As per a study by Transparency Market Research, the global high-flow nasal cannula market will expand at a steady pace in the upcoming years. The report estimates that the market was worth US$3.42 bn 2016. Rising at a solid CAGR of 11.8% during the period between 2017 and 2025, the market will likely attain a value of US$9.08 bn by 2025, it predicts.
Geographically, the key segments of the global high-flow nasal cannula market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among them, North America accounts for maximum market share market owing to a growing patient base suffering from respiratory diseases. Apart from that, lower prices, awareness and helpful healthcare and reimbursement policies are also benefitting the market majorly. By registering an 11.2% CAGR between 2017 and 2025, the market in the region is predicted to grow its dominant share further. The TMR report expects the market to rake in a revenue of US$3.91 bn by 2025.
The global market for high-flow nasal cannula is being fuelled majorly by the rising instances of respiratory disorders and surging popularity of heated humidified high-flow nasal cannulas. Another factor proving beneficial to the market is the investments in research and development programs by companies to come up with better products leveraging more sophisticated technologies. This enables them to add to their product portfolio and steal a march over their competitors.
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Some of the prominent participants in the global high-flow nasal cannula market are Fisher & Paykel Healthcare Limited, ResMed, Inc., Teijin Pharma Limited, Becton, Dickinson and Company, MEK-ICS CO., LTD., Teleflex Incorporated, Smiths Medical, Vapotherm, Inc., Flexicare Medical Limited, Salter Labs, Hamilton Medical, TNI medical AG, and Great Group Medical Co., Ltd. Of them, Fisher & Paykel Healthcare Limited emerged as the market leader in 2016.