High-flow Nasal Cannula Market Trends

Growth Drivers

• Rising Geriatric Population across the Globe with Reduced Immunity – In people 65 years of age or older, asthma is common. Asthma affects about 7.8% of older individuals in the US. Asthma and other respiratory illnesses are frequent and more common in elderly people. With aging, the immunity to fight back illness slows down and, with that, the geriatric population becomes more prone to chronic illness. Hence, the rising geriatric population and the increasing prevalence of asthma among the elderly are estimated to drive high-flow nasal cannula market growth.
• Growing Investment in Research and Development Owing to Increasing Funds – According to data compiled by the World Bank, the global research and development expenditures made up 2.23% of GDP in 2018.
• Increasing Spending on Healthcare with Rising Awareness of Health Among People – For instance, in the last 20 years, global health spending has increased overall and reached USD 8.5 trillion in 2019 with 9.8% of GDP, up from 8.5 percent in 2000.
• Rising Prevalence of Asthma with Rising Respiratory Diseases – The increasing demand for the chronic respiratory diseases treatment is expected to boost the market’s growth in the upcoming years. Over 20 million Americans above the age of 18 suffer from asthma, and adult females are more likely than adult males to be affected. Compared to 6.1 percent of adult males, it affects roughly 9.8 percent of adult females.
• Growing Adoption of Ambulatory Surgeries Around the World – It was observed that over the past 25 years, the number of ambulatory surgeries performed at community hospitals in the United States has steadily increased, rising from 13.4 million in 1995 to 19.2 million in 2018.

Challenges

• Side Effects of Using High Flow Nasal Cannula – While using high flow nasal cannulas, unwarmed and dry gas is estimated to be harmful to people with respiratory failure. Breathing dry air produces excessive water loss by the nasal mucosa, which may limit the nasal mucociliary clearance rate through alterations in the rheological characteristics or adhesiveness of nasal mucus and/or ciliary pulse shortening. This factor is anticipated to hinder the growth of the high-flow nasal cannula market during the forecast period.
• Suitability Issues for Long-Term Usage
• High Cost of the Product in the Market