SAN FRANCISCO, June 21, 2021 /PRNewswire/ -- The global nasal cannula market size is expected to reach USD 9.8 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. The rise in prevalence of respiratory diseases and the growing geriatric population contribute majorly to the growth of the market. The lifestyle changes, rising percentage of smokers, climatic conditions, and the increasing air pollution attributes majorly to the growing prevalence of respiratory diseases.
Key Insights & Findings:
The low flow nasal cannula segment dominated the market in 2020 owing to the growing prevalence of respiratory diseases, the low cost of the cannula, and the Covid-19 impact
The plastic material segment dominated the market in 2020 in terms of revenue share owing to the higher adoption due to low cost and variations available in the market
The hospital segment dominated the market in 2020 owing to the increasing adoption of the high-flow nasal cannula and the developments made to expand the usage and scope in various indication treatments
On the other hand, the growing geriatric population and the patients with long-term respiratory distress are expected to support the growth of the long term care center segment
In 2020, North America held the highest share in the market owing to the rise in the occurrence of respiratory diseases such as COPD and asthma, and growth in the local and international manufacturers facilitating swift availability of the medical device at low cost
In Asia Pacific, the market is expected to witness the fastest growth over the forecast period owing to the rising geriatric population and prevalence of respiratory diseases, increasing healthcare expenditure, and rise in the local manufacturers
Moreover, the current COVID-19 pandemic has further propelled the demand for medical devices worldwide. The surge in the adoption of the single-use nasal cannula was prevalent in all the settings, including hospitals, home settings, and care centers. Furthermore, the medical device witnessed a surge in demand during the pandemic facilitating oxygen delivery in all settings, including hospitals and home care.
"The COVID-19 pandemic provided a push to the nasal cannula market growth as it is a key tool for treatment of respiratory diseases."
The development in the medical device by different key players of the market has further propelled the adoption due to innovation in the nasal cannulas to provide more flexibility and comfort to the patients. The recent developments in high-flow nasal cannula facilitate expanding the usage at low-level healthcare settings or home use leading to further market growth.
Grand View Research has segmented the global nasal cannula market based on type, material, end-use, and region:
Nasal Cannula Type Outlook (Revenue, USD Million, 2016 - 2028)
Nasal Cannula Material (Revenue, USD Million, 2016 - 2028)
Nasal Cannula End-use Outlook (Revenue, USD Million, 2016 - 2028)
Ambulatory Healthcare Services
Long Term Care Centers
Nasal Cannula Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players Nasal Cannula Market
Allied Healthcare Products, Inc.
Flexicare Medical Ltd.
Fisher & Paykel Healthcare Limited
Well Lead Medical Co. Ltd.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.