The global High-flow Nasal Cannula Market is expected to experience significant growth in the coming years, according to a new research report published by Zion Market Research. The market, valued at USD 7.45 billion in 2022, is predicted to reach USD 18.65 billion by 2030, growing at a compound annual growth rate (CAGR) of approximately 12.18% between 2023 and 2030.
A high-flow nasal cannula is a medical device used to provide heated humidified high-flow therapy to patients with respiratory ailments. It delivers a steady flow of therapeutic gas, including 100% oxygen, at a rate of sixty liters per minute. This device has partially replaced traditional nasal cannulas, which could only deliver 1-6 liters per minute of medical gas.
The high-flow nasal cannula is particularly beneficial for patients with life-threatening or serious respiratory disorders, such as bronchiolitis, acute exacerbations of COPD, congestive heart failure, asthma, pneumonia, and others. As the global population continues to grow, the demand for medical treatment for respiratory disorders is also increasing, driving the growth of the high-flow nasal cannula market.
One key factor contributing to market growth is the rising number of patients reporting acute exacerbations of COPD. Chronic obstructive pulmonary disease (COPD) is a long-term inflammatory lung disease that causes restricted airflow. COPD patients are at an increased risk of developing other serious illnesses, making the demand for high-flow nasal cannulas crucial. According to the World Health Organization, COPD has caused over 3.23 million deaths worldwide, making it the third leading cause of death globally.
Air pollution is another factor driving market growth. Rising levels of air pollution, including fine particulate matter and harmful gases, contribute to respiratory conditions in patients and can induce breathing difficulties in previously healthy individuals. As air pollution worsens, the demand for high-flow nasal cannulas is expected to increase.
However, the high cost of equipment and therapy is a factor limiting market expansion. High-flow nasal cannulas come with a significant financial investment, with prices starting at around $2,000. The total cost of treatment, including hospital stays, insurance coverage, complementary treatments, and other fees, can be higher than initially estimated. This high cost may hinder the growth of the high-flow nasal cannula market.
Despite these challenges, there are opportunities for growth in the market. The increasing availability of cutting-edge high-flow nasal cannulas, designed to meet patient needs and expectations, is expected to drive growth. Companies like Intersurgical have developed advanced high-flow nasal cannulas that prioritize patient comfort and performance.
Additionally, the increasing global healthcare expenditures aimed at providing better access to medical care will drive the adoption of high-flow nasal cannulas in hospitals and clinics worldwide.
Overall, the global high-flow nasal cannula market is poised for significant growth in the coming years, driven by the increasing prevalence of respiratory disorders, rising air pollution levels, and advancements in high-flow nasal cannula technology. However, the high cost of equipment and therapy remains a challenge that needs to be addressed to ensure widespread adoption.