I now have comprehensive material from multiple authoritative textbooks. Let me compile the full MD exam-style answer.
Note: In clinical practice the two terms are often used interchangeably because patients may breathe with a combination of mechanical and spontaneous breaths. "Pure" CPAP provides sufficient continuous gas flow so that inspiratory airway pressure never falls perceptibly below the expiratory level.
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Applied to the non-ventilated lung to improve oxygenation
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Scott-Brown's Otorhinolaryngology; Sabiston Textbook of Surgery; Morgan & Mikhail's Clinical Anesthesiology; Creasy & Resnik's Maternal-Fetal Medicine
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Predicted pressure (cmH2O) = (0.16 × BMI) + (0.13 × NC) + (0.04 × AHI) - 5.12
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NC = neck circumference (cm), AHI = apnea-hypopnea index
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Scott-Brown's Otorhinolaryngology
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Reduces venous return to the heart (increased intrathoracic pressure)
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Reduces cardiac output (especially at pressures >15 cmH2O)
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Leftward shift of interventricular septum (raised RV volume) - reduces LV compliance
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Reduced renal and hepatic blood flow
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Decreased urinary output, GFR, free water clearance
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May increase intracranial pressure (impedes cerebral venous drainage)
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Morgan & Mikhail's Clinical Anesthesiology, 7e
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Absent airway protective reflexes (risk of aspiration if mask used)
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Facial trauma / burns precluding mask use
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Recent facial/upper airway surgery
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Uncooperative patient
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CSF rhinorrhea / basal skull fracture
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Severe hemodynamic instability
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Need for emergent intubation
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Sabiston Textbook of Surgery