DELRAY BEACH, Fla., Sept. 9, 2026 /PRNewswire/ -- According to MarketsandMarkets, the High Flow Nasal Cannula Market is projected to reach USD 1.44 billion by 2031 from USD 0.94 billion in 2026, at a CAGR of 8.9% during the forecast period.
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High Flow Nasal Cannula Market Size & Forecast:
- Market Size Available for Years: 2026-2031
- 2026 Market Size: USD 0.94 billion
- 2031 Projected Market Size: USD 1.44 billion
- CAGR (2026-2031): 8.9%
High Flow Nasal Cannula Market Trends & Insights:
- North America accounted for the largest share of the high-flow nasal cannula market in 2025.
- By product, the consumables & accessories segment accounted for a larger market share than the systems segment in 2025.
- By patient type, the adult segment accounted for the largest market share in 2025.
- By application, the acute respiratory failure treatment segment accounted for the largest market share in 2025.
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The HFNC market is primarily driven by the growing prevalence of acute and chronic respiratory disorders, increasing incidence of hypoxemic respiratory failure, and rising demand for non-invasive respiratory support across intensive care and emergency settings. HFNC provides several clinical benefits over conventional oxygen therapy, including more consistent oxygen delivery, improved oxygenation, reduced work of breathing, enhanced secretion clearance, and effective upper-airway dead-space washout. Its superior patient comfort and tolerance compared with conventional oxygen masks and non-invasive ventilation (NIV) further contribute to its adoption, allowing patients to communicate, eat, and drink while receiving respiratory support. The expanding range of clinical applications is another key factor supporting market growth. HFNC is increasingly utilized for acute hypoxemic respiratory failure, post-extubation support, pre-oxygenation prior to intubation, perioperative respiratory management, bronchoscopy procedures, emergency department care, and as an alternative or supportive therapy during breaks from NIV or CPAP.
By application, acute respiratory failure segment to lead market during forecast period.
Acute respiratory failure holds the largest share of the HFNC market by application, primarily due to the increasing use of HFNC for patients requiring immediate non-invasive respiratory support. HFNC delivers heated and humidified oxygen at high flow rates, helping improve oxygenation, reduce the work of breathing, and relieve respiratory distress. Its growing clinical acceptance for managing acute hypoxemic respiratory failure has increased its utilization across intensive care units, emergency departments, and other acute-care settings.
The rising incidence of pneumonia, pulmonary infections, acute respiratory distress, and exacerbations of underlying cardiopulmonary conditions is further driving demand for HFNC in this application. Moreover, the increasing preference for non-invasive respiratory support and the potential for HFNC to prevent or delay invasive mechanical ventilation in appropriate patients are contributing to the segment's dominant position in the market.
By end user, hospitals segment to lead market during forecast period.
Hospitals hold the largest share of the HFNC market by end user, primarily due to the extensive use of HFNC therapy in intensive care units, emergency departments, respiratory wards, and post-operative care. Hospitals manage a high volume of patients with acute hypoxemic respiratory failure, pneumonia, and other respiratory conditions requiring advanced oxygen and non-invasive respiratory support, making them the primary users of HFNC systems. The availability of specialized critical-care infrastructure, continuous patient monitoring, trained healthcare professionals, and reliable oxygen-delivery systems further facilitates the widespread adoption of HFNC in hospitals. In addition, the growing use of HFNC for post-extubation support, pre-oxygenation, perioperative respiratory management, and emergency care is expected to further strengthen the hospitals segment's leading position in the market.
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By region, North America accounted for largest market share in 2025.
The HFNC market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is estimated to account for the largest share of the global HFNC market, driven by its advanced healthcare infrastructure, high adoption of innovative respiratory care technologies, and increasing burden of respiratory diseases. The region benefits from the presence of established HFNC manufacturers, widespread use of non-invasive respiratory support in intensive care and emergency settings, and relatively high healthcare expenditure. Furthermore, growing awareness among healthcare professionals regarding the clinical benefits of HFNC, along with its expanding application in hospitals, critical care units, and post-operative care, is supporting continued market growth and strengthening North America's leading position.
Key Players
Leading players in the High Flow Nasal Cannula companies include Fisher & Paykel Healthcare Limited (New Zealand), Vapotherm (US), ResMed (US), Hamilton Medical AG (Switzerland), and Drägerwerk AG & Co. KGaA (Germany).
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High Flow Nasal Cannula Market - Investment & funding +Merger & Acquisition
Investment Funding Context
Investment activity in the high-flow nasal cannula (HFNC) ecosystem remains selective and concentrated around differentiated high-flow platforms, humidification technologies, automation, home respiratory care, and commercialization of next-generation systems, rather than broad-based venture investment across numerous startups. A strong example is Telesair, which closed a USD 22 million Series A round in January 2023, led by Pasaca Capital. The company stated that the funding would support commercialization of its Bonhawa Respiratory Humidifier for ICU use and development of a second-generation product intended to support transition from hospital to home. Bonhawa subsequently received FDA 510(k) clearance in October 2023 as a heated humidifier with an integrated blower delivering warm, humidified respiratory gas through a nasal cannula at high flow.
Vapotherm illustrates a different funding pathway. In February 2023, the company raised approximately USD 23.0 million in gross proceeds through a private placement/PIPE, with proceeds intended primarily for sales and marketing, working capital, and general corporate purposes. This was followed by a much larger balance-sheet restructuring in 2024. When Vapotherm's take-private merger closed in September 2024, an affiliate of Perceptive Advisors invested USD 50.0 million of new preferred equity, while investment affiliates managed by SLR Capital Partners converted approximately USD 83.0 million of term debt into preferred equity; SLR retained USD 40.0 million of term debt after closing. This transaction highlights investor willingness to recapitalize differentiated high-flow respiratory technology while reducing the financial constraints of a publicly traded specialist manufacturer.
Fisher & Paykel Healthcare has also continued substantial infrastructure investment. In March 2025, it signed a construction contract for a fifth building at its East Tamaki campus, with an estimated total cost of approximately NZD 250 million (USD 148.88 million). The approximately 28,000 m² facility is intended to incorporate R&D, manufacturing, and distribution capacity. Again, this investment supports the broader F&P portfolio and should not be attributed entirely to HFNC, but it demonstrates the scale of infrastructure being built by a leading HFNC/humidification manufacturer.
Revenue Shift Context
The HFNC market remains predominantly product-led, but its economics increasingly depend on a capital-equipment-plus-recurring-consumables model. Manufacturers establish an installed base through dedicated HFNC systems or integrated high-flow platforms and then generate repeated revenue from nasal cannulas/interfaces, heated breathing circuits, humidification chambers, water-feed sets, and other patient-specific consumables. This makes installed-base penetration and consumable pull-through particularly important for long-term profitability.
Vapotherm provides one of the clearest publicly disclosed examples. In 2023, the company generated USD 68.669 million in net revenue, of which USD 50.100 million, or 73.0%, came from disposables. Capital equipment product and lease revenue contributed USD 12.766 million, or 18.6%, while service and other revenue accounted for USD 5.803 million, or 8.4%. This demonstrates that for a specialized high-flow respiratory company, recurring disposables can account for substantially more revenue than the initial equipment sale.
Fisher & Paykel Healthcare also shows strong growth in recurring hospital consumables. In FY2025, revenue from its "new applications consumables" increased 20%, or 18% in constant currency. However, this category combines products used in non-invasive ventilation, Optiflow nasal high flow, and surgical applications, so the full amount should not be treated as HFNC revenue.
Mergers and Acquisitions
Activities pertaining to mergers & acquisitions in the HFNC market have been limited and targeted rather than mega-deal driven. The most important direct transaction during the period was Vapotherm's 2024 take-private transaction. The deal was aimed at providing additional equity capital, improving the company's capitalization structure, reducing public-company operating costs, and resolving liquidity constraints while continuing development and commercialization of its high-velocity/high-flow respiratory platforms.
A second useful example is Inspiration Healthcare's acquisition of Airon Corporation in January 2024. Inspiration paid USD 1.5 million upfront, with up to USD 1.0 million in contingent consideration, implying a maximum potential consideration of USD 2.5 million. The acquisition provided Inspiration with a US respiratory-device platform, distribution access, and pneumatic ventilation technology. However, Airon's portfolio is principally ventilators and CPAP; so, this transaction may be classified as adjacent respiratory ecosystem M&A rather than core HFNC M&A and excludes Airon revenue from the HFNC market estimate.
HIGH FLOW NASAL CANNULA MARKET: DEALS, JANUARY 2023-JUNE 2025
Month & Year | Deal Type | Company 1 | Company 2 | Description |
May 2025 | Commercialization/ | Telesair - | Tri-anim | Tri-anim received exclusive US distribution |
January 2024 | Acquisition | Airon | Inspiration | Added a US respiratory platform, pneumatic |
January 2023 | Series A | Telesair | Pasaca | Funding intended to commercialize the |
Company Revenue Share Details
The HFNC market is characterized by a combination of large diversified respiratory-care manufacturers and smaller specialized high-flow companies. Fisher & Paykel Healthcare has the scale to fund product development and capacity expansion internally, while Vapotherm demonstrates the more capital-intensive funding requirements faced by a specialist high-flow manufacturer. Telesair illustrates the venture-backed entrant model, where funding is directed toward regulatory approval, commercialization, and channel creation.
Fisher & Paykel Healthcare reported NZD 1.28 billion (USD 762.05 million) of Hospital operating revenue in FY2025, but that segment includes respiratory humidification, anesthesia, surgical products, NIV, and other technologies in addition to nasal high flow. By contrast, Vapotherm's USD 68.7 million 2023 revenue is a substantially closer HFNC/high-velocity-therapy proxy, although it includes ancillary services and products.
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