Delray Beach, Fla. – – September 15, 2026 -- The global High Flow Nasal Cannula (HFNC) market is projected to grow from USD 0.94 billion in 2026 to USD 1.44 billion by 2031, a compound annual growth rate of 8.9%, according to MarketsandMarkets.
North America leads a market shifting toward recurring consumables revenue
North America held the largest regional share of the HFNC market in 2025, supported by advanced critical-care infrastructure and established manufacturers. By product, consumables and accessories outpaced systems in market share, while adults represented the largest patient-type segment. Acute respiratory failure treatment led application demand, and hospitals remained the dominant end-user category due to intensive care unit and emergency department volumes.
Vapotherm's take-private deal injects $50 million in new preferred equity
When Vapotherm's take-private merger closed in September 2024, an affiliate of Perceptive Advisors invested USD 50.0 million in new preferred equity. Investment affiliates managed by SLR Capital Partners converted approximately USD 83.0 million of term debt into preferred equity, retaining USD 40.0 million of term debt after closing. The restructuring followed a February 2023 private placement in which Vapotherm raised roughly USD 23.0 million in gross proceeds for sales, marketing and working capital.
Disposables generated 73% of Vapotherm's $68.7 million 2023 revenue
Vapotherm's 2023 net revenue totaled USD 68.669 million, with USD 50.100 million, or 73.0%, derived from disposables. Capital equipment product and lease revenue contributed USD 12.766 million (18.6%), while service and other revenue added USD 5.803 million (8.4%). The split illustrates how HFNC economics increasingly hinge on consumable pull-through from an installed equipment base rather than one-time system sales.
Telesair closes $22 million Series A ahead of FDA clearance
Telesair closed a USD 22 million Series A round in January 2023 led by Pasaca Capital to fund commercialization of its Bonhawa Respiratory Humidifier for ICU use and development of a home-transition device. Bonhawa 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.
Fisher & Paykel commits NZD 250 million to new manufacturing campus
Fisher & Paykel Healthcare signed a construction contract in March 2025 for a fifth building at its East Tāmaki campus, with an estimated total cost of approximately NZD 250 million (USD 148.88 million). The roughly 28,000-square-meter facility is designed to add R&D, manufacturing and distribution capacity. Separately, the company's FY2025 revenue from new applications consumables, which spans non-invasive ventilation, Optiflow nasal high flow, and surgical products, rose 20%, or 18% in constant currency.