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.