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High-flow Nasal Cannula Market to Become Worth US$9.08 Billion by 2025; High Investments in Research and Development Programs to Expand Growth Potential - TMR
ALBANY, New York, May 20, 2019 /PRNewswire/ -- According to the statistics provided in the TMR's report, the global high-flow nasal cannula market is anticipated to attain a value of US$9.08 bn at the end of the forecast period between 2017 and 2025, progressing from US$3.42 bn earned in 2016. The market is expected to rise at 11.8% CAGR over this period. These figures attribute to the growing importance of high-flow nasal cannula for individuals suffering from respiratory disorders.
Among the various components available, the demand for active humidifier is high and is likely to hold dominant share in the global high-flow nasal cannula market. Technological innovations carried out by health care solution providers and manufacturers fueled demand for active humidifiers. Based on regional growth, North America is leading the global market for high-flow nasal cannula due to the significant rise in the number of people suffering with respiratory diseases. Supportive reimbursement policies has also made the region lead the market. Europe and Asia Pacific are contributing towards the expansion of the high-flow nasal cannula market.
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High Applicability in Treating Respiratory Diseases to Boost Market Performance
Increasing number of respiratory disorders is the key factor that led the demand for high-flow nasal cannula. Growing application of the high-flow nasal cannula while treating patients suffering from COPD (chronic obstructive pulmonary disease), acute heart failure, carbon monoxide toxicity, bronchiectasis, acute respiratory failure, sleep apnea, and others is likely to boost the market's growth.
Additionally, the heated humidified high-flow nasal cannulas have gained huge popularity and increasing understanding about the advantages of high-flow nasal cannulas has boosted growth in this market. Huge investments made in research and development activities by vendors to develop better products by using advanced and sophisticated technologies is offering new growth opportunities in the global high-flow nasal cannula market.
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Emphasis on Developing Low Cost Products to Drive Demand for High-Flow Nasal Cannula
Limitation of the high-flow nasal cannula therapy is the key restraint that is hampering the growth in the global high-flow nasal cannula market. But with high tolerability and easy application among pediatric and neonates patients will help in overcoming this restraint. Furthermore, effective evaluation process of this system on pediatric patients having different cause of respiratory diseases, quality clinical outcomes, and quality improvement to provide better treatment to patients in medical and surgical units will boost the market's growth.
Moreover, increasing emphasis of local players in developing cost-effective products is also expected to benefit growth in the global high-flow nasal cannula market. Increasing focus of health organizations across the globe towards home healthcare is further contributing in driving growth in this market.
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The global high-flow nasal cannula market will experience high growth in the forthcoming years, observes Transparency Market Research (TMR). Competition among key players is expected to increase, as players are engaged in research and development activities to provide better and advanced products to their customers. They are also investing in establishing strategic alliances by carrying out various organic and inorganic activities.
Few prominent players in the global high-flow nasal cannula market are Vapotherm, Inc., TNI medical AG, Becton, Smiths Medical, Teleflex Incorporated, Salter Labs, and Flexicare Medical Limited. Recently, HUMIDOFLO HF-2900, a GGM's high flow oxygen system received an award at the Taiwan Excellence Awards. This device provides effective treatment to both adult and pediatric patients. It presents a new state of art technology for delivering high standard high flow therapy.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "High-flow Nasal Cannula Market (Component - Air/Oxygen Blender, Active Humidifier, Single Heated Tube, and Nasal Cannulas; Application - Acute Respiratory Failure, Chronic Obstructive Pulmonary Disease (COPD), Acute Heart Failure, Carbon Monoxide Toxicity, Sleep Apnea, and Bronchiectasis; End User - Hospitals, Long-term Care Centers, and Ambulatory Care Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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