, therefore boosting the market share. North America market is slated to gain over two-fifth of the overall share.
As there is a shift in use from reusable nasal cannula to single-use cannula, patients who are treated with re-usable nasal cannula are at greater risk of cross contamination. This is fuelling the usage of single-use in the nations like Germany, Japan, and the UK.
Furthermore, China & India are reflecting noteworthy expansion prospects amid the assessment period. The Asia-Pacific region is projected to expand at an impressive 13.2% CAGR, accounting for a market share of around one-fifth of the overall share. The expansion is primarily due to degraded air quality, rising population, and increasing prevalence of smoking have increased the number of respiratory ailment instances.
Constant Product Innovation Remain Significant Focus Areas: Fact.MR Survey
High-flow nasal cannula market remains fragmented. Fact.MR’s survey with thought leaders discovered that constant product innovations through technological advancements to increase their market presence will remain a significant strategy for market players in 2021 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. A few of the players profiled in the report are Vapotherm Ltd., Fisher & Paykel Healthcare Limited, Becton, Dickinson and Company, and ResMed Ltd. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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