Global Nasal Oxygen Cannula Market: Overview
A cannula is any tube inserted into the body. A nasal cannula is an oxygen conduit used to deliver high concentrations of oxygen to patients through the nose. Traditionally made of rubber, current versions are made of plastic and can be connected to any oxygen supply by a pliable universal connector. This allows easy adaptability of this product to any setting, for in patient or out-patient care.
Nasal cannulas are a basic requirement in any healthcare setting because of the importance of oxygen delivery to a patient in an emergency. This makes oxygen delivery systems a must in any healthcare delivery zone, even so in public areas where emergencies can arise and need catering to. Increased awareness about health and a growing healthcare sector is set to give impetus to the nasal oxygen cannula market over forecast period of 2020 to 2030, as per Transparency Market Research.
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Global Nasal Oxygen Cannula Market: Competitive Landscape
The nasal oxygen cannula market is slightly consolidated owing to the presence of a specific set of manufactures. These manufactures plan to increase production to cater to rise in healthcare standards world over. Acquiring smaller production facilities and increasing market outreach by proper advertising should help achieve this goal.
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Global Nasal Oxygen Cannula Market: Key Trends and Drivers
The healthcare sector is expanding to cater to global demands. The global healthcare industry was worth 8.45 trillion USD in 2018. Global healthcare spending is expected to rise at a CAGR of 5% from 2019-2023. This bodes well for any manufacturer in this industry, including those manufacturing nasal cannulas.
We are in the midst of a chronic disease pandemic that is expected to affect 57% of the world population by 2050. Chronic diseases lead to multiple hospital admissions and such patients frequently need advanced medical care. Moreover, visits to the Emergency Room are more among such individuals, where oxygen therapy is an almost necessary requirement. In light of the above, a steady growth curve for the nasal oxygen cannula market seems probable in the future.
The current COVID-19 pandemic has increased pressure on the healthcare sector. Governments have planned to spend an extra share of the national GDP on healthcare in the future as this disease fails to show signs of diminishing. COVID-19 being a respiratory disease, the demand for respiratory equipment becomes more pertinent than others. In this scenario, the future holds promise for the nasal cannula market.
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Global Nasal Oxygen Cannula Market: Regional Analysis
North America and Europe are currently global leaders in the nasal oxygen cannula market. This is due to the robust healthcare infrastructure and the innovations marking the landscape in medicine. As allopathic medicine has a strong foothold in these areas, accompanying equipment is due to contribute to growth in its demand. Having an ageing population that is set to double in the United States in the next 40 years makes it predictable that the nasal cannula market shall grow steadily in the future.
The Asia Pacific region (APAC) is expected to register the fastest growth in this market in the future owing to a growing healthcare sector. The current pandemic has pushed the developing nations of this region in terms of healthcare preparedness, and they plan to invest more in this sector in the future, India being a case in point. It has planned to increase healthcare investment to 60 billion in the coming fiscal year. Such news signals growth for the nasal cannula market in the coming years.
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