DUBAI, United Arab Emirates, The rising prevalence of acute respiratory failures due to the COVID-19 outbreak, risk of community infection, increasing demand for high flow nasal cannula, and advancements in high Flow Oxygen Therapy Devices are some key factors contributing to the growth of the high flow oxygen therapy devices market.
DUBAI, United Arab Emirates, The rising prevalence of acute respiratory failures (ARF) due to the COVID-19 outbreak, risk of community infection, increasing demand for high flow nasal cannula, and advancements in high Flow Oxygen Therapy Devices are some key factors contributing to the growth of the high flow oxygen therapy devices market.
According to a recent study by Future Market Insights (FMI), these factors have proven crucial at enabling growth in the high flow oxygen therapy devices market. Sales of high flow oxygen therapy devices are expected to top US$ 1.7 Bn in 2021, at a CAGR of -6.4% during 2021-2025 and CAGR of 1.4% during the forecast period (2025-2031).
Public health issues worldwide, including Acute Respiratory Failure (ARF), pneumonia, asthma, and interstitial lung disease, pose a significant socioeconomic burden on individuals and societies.
Presently, COVID-19 is the primary risk factor for ARF. COVID-19 symptoms such as low blood-oxygen level and pneumonia in patients increase the risk of ARFs. Because of the growing ageing population and increased exposure to risk factors, ARF and pneumonia are becoming more prominent problems across the world, which is fuelling the demand for high flow oxygen therapy devices.
The World Health Organization (WHO) Child Health Epidemiology Reference Group estimates that the pneumonia resulted 105.7 million new cases in 2017; of these 13% were severe and needed immediate hospitalization.
Consistent rise in incidence of pneumonia will fuel the demand for high floe oxygen therapy devices through the forecast period. Indoor air pollution was a major risk factor that was estimated to have led to 29% of pneumonia deaths in 2017.
Outdoor air pollution was responsible for another 18% of all deaths. In addition, an increase of 81.1% in the number of pneumoconiosis cases were observed for both sexes from 1990 to 2017 worldwide. Thus, the growing burden of respiratory diseases along with the outbreak of COVID-19 across the world is expected to drive the high flow oxygen therapy devices market.
Request a report sample to gain comprehensive insights @
https://www.futuremarketinsights.com/reports/sample/rep-gb-13794
Key Takeaways from High Flow Oxygen Therapy Devices Market Study
- Demand for heated humidifiers is expected to grow at -6.6% CAGR during 2021-2025 and 1.3% CAGR through 2025-2031, owing to the occurrence of the COVID-19 pandemic.
- The acute respiratory failure segment accounted for a higher share of 90% among applications. This can be due to the rising COVID-19 cases that lead to acute respiratory failure in the infected patients and require non-invasive respiratory support.
- 500 Beds and Above Hospitals are projected to capture over 51% of the global market by 2031. This is attributed to the growing burden of respiratory diseases.
- North America is the largest revenue-generating region for high flow oxygen therapy devices, with the U.S. accounting for nearly 96% of the regional market in 2031.
- South Asia is the second most lucrative market with India accounting for over 58% of the share in 2031.
- Japan holds the leading position in East Asia and is expected to account for over 42% of the market in 2031.
“Increasing funding for R&D activities aimed launching novel products and solutions and healthcare recognition and recommendation of high-flow nasal cannula oxygen therapy will continue creating growth opportunities for manufacturers through the assessment period, ending in 2031,” says the FMI analyst
Who is winning?
Some of the leading manufacturers of high flow oxygen therapy devices are focusing on product approvals and launch strategies for global expansion objectives, thereby, enhancing their market presence. The leading key players are also focusing on innovation and launching new technologies for increasing the efficiency of products.
- In June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT.
- In 2019, TherOx Company received approval for SuperSaturated Oxygen Therapy system from the U.S. Food and Drug Administration (FDA) to be one of the effective therapies for cardiovascular diseases.
The key market players covered by FMI include Draegerwerk AG & Co. KGaA, Teleflex Medical GmBH, Philips Respironics, Vapotherm, Inc., ResMed, Vyaire Medical, Inc., Fisher & Paykel Corporation Ltd., Armstrong Medical, Flexicare Medical, Hamilton Medical Inc., Intersurgical Inc., Inspired Medical, WILAMed GmBH, Besmed Health Business Corp, Shenzhen Micomme Medical Technology Development Co., Ltd, Shenyang RMS Medical Tech Co. Ltd. and BMC Medical Co., Ltd.
For any Queries Related with the Report, Ask an Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-13794
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global high flow oxygen therapy devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on high flow oxygen therapy devices segment based on the product (High Flow Nasal Cannulas, High Flow Oxygen Masks, Breathing Circuits, Heated Humidifiers and Accessories) Application (Pneumonia and Acute Respiratory Failure) End User (Less than 100 Beds Hospitals, 100-250 Beds Hospitals, 250-500 Beds Hospitals and 500 Beds and Above Hospitals) across seven major regions.
Category-wise Insights
What are the Sales Prospects of Heated Humidifiers?
Heated humidifiers will show steady growth, reflecting a high share of 48% in 2021. Increasing awareness among customers about respiratory diseases such as asthma, sinusitis, and some other allergies are driving the demand for heated humidifiers in the market.
Why does Acute Respiratory failure hold a Larger Share?
Acute respiratory failure segment is projected to show steady growth in the forecast period with a CAGR of -3.1% accounting for a market share of 90% in 2021. The acute respiratory failure segment holds a higher share in the high flow oxygen therapy devices market.
This can be attributable to the rising COVID-19 cases that lead to acute respiratory failure in the infected patients and require non-invasive respiratory support. However, throughout the period, pneumonia is expected to gain considerable growth as the pandemic situation gets better.
What is the Scope of Growth in 500 beds and Above Hospitals Segment?
500 beds and above hospitals currently leading the market, 500 beds and above hospitals have reflected significant growth with an -2.4% CAGR. The overburden of COVID-19 patients in large hospitals which were majorly catering to the infected population has primarily led to the dominance of this segment.
Competitive Landscape
The leading key players are focusing on innovation and launching new technologies for increasing the efficiency of products. These companies are investing increasingly in research and development to maintain their competitive edge and status in the market. Developing new technologies and delivering them for the betterment of the patients’ health is the key strategy adopted by most companies.
For instance, in June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT
In 2020, Resmed launched CPAP mask-Airlift f30i for Hospitals and Respiratory Care Physicians in the U.S
We Offer tailor-made Solutions to fit Your Requirements, Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-13794
Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
Vacuum Therapy Devices Market - Vacuum therapy devices are the medical suction devices which are widely used in various types of vacuum therapies such as negative pressure wound therapy and also in erectile dysfunction disorders. Vacuum therapy devices help to treat wounds in negative pressure wound therapy by using sub-atmospheric pressure to cure acute and chronic wounds.
Minimally Invasive Laser Therapy Devices Market - Laser therapy is a therapeutic treatment that utilizes concentrated light for medical procedures. In contrast to most light sources, light from a laser is tuned to particular wavelengths. Minimally invasive medical devices have changed surgical procedures by eliminating or shortening hospital stays, speeding recovery times, decreasing the size of incisions and improving overall patient outcomes.
Endovascular Therapy Devices Market - A procedure involving endovascular therapy devices are used to insert a flexible, sterile plastic tube, stents or a catheter into a blood vessel to allow blood to be withdrawn from or medication to be delivered to a patient’s bloodstream over a period of time. These endovascular therapy devices can be used either for intravenous antibiotic treatment, chemotherapy, long-term intravenous feeding and blood transfusions.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make 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 tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/high-flow-oxygen-therapy-devices-market