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.
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. The major players in this market include:
- Sunset Healthcare Solutions Inc.,
- Flexicare Ltd.,
- Medin Medical Innovations GmbH,
- Salter Labs,
- Smiths Medical
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
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.
Looking for Regional Analysis or Competitive Landscape in global nasal oxygen cannula market, ask for a customized report here
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.