The cannula market is expected to expand at a CAGR of 6.7% from 2018 to 2030, and it is expected to reach $286.4 billion in terms of total market value.
Many important factors determine the dynamics and development trajectory of the cannula market. The rise in chronic diseases and resultant surgeries is one of such drivers for this industry. Medical procedures requiring cannulation like intravenous administration, oxygen therapy as well as other medical emergencies are rising due to global ageing population and increased prevalence of lifestyle-related health problems.
The cannula market also greatly depends on technological advances. Manufacturing, design, and material science have led to better and more user-friendly cannulas. Cannula performance, patient comfort as well as complication rates are positively influenced by these technological advancements thus driving forward healthcare providers/institutions that are willing to utilize state-of-the-art technologies.
Also contributing to its advancement is an increasing level of public awareness about healthcare issues at large. Cannulas have grown popular with patients paying closer attention being given towards understanding their benefits among other reasons. Cannulas among other medical interventions are subject to input from patients because people now know better why they should take part in making decisions concerning healthcare.
Economic factors play a very significant role in defining the sensitivity level of the cannula market.In relation to global economic growth depending on what each region’s health infrastructure plus spending capability looks like. Surgical operations are on the rise with access to medical facilities in developing nations due to an increase in health spending. Cannulas, therefore, enjoy high demand. On the other hand, during tough economic times healthcare spending is reduced giving less funds for innovative devices such as cannulas.
The dynamics of the cannula market are influenced by many competitive variables, including healthcare sector mergers, acquisitions, and partnerships. In order to diversify their product portfolios, improve their technical skills and gain an edge in the market place; companies seek strategic alliances. These strategic moves also affect how market penetration as well as pricing tactics of a given industry make up its market structure.
Segmentation: The Cannula market has been segmented into product, material, application and end user. The market, on the basis of product, has been segmented into cardiac cannulas, nasal cannulas, vascular cannulas, dermatology cannulas, arthroscopy cannulas and others.The market, by material, has been segmented into plastic (PVC), silicone and metal (stainless steel).The market, by application, has been segmented into cardiovascular surgery, oxygen therapy, general surgery, plastic/cosmetic surgery, orthopaedic surgery and others. The market, by end user, has been segmented into hospitals, ambulatory surgical centers and others. The hospitals segment is anticipated to hold the largest market share owing to increase in hospitalizations and large number of surgeries in hospitals. The ambulatory surgical centers are expected to grow at the highest CAGR owing to the increasing demand for modern healthcare facilities.The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Cannula Market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. The European Market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Cannula market in the Middle East & Africa has been segmented into the Middle East and Africa.
Key players: Medtronic, Edwards Lifesciences Corporation, Terumo Cardiovascular Systems Corporation, LivaNova PLC, Smith & Nephew, CONMED Corporation, Smiths Medical, Teleflex Incorporated, Boston Scientific Corporation, McKesson Medical-Surgical Inc., Harsoria Healthcare Pvt. Ltd., ISPG Inc., ILIFE MEDICAL DEVICES PRIVATE LIMITED (INDIA), Denex International, BD and others are some of the key players in the Cannula market.
Regional Market Summary
Geographically, the Americas is anticipated to dominate the Cannula market owing to rising healthcare expenditure, increase in number of surgeries and developing healthcare infrastructure. According to Centers Medicare and Medicaid Services, National Healthcare Expenditure grew by 4.3% to USD 3.3 trillion in 2016 from the previous year. Europe is expected to hold the second largest position in the market. The market growth in this region is attributed to the government support and improving healthcare related research & development activities. The Cannula Market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the increasing demand for minimally invasive surgeries and rising healthcare spending. According to the World Bank Group, India spent 3.89% of its Gross Domestic Product (GDP) on health. The Middle East & Africa are expected to hold the least share of the market. The market growth in this region is expected to be driven by a developing healthcare infrastructure.Recent Development
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