Market Trends of Global High-flow Nasal Cannula Industry
This section covers the major market trends shaping the High Flow Nasal Cannula Market according to our research experts:
Nasal Cannula Expected to Hold Major Market Share
By component, the nasal cannula is expected to hold a major share of the market over the forecast period owing to the factors such as the increasing number of product launches and the rising burden of respiratory disorders that increase the demand for such devices. The nasal cannula is used to supply oxygen to a person who cannot get enough oxygen to sustain normal body functioning. It is commonly used for people with lung diseases like chronic obstructive pulmonary disease or acute illness.
The increasing prevalence of respiratory diseases is the key factor driving the demand for the nasal cannula, thereby boosting the segment growth. For instance, The European Respiratory Journal article titled 'An estimate of the European prevalence of COPD in 2050' published in November 2021 reported that 36,580,965 Europeans are living with chronic obstructive pulmonary disorder (COPD) in 2020. In addition, this number is projected to reach 49,453,852 by 2050 accounting for a 35.2% relative increase in patients and a 39.6% increase in prevalence. Such a growing burden of disease is also propelling the growth of the market segment.
Furthermore, the increasing company activities and rising adoption of various business strategies such as product launches, collaboration, and partnerships are expected to increase the demand for the nasal cannula, which further propels the market growth. For instance, in March 2020, Masimo, a global leader in innovative noninvasive monitoring technologies, entered into a definitive agreement to acquire TNI medical AG, an innovative ventilation company headquartered in Würzburg, Germany. This acquisition will assist the company to expand its offerings by leveraging TNI's deep engineering and commercial expertise and delivering its technology to a large and growing global market for therapy with nasal insufflation.
Thus, due to the above-mentioned developments, the market is expected to witness significant growth during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the global market throughout the forecast period owing to the factors such as the presence of key players, the high prevalence of respiratory diseases in the region, and the established healthcare infrastructure.
The increasing incidences of respiratory disorders in the country are a major factor driving the market growth. For instance, according to the statistics published by the Asthma and Allergy Foundation of America (AAFA), in April 2022, about 25 million people in America had asthma, in 2020, which is roughly 1 in 13 Americans. As per the same source, about 5.1 million American children have asthma under the age of 18. In addition, the prevalence of asthma is high in females (9.8%) as compared to males (6.1%). Also, as per the Interactive Summary Health Statistics for Adults by the Centers for Disease Control (CDC), 3.5% of the adult population had asthma in 2020. Thus, patients with a respiratory illness often require high-flow oxygen therapy through nasal cannula thus increasing the demand for the nasal cannula, thereby boosting the market growth.
Moreover, the market players are adopting various strategies, such as collaborations, partnerships, and product launches, which are showing a positive impact on the high-flow nasal cannula market. For instance, in August 2020, 3B Medical launched the Freedom X oxygen cannula intended to address the nostril irritation caused to patients by nasal cannulas, in the United States. Thus, the increasing product launches are expected to fuel the market growth in the region.
Thus, due to the above-mentioned developments, the market is expected to show lucrative growth over the forecast period.
