High Flow Nasal Cannula Market
Number of pages: 100 | Report Format: PDF | Published date: June 30, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 7.34 billion |
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Revenue Forecast in 2031 |
US$ 19.58 billion |
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CAGR |
11.52% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Component, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global high flow nasal cannula market was valued at US$ 7.34 billion in 2022 and is expected to register a revenue CAGR of 11.52% to reach US$ 19.58 billion by 2031.
High Flow Nasal Cannula Market Fundamentals
High flow nasal cannula (HFNC) is used for delivering high-flow oxygen therapy to patients. It consists of a nasal cannula connected to an oxygen source and a specialized system that provides heated and humidified oxygen at a high flow rate. HFNC therapy has gained significant popularity in recent years due to its advantages over traditional oxygen therapy methods.
Over the years, the global high flow nasal cannula market has observed a significant surge in its demand, especially during the pandemic. Moreover, the adoption rate of nasal cannulas is also increasing due to an increase in the number of respiratory surgeries. According to the 2022 estimates by National Centre for Biotechnology Information (NCBI), around 5,30,000 general thoracic surgeries are performed yearly in the United States. Technological advancements have led to the introduction of advanced high flow nasal cannula systems. These systems incorporate integrated monitoring capabilities, adjustable flow rates, and improved user interfaces. These technological innovations attract healthcare providers and contribute to the revenue growth of the high flow nasal cannula market.
Furthermore, there is a growing adoption of high flow nasal cannula therapy in neonatal care, particularly in neonatal intensive care units. The ability of high flow nasal cannula to deliver consistent oxygen concentrations and reduce the need for invasive mechanical ventilation has driven its adoption in this segment. Additionally, there is a rising trend of shifting patient care from hospitals to homecare settings. HFNC devices are being used for long-term oxygen therapy in home settings, providing comfort and improved quality of life for patients with chronic respiratory conditions.
High Flow Nasal Cannula Market Dynamics
The prominent factor increasing the high-flow nasal cannula market revenue is the increasing prevalence of respiratory disorders such as COPD, asthma, and acute respiratory distress syndrome (ARDS). According to the NCBI, the incidence of ARDS in the United States varies between 64.2 to 78.9 cases per 100,000 person-years. These respiratory conditions require effective oxygen therapy and high flow nasal cannula has emerged as a preferred method due to its advantages. The growing patient population with these disorders creates a significant market opportunity for high flow nasal cannula devices.
Furthermore, technological advancements in high flow nasal cannula systems contribute to the revenue growth of the high flow nasal cannula market. For instance, technological advancement is the integration of heated humidification systems in high flow nasal cannulas. This helps to improve patient comfort and reduce the risk of nasal dryness and bleeding. Additionally, advanced algorithms and sensors in high flow nasal cannulas allows for precise and personalized delivery of oxygen therapy. Ongoing research and development have resulted in integrating advanced features in these devices, such as adjustable flow rates, improved user interfaces, and integrated monitoring capabilities. These technological advancements appear appealing to healthcare providers and encourage the use of high flow nasal cannula therapy.
The high flow nasal cannula market is also increasing due to the growing preference for long-term oxygen therapy in homecare settings. Adopting high-flow nasal cannulas has recently significantly increased in homecare settings due to factors like cost-effectiveness, patient comfort, and improved quality of life. High-flow nasal cannula devices are ideal for home care since they deliver oxygen effectively, are portable, and allow greater patient mobility.
However, several restraining factors can impact the growth of the high flow nasal cannula market. The high cost and affordability of the therapy are relatively expensive compared to traditional oxygen therapy methods, which can pose a financial challenge for healthcare facilities, particularly in resource-limited settings. The overall equipment, maintenance, and consumables cost can limit its adoption and hinder market revenue growth, especially in regions with constrained healthcare budgets.
Market Ecosystem
the global high flow nasal cannula market is analyzed from the following perspectives: By Component, By Application, By End User, and By Region.
High Flow Nasal Cannula Market by Component
Based on the components, the global high flow nasal cannula market is segmented into single heated tubes, nasal cannula, air/oxygen blenders, active humidifiers, and other consumables.
The nasal cannula segment accounted for 37% of the global high flow nasal cannula market share in 2022. This can be attributed to the increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea.
The active humidifiers segment is anticipated to register 12.12% of revenue CAGR in the forecast years. This is attributed to the increasing demand for active humidifiers in the healthcare industry. Active humidifiers are used in hospitals and clinics to maintain a proper level of humidity in the air, which is crucial for patients with respiratory issues. The rising prevalence of respiratory diseases such as asthma, COPD, and pneumonia has increased the adoption of active humidifiers in healthcare settings. Additionally, the growing geriatric population, more susceptible to respiratory diseases, is expected to further drive the demand for active humidifiers in the forecast years.
High Flow Nasal Cannula Market by Application
Based on the applications, the global high flow nasal cannula market is segmented into acute respiratory failure, chronic obstructive pulmonary disease (COPD), asthma, carbon monoxide toxicity, bronchiectasis, pneumonia, and other applications.
The Asthma segment accounted majority of the global high flow nasal cannula market share in 2022. This can be attributed to the rising prevalence of asthma worldwide, especially in developed countries. According to the World Health Organization (WHO), approximately 235 million people suffer from asthma yearly. The increasing adoption of high flow nasal cannula therapy as a primary treatment option for asthma patients is also driving the market growth. High flow nasal cannula therapy provides better oxygenation and reduces the need for invasive mechanical ventilation, making it a preferred choice for asthma patients.
High Flow Nasal Cannula Market by End User
Based on the end users, the global high flow nasal cannula market is segmented into hospitals, ambulatory care centers, homecare, specialty clinics, and others.
The hospitals segment dominated the global high flow nasal cannula market. This can be attributed to the increasing prevalence of respiratory disorders and the rising demand for non-invasive respiratory support systems in hospitals. Moreover, the availability of skilled healthcare professionals and advanced healthcare infrastructure in hospitals further drives the revenue growth of the high flow nasal cannula market in this segment. In addition, the increasing number of hospital admissions for respiratory disorders is expected to fuel the demand for high flow nasal cannulas in hospitals over the forecast period.
High Flow Nasal Cannula Market by Region
Based on the region, the high flow nasal cannula market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for 51% of the global high flow nasal cannula market share in 2022. This growth is largely attributed to the increasing prevalence of respiratory disorders such as chronic obstructive pulmonary disease (COPD) and sleep apnea, which require the use of high flow nasal cannulas for treatment. The Canadian government reports that asthma affects 3.8 million individuals over the age of one, while 2.0 million individuals live with chronic obstructive pulmonary disease (COPD), which can significantly impact the breathing ability. In addition, the availability of advanced healthcare infrastructure and favorable reimbursement policies in North America has further contributed to the region's dominance in the high flow nasal cannula market. The United States is expected to remain the largest market for high flow nasal cannulas in North America, owing to the high prevalence of respiratory disorders and key market players in the country.
The Asia Pacific high flow nasal cannula market is expected to register an 11.92% revenue CAGR during the forecast period. Several factors contribute to the anticipated growth rate due to the large and rapidly growing population suffering from COPD and asthma, which increases the overall patient pool for respiratory disorders and conditions requiring oxygen therapy.
Strategic Development High Flow Nasal Cannula Market
High Flow Nasal Cannula Market Competitive Landscape
The competitive landscape of the high flow nasal cannula market is constantly evolving due to the increasing demand for respiratory care devices. The market is highly fragmented, with several players operating in the space. These companies are focusing on expanding their product portfolios, enhancing their distribution networks, and investing in research and development activities to maintain their market position. They are also adopting strategies such as partnerships, collaborations, and acquisitions to strengthen their market presence.
Some of the prominent companies having the largest revenue share in the global high flow nasal cannula market are,
High flow nasal cannula (HFNC) is a medical device used for delivering high-flow oxygen therapy to patients.
The global high flow nasal cannula market has witnessed significant growth, owing to the increasing prevalence of chronic diseases and technological advancements.
The global high flow nasal cannula market is expected to register a revenue CAGR of 11.52% in the forecast period from 2022 to 2031.
North America accounted for the majority of the global high flow nasal cannula market, with the majority of the market revenue share in 2022. This is due to the presence of a high patient population in the region and major market players.
The global high flow nasal cannula market was valued at US$ 7.34 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain