The global high-flow nasal cannula market is estimated to garner a revenue of ~USD 17.0 Billion by the end of 2033 by growing at a CAGR of ~12%

NEW YORK, NEW YORK, UNITED STATE, January 4, 2023 /EINPresswire.com/ -- Global High Flow Nasal Cannula Market Key Insights

During the forecast period of 2023-2033, the global high flow nasal cannula market is expected to reach an estimated value of ~USD 17 billion by 2033, by expanding at a CAGR of ~3%. The market further generated a revenue of ~USD 9 billion in the year 2022. Major key factors propelling the growth of high flow nasal cannula market worldwide are the increasing cases of asthma and chronic obstructive pulmonary diseases and increasing healthcare expenditure globally.

Market Definition of High Flow Nasal Cannula

Nasal cannula is use in case where people are not able to breath or get sufficient oxygen for the proper functioning of the body. This is a common phenomenon among the patients who are suffering with asthma, COPD, or any other respiratory illness. In addition to this, the market is estimated to grow based on rising prevalence of asthma and respiratory tract illness among the children across the world. It was noted that asthma is the most common chronic condition-affecting children. There are approximately 5.1 million asthmatic children under the age of 18.

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Global High Flow Nasal Cannula Market: Growth Drivers

The growth of the global high flow nasal cannula market can majorly be attributed to the prevalence of COPD across the world. For instance, According to a late-breaking abstract presented at the European Respiratory Society Congress and led by ResMed, there are potentially more than 480 million people who have COPD worldwide. On the other hand, the market growth can also be attributed to the several acquisition contracts occurring in the field of high flow nasal cannula. For instance, Eakin Healthcare Group, The Coleraine-based Armstrong Medical, which specializes in respiratory care products, has been acquired by Eakin Healthcare Group, which has its headquarters in Northern Ireland.

The global high flow nasal cannula market is also estimated to grow majorly on account of the following:

Growing Geriatric Population Across the Globe
Surging Investment in Research and Development
Increasing Prevalence of Asthma
Rising Adoption of Ambulatory Surgeries
Global High Flow Nasal Cannula Market: Restraining Factor

There are side effects of using high flow nasal cannula, and not suitable for long-term usage in the market. Hence, these factors are expected to be the major hindrance for the growth of the global high flow nasal cannula market during the forecast period.

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Global High Flow Nasal Cannula Market Segmentation

By End User (Hospitals and Clinics, Ambulatory Care Centers, Long-Term Care Centers, and Others)
The hospitals and clinics segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising awareness of the global population toward climate change, usage for a predetermined number of patients, and the number of hospitals and surgeries is growing. For instance, around 40 to 50 million major surgeries are performed annually in the USA and 20 million in Europe, for a startling total of 310 million surgeries worldwide.

By Application (Acute Respiratory Failure, Chronic Obstructive Pulmonary Disease, Acute Heart failure, and Others)
By Type (Active Humidifier, Single Heated Tube, Air Blender, and Nasal Cannula)
By Region
The Asia Pacific high flow nasal cannula market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Growing geriatric and pediatric population, along with the increasing prevalence of asthma in the region are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. As per the estimation, by 2050, one in four people in the Asia Pacific region is predicted to be older than 60, and the prevalence of asthma in the elderly population is about 1.3 to 15.3% compared to 5 percent of adults in the region. Moreover, with the rising cases of chronic respiratory diseases, there is also the surge in number of surgeries conducted in the region every year. Along with this, the growing healthcare infrastructure and improving healthcare facilities in the region are estimated to drive the market growth during the forecast period.

The market research report on global high flow nasal cannula also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global High Flow Nasal Cannula Market

Some of the key players of the global high flow nasal cannula market are Armstrong Medical Ltd, Eakin Healthcare Group, ResMed Corp., Teleflex Incorporated, Vapotherm, Inc., Becton, Dickinson and Company, Smiths Group plc, CU Medical Systems, Inc, Flexicare Medical Limited, TEIJIN LIMITED, and others.

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