As per our research report, the global cannula market size was valued at USD 181.62 million in 2022, and it is estimated to reach USD 241.22 million by 2027, with a registering CAGR of 5.84% during the forecast period.
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The global pandemic is considered to have a positive impact on the cannula market despite the certain downfall during the first of 2020. The high prevalence of the COVID-19 cases has significantly accelerated the demand for cannulas. The high patient population also resulted in a significant increase in demand for medical supplies such as cannula. As a result, the key players and the product manufacturers are involved in manufacturing the products to meet the required demand. However, the market is projected to witness a significant share owing to the surging cases.
MARKET DYNAMICS:
The global cannula market is majorly driven by the factors such as the increasing prevalence of lifestyle disorders and the growing number of minimally invasive surgeries. The growing population is another significant factor that is driving the market growth. In addition, the senior population is more prone to various chronic diseases such as diabetes, and other related disorders, which increases the demand for cannula. Most importantly, the number of patients undergoing surgical procedures has increased in recent years; patients’ attitudes toward surgeries are changing, and they are willing to accept as the risk of surgery is decreasing, as well as lifestyle-related diseases, which has fuelled the demand for cannulas. The rising number of patients undergoing minimally invasive surgery (MIS) operations, shorter recovery times, and faster patient recovery are the factors that further fuel the market growth.
Furthermore, the growing population and the associated lifestyle-related disorders such as obesity, cardiac, and diabetes diseases, require the use of cannulas, which is expected to accelerate the market growth. The initiatives taken by the government to create awareness among the people about minimally invasive surgeries are positively influencing the market growth. Technological advancements in the healthcare sector and the growing adoption of innovative products boost the market growth. The advent of new single-use cannulas, which are increasingly often used in operations, is assisting in expanding the cannula market. On the other hand, there is some variance in the market for cannula demand, which is favourably impacting the market growth.
Key market players are involved in the research and development of new product developments, and the implementation of key market strategies such as partnerships, mergers, and acquisitions are expected to expand the market growth.
On the other hand, the cannula market is hampered by an uncertain regulatory environment in the medical device sector. Therefore, the cannula market is expected to face stiff competition during the forecast period. However, due to injuries and difficulties associated with incorrect cannula stabilization, which cause patient reluctance, the medical cannula market is likely to slow.
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KEY MARKET INSIGHTS:
Based on the product, theglobal cannula market is divided into cardiac, vascular, nasal, arthroscopy, dermatology cannulas. By 2027, the dermatology cannula market is predicted to be the fastest growing in the global cannula market.
Based on the application, the global cannula market has been segmented into oxygen therapy, general surgery, cardiovascular surgery, plastic surgery and orthopaedic surgery. Cosmetic/plastic surgery is predicted to be the fastest-growing segment during the forecast period, owing to rising health awareness and an increase in obesity patients, which would lead to more cosmetic treatments.
Based on the material, the global cannula market is divided into metal, silicone and plastic. The plastic segment accounted for the largest share of the market over the forecast period; this is because of the extensive usage of plastic in general surgeries for both in and outpatient procedures upsurge.
Based on the end-user, the market has been segmented into hospitals, ambulatory surgical centres and others. The hospital segment witnessed a significant share during the forecast period. The segment growth is driven by the increasing patient population, growing investment, and funding for the healthcare sector.
Based on the region, the global cannula market has been segmented into North America, Europe, APAC, Latin America, Middle East and Africa.North America recorded the largest share in 2021 and is likely to continue its growth during the forecast period. The regional market growth is driven owing to the higher prevalence of a wide range of diseases and disorders, advanced technology, and a well-established healthcare infrastructure capable of implementing MIS approaches. The developed countries such as U.S. and Canada are significantly contributing to the North American regional market growth. The United accounted for the largest share of the market, and it is anticipated to continue its growth during the forecast period. The presence of key market players, advanced technological advancements, and high spending on healthcare is boosting the market growth.
Similarly, Europe recorded the second-largest share of the market owing to the evolving healthcare sectors, ongoing research and developing activities, and favorable reimbursement policies propelling the market growth. The countries in the region, such as the UK, Germany, Italy, France, and Spain, significantly contribute to the European regional market growth with a significant market share. However, the U.K. is likely to record a promising share in the market during the forecast period. The growing geriatric population, technological advancements and
On the other hand, the Asia Pacific is anticipated to be a promising region for the cannula market during the forecast period. The market growth is fuelled by improving healthcare infrastructure, growing population, regional market players, and supportive government policies. Due to increased knowledge of MIS approaches in countries such as China, India, and Japan, the Asia Pacific region is expected to grow quickly throughout the forecast period. China is the major market for APAC regional market growth; the market held a significant share over the forecast period. The growing geriatric population in the country is significantly contributing to the market growth. Along with the advancements in the healthcare sector, considerable government support is encouraging market growth.
On the other hand, the Indian Cannula market is expected to showcase a promising share in the market owing to the growing population and increasing investments by government and private organizations.
However, the Latin American region is likely to have a moderate proportion of the worldwide cannula market over the forecast period. The rise in infant mortality rates throughout the region is one of the regional factors influencing the growth of the cannula market in countries like Mexico and Brazil.
Medtronic plc (U.S.), Edward Lifesciences Corp. (U.S.), Terumo Corporation (Japan), Sorin Group (Italy), Maquet Holding B.V. & Co. K.G. (Germany) are a few of the noteworthy companies operating in the global cannulas market profiled in this report.
Recent developments in this market:
- In July 2019, LivaNova launched Bi-Flow, a new range of femoral artery cannulas that allows for stable bidirectional perfusion and is the only femoral arterial cannula that prevents limb ischemia. Europe and Canada are among the markets where this new equipment is accessible. In addition, the corporation plans to extend its market in the United States, thereby boosting its market share.
- Medtronic MDT launched a new cannula for balloon kyphoplasty operations in the United States in 2020. The BKP (Balloon Kyphoplasty) products from Medtronic are thought to aid in the treatment of spinal compression fractures caused by benign lesions, cancer, or osteoporosis with this directed cannula.
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