SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global nasal cannula market was valued at US$ 4,234.5 million in 2017, and is projected to exhibit a CAGR of 7.4% over the forecast period (2018–2026).
Key Trends and Analysis of the Global Nasal Cannula Market:
Key players in the market are focused on introducing nasal cannula devices with new technology. For instance, in 2016, UODPS LLC launched its product Uniflo-2 single nasal cannula. It is the first nasal cannula to have a single prong instead of dual. According to the survey conducted by the company in 2018, approximately 98% of patients suffering from chronic obstructive pulmonary diseases (COPD) preferred using Uniflo-2. This was majorly attributed to advantages of Uniflo-2 single nasal cannula such as minimal skin contact, light weight, and comfort in use. Therefore, such innovations are expected to boost the global nasal cannula market growth.
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Furthermore, increasing prevalence of diseases such as COPD and stroke and preterm births is expected to drive the global nasal cannula market growth. According to the Centers for Disease Control and Prevention, around 795,000 people suffer from stroke, annually in the U.S. and approximately 140,000 deaths are recorded. Moreover, according to the World Health Organization (WHO), around 65 million suffer from COPD, annually. Moreover, COPD is considered as the third leading cause of death worldwide. Therefore, these factors are expected to support the global nasal cannula market growth.
Low cost of nasal cannulas may help in increasing the adoption of these devices in developing economies which is expected to propel the global nasal cannula market growth. For instance, a Optiflow (nasal cannula manufactured by Fisher and Paykel Healthcare) nasal high flow therapy costs around US$ 520 per patient against a standard oxygen therapy and US$ 680 in comparison of non-invasive ventilation, when given as first line therapy. Hence, the cost effectiveness factor is expected to augment the global nasal cannula market growth.
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Key Market Takeaways:
- The market is expected to register a CAGR of 7.4% during the forecast period (2018–2026), owing to high prevalence of diseases such as COPD and stroke and also preterm births
- Technological advancements in nasal cannula are also expected to drive growth of the global nasal cannula market over the forecast period
- North America is expected to hold dominant position over the forecast period, owing to presence of leading manufacturers such as Sunset Healthcare Solutions Inc., Teleflex Inc., and Smiths Medical
- Some of the major players operating in the global nasal cannula market include, Sunset Healthcare Solutions Inc., Flexicare Ltd., Medin Medical Innovations GmbH, Salter Labs, Smiths Medical, Teleflex Inc., Neotech Products, Fairmont Medical, Medline Industries Inc., and Hamilton Medicals.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.