Nasal Cannula Market size is projected to reach USD 10.1 billion by 2029, with growth at a CAGR of 5.8% over the forecast period 2022-2029
ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) — Nasal cannula Market Size Growth Rate Analysis:
- According to the research report published by DataM Intelligence, the global Nasal Cannula Market size was valued at USD 6.4 billion in 2021; it is projected to reach USD 10.1 billion by 2029, with growth at a CAGR of 5.8% over the forecast period 2022-2029.
- Nasal cannulas are tubes widely used for enhanced ventilation and oxygenation. The growth in asthma and COPD cases enhances the market’s growth. Various latest advancements are taking place in the market, with novel product launches growing. Along with novel product launches and technological advances, the rising demand for nasal cannulas will further support market trends for nasal cannulas through 2029
Nasal cannula Market Drivers:
The market has experienced significant growth, ascribed to the growing number of respiratory disorders worldwide, such as Asthma, COPD and cystic fibrosis. The healthcare infrastructure modernization in emerging nations is funded by their governments, which will expand access to healthcare. There is a high need for nasal cannulas to provide supplemental oxygen. The global market for nasal cannulas has attractive potential due to the rise in the frequency of chronic illnesses in emerging nations.
Nasal cannula Market Restraints:
- The side effects while using these nasal cannulas, the cold or dry nose, dry throat and eye and nasal trauma are some serious effects, and the stringent regulatory rules restrain the market in the forecast period.
- Using this supplemental oxygen can result in the lung or eye damage due to a rise in pressure build-up, known as pulmonary oxygen toxicity. If this condition worsens, it can lead to critical complications affecting the central nervous system and cause amnesia. As a result, it might be challenging to use this oxygen for a long interval of time. Therefore, the adverse effects of these advanced devices could restrain the expansion of the nasal cannulas market over the estimated year.
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Nasal cannula Market Opportunities:
Research and medical experts are developing advanced approaches to improve the outcomes of nasal cannulas. The major area of research is the latest technological advancements, such as improved high-flow nasal cannulas and new product launches. Increasing government organization funding in healthcare sectors is boosting the market. Growing investments is helping end-users use novel technologies. Infrastructure development and rising investments are expected to provide huge opportunities for the nasal cannula market. This will provide a lucrative opportunity for the growth of the market.
COVID-19 Impact Analysis:
The health system is under extreme strain due to the COVID-19 pandemic. Compared to COVID-19 mortality avoided among chronic disease patients, the delay in diagnosis and treatment is likely to result in more deaths associated with chronic diseases such as cardiovascular. Prioritizing the treatment of patients with a respiratory disorder, increasing the use of nasal cannulas for providing supplemental oxygen, and enhancing the number of products with the latest technology for better treatment are a few ways that need to be reorganized terms of priorities.
Recent Developments in the Industry:
- In August 2022, Medline, a medical device provider, announced its expansion in Missouri and New York as it opened two distribution centers that are LEED certified for more convenient distribution of medical devices.
- In May 2021, Teleflex Incorporated, a healthcare supplies and services provider, announced its agreement with Medline Industries Inc. to sell its respiratory business’s significant portion. The product portfolio of Teleflex includes non-invasive ventilation, active humidification and oxygen therapy.
Nasal cannula Market Segmentation:
As per the research analysis, the global nasal cannula market is segmented by type as a high-flow nasal cannula and low-flow nasal cannula. By prong shape, it is segmented into curved and flared prongs, curved prongs, flared prongs and straight prongs. By material, it is divided into PVC, silicone and others. By application, the market is further segmented into asthma, COPD, cystic fibrosis, sleep apnea, pneumonia, cardiovascular surgery, diabetes treatment and others. By end-user, the market is segmented into hospitals, ambulatory surgical centers, neonatal intensive care units, home care settings and others.
- Based on the application, the asthma segment accounted for the largest market share of around YY% in 2020 and is expected to grow at a CAGR of YY% during the forecast period (2022-2029). The cases of asthma patients are increasing with huge growth worldwide, making it the major factor in demand for nasal cannulas. Major key players for oxygenation develop various latest high-flow nasal cannulas. These cannulas provide heated and humidified supplemental oxygen. Additionally, it is anticipated that rising nasal cannula production and rising FDA product approvals will fuel the expansion of the global market.
The global nasal cannula market is segmented into major regions: North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Nasal Cannula Market:
- This large revenue share is mainly due to the rising prevalence of respiratory disorders, asthma and the abundance of highly qualified surgeons, among other things. North America is one of the biggest markets for nasal cannulas. This region showcases a significant CAGR owing to the rising awareness regarding chronic diseases such as asthma, COPD and Cystic Fibrosis combined with the increasing demand for these nasal cannulas. Many cases related to respiratory disease occur in developing and underdeveloped regions, mostly in this region. The significant market share is attributable to the high disease prevention knowledge in the area and the numerous programs initiated to prevent chronic respiratory diseases, which have expanded the market for these novels and advanced Nasal Cannulas.
- Due to the region’s growing chronic respiratory disorder prevalence and aging population, which is driving up demand for nasal cannulas in clinics, hospitals, and operating rooms, Asia Pacific is predicted to have the quickest increase throughout the analyzed period. By 2029, Japan’s market for nasal cannulas is anticipated to be worth over YY million dollars. Due to numerous aspiring industry players in the area, the China nasal cannula market is predicted to provide a CAGR of around YY percent, accounting for revenue generation of over USD YY Billion by the conclusion of the projected year.
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However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for developing novel technologically advanced products, which may make the market crowded with new products in the next couple of years.
Major key companies which are contributing to the growth of the market include;
- Smith’s Medical (ICU Medical)
- Teleflex Inc.
- Medline Industries Inc.
- Hamilton Medicals
- Neotech Products
- Medin Medical Innovations GmbH
- Flexicare Ltd.
- Fairmont Medical
- Fisher & Paykel Healthcare Limited
- Sunset Healthcare Solutions Inc.
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Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
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3) An excel sheet with market numbers will be provided separately.
The Full Report has the following insights:
- The report comprehensively evaluates the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global nasal cannula market segmentation by type, prong shape, material, application, end-user, and region, highlighting the key commercial assets and players.
- By Type: High Flow Nasal Cannula and Low Flow Nasal Cannula
- By Prong Shape: Curved and Flared Prongs, Curved Prongs, Flared Prongs and Straight Prongs
- By Material: PVC, Silicone and Others
- By Application: Asthma, COPD, Cystic Fibrosis, Sleep Apnea, Pneumonia, Cardiovascular Surgery, Diabetes Treatment and Others
- By End-user: Hospitals, Ambulatory Surgical Centers, Neonatal Intensive Care Units, Home Care Settings and Other
- By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- Identify commercial opportunities in the global nasal cannula market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of global nasal cannula market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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