Nasal Cannula Market size will expand at a notable rate during the forecast timeline of 2023-2032. This is attributed to the growing use of the product in the treatment of diseases such as pneumonia and chronic obstructive pulmonary disease (COPD).
The prevalence of breathing ailments, including asthma and COPD is increasing rapidly across the world due to various factors, such as family history and adoption of negative lifestyle habits, such as smoking. According to the Global Initiative for Chronic Obstructive Lung Disease, close to 200 million people across the world are suffering from COPD, out of which 3.2 million die every year from the illness. This figure is projected to rise further, boosting the need for respiratory equipment such as nasal cannulas.
The low cost of nasal cannulas is another factor that is expected to bolster the market outlook. Nasal cannulas retail at USD 5-10 in the U.S. The preference for healthcare facilities in home settings is also rising among patients in developed countries, thereby fueling product sales.
However, one of the key factors that might impede market progress is the uncertainty surrounding the regulatory framework for these medical devices. Moreover, the slow rate of integration of newer technologies may further slow the demand for nasal cannulas among end-users.
Based on type, nasal cannula market is divided into flared prong cannula, curved prong cannula, curved & flared prong cannula, and straight prong cannula. The curved & flared prong cannula segment is anticipated to capture a significant industry share by 2032. This cannula brings together the advantages of both the curved and flared prong cannulas, making it one of the most popular respiratory medical devices, thereby positively impacting the market trends.
Based on material, global nasal cannula industry size from the silicone segment is estimated to record a lucrative CAGR through 2032. The high demand for silicone nasal cannulas can be credited to the product’s beneficial features, such as durability and eco-friendliness. Several companies are investing their money and resources in developing medical devices that are high-quality and have a positive effect on the environment. These factors will accelerate the adoption of silicone nasal cannulas.
The home care setting segment is expected to account for a sizeable share of global nasal cannula market during the forecast timeline, as the pool of the geriatric population is rising across the globe. In 2022, close to 11 million people in England were aged 65 years and above, accounting for 19% of the total population. This is predicted to give rise to a variety of respiratory disorders. Patients are increasingly opting for treatment at home. Furthermore, easier access to basic healthcare amenities while being treated at home, is also increasing patient compliance to various procedures, which may further drive the use of nasal cannulas.
North America nasal cannula market revenue is estimated to grow considerably by 2032, owing to the rapid rise in the respiratory disease burden. According to the American Lung Association, approximately 37 million American citizens are living with chronic respiratory disorders, such as COPD, asthma, chronic bronchitis, and emphysema.
This has boosted the number of surgeries being carried out in the country, bolstering the adoption of nasal cannulas. Also, given the cost-effectiveness of these devices alongside the surging patient awareness of the advantages of oxygen therapy, the regional product demand is set to rise in the upcoming years.
Flexicare Medical, Medin Medical Innovations, Smiths Medical, Salter Labs, Fisher & Paykel Healthcare Ltd., Sorin Group, Medtronic PLC, Terumo Corporation, Teleflex, and Vapotherm, among others, are some of the prominent companies operating in nasal cannula market. These organizations are signing various partnership, merger & acquisition agreements and launching new products to expand their product range and customer base.