High Flow Oxygen Therapy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.74 Billion |
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Revenue Forecast in 2031 |
US$ 1.93 Billion |
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CAGR |
1.2% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global high flow oxygen therapy devices market is valued at US$ 1.74 billion in 2022 and is expected to register a revenue CAGR of 1.2% to reach US$ 1.93 billion by 2031.
High Flow Oxygen Therapy Devices Market Fundamentals
High flow oxygen therapy is a medical treatment that delivers high-flow, humidified oxygen to patients through a nasal cannula or a face mask. It is used in hospitals to manage respiratory distress in patients with various conditions, including pneumonia, acute respiratory distress syndrome (ARDS), chronic obstructive pulmonary disease (COPD), and asthma. Due to design and functionality advancements, high flow oxygen therapy devices are now more effective, portable, and user-friendly. Continuous high-flow oxygen devices for homes are ideal instruments for use in home healthcare and during transportation because they are also designed to be more portable and lightweight. Another ground-breaking technological development in the market is the creation of hybrid systems that integrate high flow oxygen with non-invasive positive-pressure ventilation.
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High Flow Oxygen Therapy Devices Market Dynamics
The prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and pneumonia is increasing globally, creating an upsurge in the high flow oxygen therapy devices market demand. High flow oxygen therapy devices are used to deliver high oxygen concentrations to patients with respiratory distress, thereby improving their breathing and reducing the risk of complications. The growing geriatric population and the increasing prevalence of smoking are among the major factors leading to the lucrative revenue growth in high flow oxygen therapy devices market.
The effectiveness of high flow oxygen treatment devices in COVID-19 patients, particularly those with severe respiratory distress, is being examined in numerous ongoing trials. This research uses high flow oxygen therapy with other therapies, such as corticosteroids and antiviral drugs. The growth of research and development activities to offer novel devices with high-flow oxygen for COVID-19 patients is influenced by preliminary results from a handful of these studies that indicate positive outcomes in terms of enhanced oxygenation and decreased need for invasive mechanical ventilation.
However, some patients or healthcare facilities may not have access to high flow oxygen therapy equipment due to their higher cost than standard oxygen therapy devices. Moreover, using high flow oxygen therapy equipment has a risk of infection, which needs routine cleaning and maintenance to reduce the risk of infection. Further, some patients may feel nasal irritation or dryness when using high-flow oxygen therapy equipment, especially if the air is not sufficiently humidified. Most crucially, there is a risk of over-oxygenation with high flow oxygen therapy devices, which can result in consequences including oxygen poisoning. High flow oxygen therapy devices can give higher oxygen levels than conventional oxygen therapy devices. With respect to mechanical problems, high flow oxygen therapy devices can be noisy, which can be disruptive to some patients or healthcare workers. Therefore, several disadvantages associated with high flow oxygen therapy devices hinder the revenue growth of the global market. However, high flow oxygen therapy devices have been shown to improve patient outcomes and reduce hospital readmissions, which can ultimately lead to cost savings in the long run. Researchers are investigating the optimal flow rate and oxygen concentration for high flow oxygen therapy devices, particularly in patients with different respiratory conditions, with potential cost savings. Additionally, several recent product recalls indicate support for high flow oxygen therapy devices market revenue. For instance, in August 2021, the FDA issued Phillips’ sleep and respiratory care division a second class 1 recall addressing safety concerns that could mistakenly limit the oxygen flow rate on certain ventilators.
High Flow Oxygen Therapy Devices Market Ecosystem
The global high flow oxygen therapy devices market is analyzed from four perspectives: product, application, end-user, and region.
High Flow Oxygen Therapy Devices Market by Product
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Based on the product, the global high flow oxygen therapy devices market is segmented into portable devices, standalone devices, and accessories. The accessories are sub-segmented into heated humidifiers, high flow nasal cannulas, high flow oxygen masks, and breathing circuits.
The accessories segment accounted for a large revenue share of the high flow oxygen therapy devices market in 2022. High flow oxygen concentrators promote mental alertness, increase stamina, and elevate mood, according to evidence from both prospective and retrospective experiments and randomized controlled trials. Continuous oxygen therapy had a lower death rate than nighttime in patients with hypoxemic chronic obstructive pulmonary disease. Concentrators of oxygen do not require refilling. Since the concentrators are powered by electricity, they can provide an endless oxygen supply. With a battery pack, portable concentrators can be used in the go mode, providing up to 12 hours of continuous use for some models. High flow oxygen concentrators may operate continuously for up to 1500 hours and are more affordable than compressed gas cylinders. In contrast, according to the high flow oxygen therapy devices industry analysis, the portable devices segment accounts for the second largest revenue share of the global high flow oxygen therapy devices market.
High Flow Oxygen Therapy Devices Market by Application
Based on applications, the global high flow oxygen therapy devices market is segmented into pneumonia, acute respiratory failure, COPD, heart failure, and lung cancer.
Acute respiratory failure segment accounted for the largest revenue share of the global high flow oxygen therapy devices market in 2022. Acute respiratory failure is when the respiratory system fails to adequately oxygenate the blood, decreasing the oxygen supply to the organs and tissues. According to Respiratory failure epidemiology and demographics, there are 137.1 respiratory failure cases for every 100,000 people in the United States, and the death rate is between 29% and 42%. The high prevalence of acute respiratory failure supports high flow oxygen therapy devices market revenue growth.
On the other hand, due to the rising prevalence of chronic obstructive pulmonary disease, the COPD segment accounts for a significant share with the fastest revenue CAGR in terms of the high flow oxygen therapy devices market during the forecast period.
High Flow Oxygen Therapy Devices Market by End User
Based on the end user, the global high flow oxygen therapy devices market is segmented into hospitals, specialty clinics, and others.
The hospitals segment accounted for the largest revenue share of the global high flow oxygen therapy devices market in 2022. In a hospital setting, HFOT is typically delivered using a specialized device called a high flow oxygen delivery system. Due to the presence of good infrastructure and easy accessibility of medical instruments, these devices are especially available in a hospital setup rather than in other clinical settings. With the rising prevalence of respiratory diseases such as COPD, asthma, and pneumonia, hospitals are seeing more patients with these conditions. Moreover, the increasing geriatric population and the frequent outbreak of respiratory infectious diseases have increased the demand for respiratory devices in hospitals. They are essential for treating and managing these patients in an emergency.
On the other hand, respiratory diseases can lead to a range of complications, such as respiratory failure and sudden shortness of breath. Hospitals have specialized teams of healthcare providers skilled in managing these complications and providing supportive care using high flow oxygen machine settings. Overall, hospitals provide specialized care to patients with respiratory diseases, helping to diagnose, treat, manage complications, rehabilitate, and advance the understanding and treatment of these conditions. This helps the segment secure a significant revenue high flow oxygen therapy devices market revenue share.
High Flow Oxygen Therapy Devices Market by Region
Based on the region, the global high flow oxygen therapy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global high flow oxygen therapy devices market in 2022. The rise in chronic illness incidence are linked to the presence of multiple high flow oxygen therapy device market opportunities, and according to the statistics of the American Lung Association, 12.5 million persons, or 5.0% of adults in the U.S. population, reported having emphysema, chronic bronchitis, or chronic obstructive lung disease in 2020. As a result, there are likely to be large investments in research and development efforts for improved treatment. However, the market is expected to become more competitive in the upcoming years due to the entry of new competitors and growing government initiatives to strengthen healthcare infrastructure. Rising consumer demand for home healthcare equipment is also expected to fuel the revenue growth of high flow oxygen therapy devices.
During the forecast period, the high flow oxygen therapy devices market is expected to register a sizable revenue CAGR in Asia Pacific. This can be ascribed to the region’s rising healthcare costs, growing senior population, and rising prevalence of respiratory disorders. In addition, it is projected that technological developments in high flow oxygen therapy equipment will support market revenue expansion in the Asia Pacific region.
High Flow Oxygen Therapy Devices Market Competitive Landscape
Leading important market players emphasize innovation and introducing recent technologies to boost product efficacy. These initiatives are intended to satisfy the rising demand for environmentally friendly and sustainable products while still maintaining a competitive edge in a sector that is becoming more congested. For instance, in June 2020, Armstrong Medical introduced the second generation FD140i, an improved dual therapy flow driver with an easier transition from CPAP to HFOT. The FD140i is designed to deliver precise oxygen therapy and is suitable for adult and pediatric patients. Additionally, companies across the region are putting effort into their expansion which is also expected to improve the high flow oxygen therapy devices market outlook.
Notable market participants operating in the global high flow oxygen therapy devices market with the largest revenue share include,
High Flow Oxygen Therapy Devices Market Strategic Developments
High flow oxygen therapy devices are used to give breathing support to patients experiencing respiratory distress.
Advanced treatment strategies and increased respiratory disorders are the key driving factors to fuel the growth of the global high flow oxygen therapy devices market revenue.
Excessive costs and discomfort related to using these devices are potentially restricting the growth of the global high flow oxygen therapy devices market.
Key companies operating the global high flow oxygen therapy devices market are GE HealthCare, Koninklijke Philips N.V., ResMed, Fisher & Paykel Healthcare, and Hamilton Medical.
The global high flow oxygen therapy devices market is expected to grow at a revenue CAGR of 1.2% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain