By Infinium Global Research Aug, 2020
The Global
High-Flow Nasal Cannula Market is expected to grow at a CAGR of 11.95%
between 2020 and 2026 in terms of value. Factors such as increasing occurrences
of respiratory disorders such as asthma, chronic obstructive pulmonary disease
(COPD), lung cancer, and the increasing popularity of heated humidified
high-flow nasal cannulas are driving the growth of high flow nasal cannula
market. The high flows and humidification improves functional residual capacity
and mucocililary clearance of secretions thereby reducing work of breathing.
Furthermore, acute respiratory failure is expected to become more common as the
population ages, increasing by as much as 80 percent in the next 20 years.
Moreover, rapid growth in the global geriatric population, increasing
urbanization and thereby growing pollution levels, changing lifestyles and high
prevalence of tobacco smoking are projected to increase the cases of
respiratory disorders, thereby, driving the demand for the high flow nasal
cannula over the forecast years.
As the percentage of the aging patient
population has risen, the percentage of people demanding for home care has also
grown considerably. More than two of three older Americans have multiple
chronic conditions, whose treatment is different from acute care and are very
conducive to home healthcare. High flow nasal cannula (HFNC) oxygen therapy is
an innovative device capable of treating hypoxemic respiratory failure in
patients unable to tolerate non-invasive ventilation (NIV) or with a
do-not-intubate (DNI) status. Therefore, growing acceptance of oxygen therapy
for home health care is expected to drive the growth of the high flow nasal
cannula market. Furthermore, investments in research and development programs
by companies to come up with better products and more sophisticated
technologies are also some of the factors boosting the growth of the market.
However, owing to the availability of substitutes, the customers can switch to
other products that affect the growth of the high flow nasal cannula market,
which, in turn, restrain the growth of the high-flow nasal cannula market.