As per Market Research Future (MRFR) analysis, the global cannula market held a valuation of USD 113 million in 2017. It is estimated to grow at a CAGR of 6.7% from 2017 to 2023 (forecast period).
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Cannula is a bendable hollow tube with a retractable, sharp inner core. It is placed into a patient's vein or artery or other body cavities for the removal or delivery of fluids during surgery or medical examinations, such as infusion of medication or blood samples collection.
Cannula Market Dynamics
The demand for surgical procedures is increasing all over the world as surgery has become standard treatment for various health conditions. It is acknowledged that the growing number of surgical procedures is a significant driver of the cannula market. As per the Australian Institute of Health and Welfare, there were 10.6 million hospitalizations in 2015–16 and 1 in 4 hospitalizations involved surgery.
Numerous other factors such as increasing demand for cannulas for ocular surgeries, expanding healthcare infrastructure, and growing research & development activities related to healthcare, are also anticipated to fuel the growth of the market. As stated in the Indian Journal of Opthalmology in 2017, J-shaped cannula has shown good surgical results in cortex removal techniques.
However, stringent government regulations and a lack of qualified or trained physicians can hinder the growth of the market over the forecast period.
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.
Region-wise, the global market for cannula has been segmented into the Americas, Europe, the Asia Pacific, and the Middle East & Africa
The Americas are expected to dominate the global cannula market due to increasing healthcare expenditure, expanding the number of surgeries, and improving healthcare infrastructure. According to Centers Medicare and Medicaid Services, National Health Care Expenditure increased from the previous year by 4.3% to USD 3.3 trillion in 2016.
Europe is set to retain the second-largest position on the global cannula market. Market growth in this area is due to government support and the advancement of research and development related to healthcare activities.
The Cannula Market in the Asia Pacific region comprises countries such as China, the Republic of Korea, Japan, India, Australia, and the rest of the Asia Pacific. The Asia Pacific region is anticipated to witness the fastest growing region owing to the massive demand for minimally invasive surgeries and increasing healthcare spending. According to the World Bank Group, India spent 3.89% of its Gross Domestic Product (GDP) on health.
The Middle East and Africa are predicted to have the least market share. Market growth in this area is anticipated to be driven by the development of healthcare infrastructure.
Cannula Market Key players
Some of the significant participants in the global cannula market are Medtronic, Edwards Lifesciences Corporation, Teleflex Incorporated, Terumo Cardiovascular Systems Corporation, LivaNova PLC, Smith & Nephew, Smiths Medical, Boston Scientific Corporation, CONMED Corporation, Harsoria Healthcare Pvt. Ltd., ISPG Inc., ILIFE MEDICAL DEVICES PRIVATE LIMITED (INDIA), McKesson Medical-Surgical Inc., Denex International, BD, and others.
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