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Cannula Market is expected to grow at a CAGR 6.7% and market value at USD 286.4 billion during the forecast period, says Market Research Future (MRFR)
Market Synopsis:
Market Research Future (MRFR) has projected in its latest report that the global cannula market, valued at USD 113 Mn in 2017, is anticipated to exhibit a CAGR of 6.7% over the forecast period 2022 to 2030. A cannula is a hollow retractable tube which is used for removal or delivery of fluids through insertion into vein, arteries or other body cavities. Increasing healthcare services centers in conjunction with the rising patient population is expected to favor market growth in the years to come.
The rising incidences of life-threatening diseases such as cancer, liver cirrhosis, cardiovascular diseases, diabetes, etc. have led to an exponential rise in the demand for medical facilities. The advanced nature of these diseases has led to an increase in demand for long-term or lifetime access to healthcare services. This, in turn, is forecasted to augment the global cannula market over the next couple of years.
The exponentially rising geriatric population is expected to reflect on the growth pattern of the healthcare sector. It is further expected to have a positive influence on the expansion of the cannula market in the forthcoming years. On the flip side, factors such as lack of trained physicians and the implementation of strict regulations are anticipated to restrict market expansion over the next couple of years.
Market Segmentation:
By product, the global cannula market has been segmented into cardiac cannulas, nasal cannulas, vascular cannulas, dermatology cannulas, arthroscopy cannulas, and others.
By material, the cannula market has been segmented into plastic (PVC), silicone and metal (stainless steel).
By application, the global cannula market has been segmented into cardiovascular surgery, oxygen therapy, general surgery, cosmetic/plastic surgery, orthopedic surgery, and others.
By end-user, the cannula market has been segmented into hospitals, ambulatory surgical center, and others.
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Regional Analysis:
By region, the global cannula market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA). The report indicates that the global marketplace is set to be dominated by North America over the assessment period. Increasing healthcare expenditure in conjunction with rising demand for medical services is poised to revolutionize the growth trajectory of the cannula market in the region. Furthermore, the presence of developed healthcare infrastructure is poised to have a favorable impact on the expansion of the regional market.
Europe is expected to hold the second position through the forecast period, and its growth can be ascribed to the accelerated research & development activities. Asia Pacific is likely to exhibit the fastest growth due to the presence of a huge patient population in the region. It is also projected to benefit from advancements in healthcare services in the region. MEA is prognosticated to hold the least share of the market during the projection period.
Competitive Dashboard: for
The prominent players of the global cannula market profiled in this MRFR report are Medtronic, Terumo Cardiovascular Systems Corporation, Edwards Lifesciences Corporation, LivaNova PLC, Smith & Nephew, Smiths Medical, CONMED Corporation, Teleflex Incorporated, McKesson Medical-Surgical Inc., Boston Scientific Corporation, Harsoria Healthcare Pvt. Ltd., ILIFE MEDICAL DEVICES PRIVATE LIMITED (INDIA), ISPG Inc., BD, and Denex International.
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Industry News:
In April 2019, In2Bones Global, Inc., a global designer, manufacturer and distributor of medical devices, has announced the commercial launch of ClearGuard LE™ Endoscopic Soft Tissue Release System orthopedic and podiatric surgeons in the U.S. The product is compatible with 4mm 30° arthroscope uniportal as the clear cannula allows unobstructed 360° panoramic arthroscopic visualization.
In October 2018, Vapotherm, Inc., a respiratory technology firm has received the FDA approval for its Precision Flow Hi-VNI system and is preparing for its product launch. The system leverages nasal cannula for the replacement of carbon dioxide heavy and oxygen depleted exhaled air with humidified oxygen-rich breathing gas.
In September 2018, a developer of biomaterial products, Synergy Biomedical, LLC, has received FDA 510(k) clearance for BIOSPHERE® MIS PUTTY which utilizes a pre-loaded bone graft cannula as well as a trigger-based delivery system.
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