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Cannula are hollow flexible tubes used for administering fluids, gases and drugs into blood vessels, cavities, or body parts during medical procedures and surgeries. Cannula play an important role in minimally invasive procedures by facilitating drainage, administration of fluids and easier transfer of instruments with minimal invasion.
The global Cannula Market is estimated to be valued at US$ 180.4 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
Rising number of surgical procedures especially those using minimally invasive techniques is a major factor influencing the growth of global cannula market. Statistics from Organisation for Economic Co-operation and Development (OECD) indicate that number of annual surgical procedures has grown four times from 1970s to 2020, reaching approximately 310 million surgeries across OECD countries in 2020. With growing preference for minimally invasive techniques over conventional open surgeries, demand for cannula is expected to rise significantly during the forecast period.
SWOT Analysis
Strength: The cannula market has high demand due to its extensive applications in surgical procedures and drug delivery. It provides a safe and sterile access route for various medical instruments into patients’ bodies.
Weakness: Low quality cannulas from some manufacturers can cause significant damage to tissues during insertion or use. Improper sterilization also raises infection risks.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases are fueling the need for various medical procedures, thus driving demand for cannulas. Increasing investments in healthcare infrastructure also open up new opportunities.
Threats: Stringent regulatory environment makes market entry difficult for new players. Price wars among existing vendors also reduce profit margins.
Key Takeaways
The global cannula market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing number of surgical procedures worldwide. Rapidly growing geriatric population susceptible to various chronic conditions also drives the need for cannulas.
North America dominated the cannula market in 2023 with around 35% revenue share. This is attributed to well-established healthcare systems and early technology adoption in the region. Asia Pacific is expected to be the fastest growing region due to improving access to healthcare in major countries like China and India.
Key players operating in the cannula market are Smith & Nephew, Maquel Holding B.V. & Co. KG., Sorin Group, Edward Lifescience Corporation, Medtronic plc, Terumo Corporation, Boston Scientific Corporation, Teleflex Incorporated, Conmed Corporation, Dolphin Surgicals, Micromed International, Goodhealth Inc., and Biotek (Chetan Meditech Pvt. Ltd.). These players are focusing on new product launches and strategic acquisitions to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
