According to a new report Global Nasal Cannula Market, published by KBV research, The Global Nasal Cannula Market size is expected to reach $7.9 billion by 2027, rising at a market growth of 4% CAGR during the forecast period.
The low flow segment of the nasal cannula market procured the largest revenue share in 2020. It is mainly due to the increasing adoption of the low-flow nasal cannula in-home care, ambulatory, and long-term care settings. In all these healthcare settings, the patient is in a stable state and needs a low or medium concentration of oxygen supply. Moreover, the low cost of the flow nasal cannula further boosting the adoption. These factors lead to capturing of higher market share by this segment.
The hospital segment emerged as the dominating segment in the nasal cannula market. This segment accounted for the largest revenue share in 2020. The growth of the hospital segment is attributed to the factors like increasing adoption of high-flow nasal cannulas in the condition of severe respiratory distress. Patients with severe respiratory problems require a high flow of oxygen and the increasing incidences of respiratory diseases are anticipated to contribute to the higher market share of the hospital in the end-use segment.
Based on region, North America emerged as the leading region in the global nasal cannula market. This region accounted for the largest revenue share in 2020 due to the increasing occurrence of respiratory diseases like COPD and asthma. More than 80% of health care expenditure is for the treatment of chronic diseases. In addition, increasing penetration of the local and international manufacturers also enables the availability of products at a low cost in this region. Thus, there is an increasing rate of adoption of the nasal cannula in the healthcare sector in the region which is propelling the market growth in the region.
Full Report: https://www.kbvresearch.com/nasal-cannula-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Allied Healthcare Products, Inc., Besmed Health Business Corporation, ResMed, Inc., Teleflex, Inc., Medical Depot, Inc. (Drive DeVilbiss Healthcare), Fairmont Medical Products Pty. Ltd., Fisher and Paykel Healthcare Limited, Sunset Healthcare Solutions, Inc., Smiths Group PLC, and Flexicare Medical Ltd.
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