Cannula Market Overview
Market Research Future (MRFR) has projected in its latest report that the global cannula market, valued at USD 113 Mn in, is anticipated to exhibit a CAGR of 6.7% during the forecast period. 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, the 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.
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Cannula Market Segmentation
- The global market for cannula has been segmented into product, material, application, and end-user.
- Based on the product, the global market for cannula has been segmented into cardiac cannulas, nasal cannulas, vascular cannulas, dermatology cannulas, arthroscopy cannulas, and others.
- By material, the global market for cannula has been segmented into plastic (PVC), silicone, and metal (stainless steel).
- By application, the global market for cannula has been segmented into cardiovascular surgery, oxygen therapy, general surgery, cosmetic/plastic surgery, orthopaedic surgery, and others.
- By the end-user, the global market for cannula has been segmented into hospitals, ambulatory surgical centers, and others. The hospital segment is expected to dominate market share due to an increase in hospitalizations and a significant number of hospital surgeries. Ambulatory surgical centers are expected to increase at the highest level of CAGR due to the increasing demand for modern healthcare facilities.
Cannula Market 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 ofof 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
Cannula Market Players
- Medtronic
- Edwards Lifesciences Corporation
- Terumo Cardiovascular Systems Corporation
- LivaNova PLC
- Smith & Nephew
- CONMED Corporation
- Smiths Medical
- Teleflex Incorporated
- Boston Scientific Corporation
- Others
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