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Nasal Oxygen Tube Market to Reach USD 9.4 Billion by 2026 | Reports And Data
- Nasal Oxygen Tube Market Size- USD 4.4 Billion in 2018, Market Growth- CAGR of 7.7%, Nasal Oxygen Tube Industry trends- rise in chronic diseases worldwide is boosting the global Nasal Oxygen Tube market, Asia Pacific expected to register the highest CAGR during the forecast period
- Increasing number of lifestyle disorders and chronic diseases across the world, along with high levels of medical development across the globe will drive the market at a high CAGR during the forecast period
NEW YORK, Oct. 28, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the global Nasal Oxygen Tube market was valued at USD 4.4 Billion in 2018 and is expected to reach USD 9.4 Billion by year 2026, at a CAGR of 7.7%. The market for Nasal Oxygen Tube is growing out of critical customer needs. The nasal oxygen tube industry that has grown from its nascent to the advanced stages very rapidly. Nasal Oxygen Tube market can be divided into several segments and sub-segments. It includes services ranging from unskilled care to skilled nursing. The product range is also very wide, and so is the scope and need for specializations.
High-flow nasal cannula (HFNC), under the Product Type segment, is expected to grow the fastest during the forecast period. High-flow nasal cannula (HFNC) oxygen therapy comprises an air/oxygen blender, an active humidifier, a single heated circuit, and a nasal cannula. It delivers adequately heated and humidified medical gas at up to 60 L/min of flow and is considered to have a number of physiological effects: reduction of anatomical dead space, constant fraction of inspired oxygen, and good humidification. Increasing paediatric healthcare need and a growing geriatric population worldwide are the main industry drivers. Coupled with these are the increasing incidences of chronic respiratory diseases like Chronic Obstructive Pulmonary Disease (COPD), asthma, pneumonia and so on. These diseases need urgent hospitalisation and care, and upon hospitalisation, patients require nasal oxygen tubing to restore their respiratory functions.
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As developing countries are investing in healthcare, the scourge of cross-contamination and hospital acquired infection (HAI) need to be addressed. Thus, the demand for single use nasal oxygen tubes is increasing, which will be positively affecting industry growth. Worldwide population older than 60 years might reach to 2 billion by 2050, according to WHO, which might lead to increasing chronic respiratory diseases being diagnosed which augments the demand for nasal cannulas. Nasal Oxygen Tubes are very cost effective and now come in many product variants which look into aspects like patient comfort while using the products. Ultra-soft nasal tubes, as being manufactured by Smith Medical and Salter Labs is expected to drive industry growth. It has a ready and growing demand today. The North American region was the industry leader in 2018, due to very high investments in healthcare, while Asia Pacific is expected to witness the highest CAGR in the coming years.
Further key findings from the report suggest
- Increasing number of respiratory diseases like Chronic Obstructive Pulmonary Disease (COPD), asthmas and so on are multiplying the need of nasal oxygen tube interventions.
- North America has the leading share in the nasal oxygen tube industry chiefly because of the converging trends of their ageing population, rise in the number and cases of chronic diseases and significant investments in healthcare.
- Asia Pacific region will witness the highest CAGR in the nasal oxygen tube sector during the forecast period on account of cost advantages, rise in the numbers of the ailing population and an increased need of hygiene-based healthcare in public and private. 10% of healthcare investment in R&D is expected by 2019
- China and India are expected to witness a huge surge in the nasal oxygen tube market, as the market value is expected to double itself in India shortly. As more number of aged population is expected to be residing in China and Asia Pacific region by 2050, along with increased healthcare spending by their respective governments, the use of these products is expected to increase.
- Developing countries are increasing their public healthcare spending, and as such, the number of hospitals and clinics is expected to increase where these products are used to a huge extent.
- These products are popular primarily due to the advantage of oxygen intake regulation, which most of them have.
- By product type, High-flow nasal oxygen tube occupies the largest market share and is expected to grow at the highest CAGR.
- Latin America and Middle East and Africa will also be showing an average growth of around 13.2% till 2026. In Latin America, the healthcare cost is considerably low, and these products are a good investment by hospitals in the region to provide safe and effective care to patients.
- A rise in the disposable income, increasing awareness about these products, improved sources of funding and greater technological and scientific innovations boost the industry.
- Many companies like Flexicare Limited (UK), Salter Labs (USA), Smiths Medical Inc (USA), Teleflex Inc (USA), Fairmont Medical (Australia), Hamilton Medicals (Switzerland), Neotech Products (USA) and Sunset Healthcare Solutions Inc (USA) amongst others operate in the marketplace.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Nasal Oxygen Tube market by Type, by Services, by Product, by Software and by Region:
- Low-flow nasal oxygen tube
- High-flow nasal oxygen tube
- Chronic Obstructive Pulmonary Disease (COPD)
- Acute Respiratory Failure
- Carbon Monoxide Toxicity
- Ambulatory Service Centres (ASC)
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- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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