Remarkable developments can be observed today in terms of cannula markets responding quickly to changes occurring within the healthcare sector. There has been a sharp increase in the use of cannulas; tiny tubes that are inserted into the body for various medical reasons and new technology has been developed to meet this demand. This is largely driven by an increase in chronic diseases leading to surgeries. The rise of age-related illnesses such as diabetes, heart disease and respiratory problems have led to several medical procedures involving cannulas.
Cannula market is flourishing due to factors such as the growing instances of chronic diseases and less invasive surgical methods being employed. Surgery with reduced pain, quicker healing time and smaller cuts is now becoming more preferred by patients as well as doctors. For accurate drug delivery or removal of fluid or even tissue in these minimally invasive procedures, it becomes necessary to use cannulas. It also aligns with growing industry-wide trend toward patient-centered care that emphasizes better outcomes at lower expenses.
Moreover, the cannula industry is undergoing a metamorphosis resulting from technological advancements. This has resulted in more efficient and user-friendly cannulas being developed through material improvements, design and production innovations. One example of this is seen in the wide spread use of disposable and pliable cannulas which have improved patient safety and reduced the chances of infections occurring. Similarly, manufacturers are also focusing on things like higher visibility and mobility to keep pace with rapidly changing needs of healthcare providers.
Not only has there been changes in characteristics of different products in the cannula business but also demand patterns across regions have also altered dramatically. Emerging economies mainly in Asia-Pacific as well as Latin America are attracting market power. This explains why people here tend to use cannulas more than others since they have better health care systems, higher incomes among citizens and know how about modern day medical procedures. Therefore, to take advantage of rising demands for these devices companies are investing into building their presence carefully within emerging geographies.
On the other hand, regulatory efforts are increasingly focused on ensuring safety and efficacy of cannulas as well as other medical instruments. As a result, firms within this sector are adjusting their manufacturing strategies as well as marketing techniques to match what different regulatory agencies have set forth regarding limitations and regulations that should be observed strictly. In a market where public trust as well as safety always comes first; compliance with such rules is very important for both product quality reasons and buyer confidence at large.
Additionaly, major competitors in the area of cannula market are now developing a tendency towards collaboration and partnership formation. To overcome hurdles encountered along with speeding up research & development (R&D) plus effective introduction of revolutionary goods into markets; collaborative initiatives endeavor to leverage several stakeholder’s skills and knowledge. Such cooperative strategy becomes vital while navigating this complex highly regulated health-care market.
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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