Global Nasal Cannula Market - 2022-2029

Market Overview

The global nasal cannula market size was valued at US$ 6,387.61 million in 2022 and is estimated to reach US$ 10,085.39 million by 2029, growing at a CAGR of 5.84% during the forecast period (2022-2029).

The nasal cannula is a medical device that provides high airflow or supplemental oxygen to patients with respiratory disorders. This device improves oxygenation and provides better ventilation. It consists of a tube that splits into two prongs at one end from which the oxygen flows.

Market Dynamics

The major factors driving the global nasal cannula market are the rising demand for nasal cannulas owing to increasing incidences of respiratory disorders such as asthma, COPD, and pneumonia, technological advancements and novel product launches.

The increasing research and development investments and novel technological advancements are expected to drive the market's growth.

The nasal cannula market is driven by rising advancements in technology, an increase in the geriatric population, a surge in research and development investments, an increasing number of respiratory disorders such as asthma and COPD, and improvements in novel products using the latest technology along with improvements in medical infrastructure in emerging markets.

The nasal cannula is used for providing supplemental oxygen to breathing disorder patients. Due to COVID, the government started various funds and initiatives to meet the demand for the required product, such as a nasal cannula. These funds will help in the production of all essential healthcare products. The market for these applications is increasing worldwide due to the enhanced number of respiratory disorders. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market's growth.

Various novel product launches and research studies contribute to the market's growth. For instance, in May 2022, Fisher & Paykel Healthcare Corporation, an acute and chronic respiratory care and products provider, announced its Airvo 3 high-flow system's release. This device provides more advanced technology than Airvo 2, which delivers Optiflow therapy. For targeted oxygen delivery, it has an OptiO2 closed-loop system that delivers an accurate oxygen level. An integrated battery and a large touchscreen interface are also included in this latest system.

Side effects associated with nasal cannulas are expected to hamper the market's growth.

Various side effects after using nasal cannulas, such as dry throat, nasal dryness, eye irritation, gastric distension, mask discomfort, nasal and eye trauma and sometimes bleeding nose, are the major factor hindering the growth of the nasal cannula market.

Long-term supplemental oxygen usage may result in eye damage or lung damage due to pulmonary oxygen toxicity, a condition in which high-pressure build-up causes damage to the lungs or eyes. It can even cause severe complications such as amnesia due to high-pressure build-up in the CNS and can affect multiple organs. Stringent regulations are also a key factor hindering the growth of the market.

COVID-19 Impact Analysis

The pandemic has positively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The nasal cannula market has experienced huge profits due to COVID, as the incidence of respiratory disorders increased due to the virus leading to demand these nasal cannulas. Key manufacturers have started various research and clinical trials. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market's growth. For instance, in Nov 2022, Hamilton Medical announced that its HAMILTON-C3 Ventilator could be switched between ventilation or high-flow oxygen therapy. HAMILTON-C3 provides 60 liters/minute flow rate. Only the mode of ventilation and patient interface is needed to be changed.

Segment Analysis

The high-flow nasal cannula-type segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The type segment is the highest market holder in the global nasal cannula market. The global nasal cannula market is segmented based on type as a high-flow nasal cannula and low-flow nasal cannula. The high-flow nasal cannula segment is the largest market shareholder due to its inherent advantages over low-flow cannulas, increasing technological advancements and novel product launches.

The high-flow nasal cannula is a non-invasive respiratory help. This oxygen system delivers around 100% heated and humidified oxygen at approximately 60 liters per minute flow rate. The high-flow cannulas settings are independent and provide better outcomes and high confidence and control when used in supplemental oxygen delivery. High-flow nasal cannulas have various benefits, as humidified and heated oxygen decreases airway inflammation and energy expenditure.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market's growth. For instance, in May 2022, Fisher & Paykel Healthcare Corporation Limited, an acute and chronic respiratory care products provider, announced the launch of its products Optiflow Switch and Optiflow Trace, two latest nasal high-flow interfaces specially designed for applications in anesthesia. These will expand Optiflow nasal high-flow's market opportunity within the company's respiratory segment. The optiflow Switch interface is developed for anesthesia and provides high-humidified oxygen flow. The Optiflow Trace interface is used for the sedation procedure that provides high humidified oxygen flow and samples the expired CO2.

Geographical Analysis

North America holds the largest market share in the global nasal cannula market.

North America dominates the global nasal cannula market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market's significant size is attributed to the high medical expenditure.

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market's growth in this region. Advancement of applications of the nasal cannula in several respiratory diseases or surgical procedures, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the nasal cannula market.

Moreover, the growing number of product launches is responsible for the market's growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Dec 2021, Sunset Healthcare Solutions, a respiratory and medical equipment supplier, announced its partnership with Vizient Supply LLC.

Competitive Landscape

The nasal cannula market is moderately competitive with local and global companies' presence. 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. and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in October 2022, Medline announced its multi-year vendor partnership with Hoag Memorial Hospital Presbyterian health system to provide essential medical supplies portfolio to the acute and non-acute care network.

Smith's Medical (ICU Medical).

Overview: Smith's Medical, now a part of ICU Medical, is a developer and manufacturer of innovative medical products used in vital care applications. Established in 1940 and is headquartered in Minnesota, United States.

Product Portfolio:

Portex First Breath: This nasal cannula provides O2 in low and medium concentrations, with flared or non-flared tips. It can be used for adults, neonatal, as well as pediatrics.

Key Development: In Jan 2022, ICU Medical Inc. announced its acquisition of Smith's Medical. Adding vital care products to the ICU portfolio.

The global nasal cannula market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.