According to a new market study by Future Market Insights (FMI), the medical cannula market is forecasted to expand at a healthy CAGR of 7% in 2020. Cannula is a flexible tube with a retractable and sharp inner core which is inserted into a vein or an artery or in other body cavities of a patient in order to remove or delivery of fluids for treatment or medical investigational procedures like infusing medication or obtaining blood samples
According to the National Center for Biotechnology Information (NCBI), over 234 Mn surgeries are conducted every year globally and the number continues to increase annually. This is expected to play a crucial role in the growth of the global medical cannula market for the years to come.
Medical cannula finds adoption in applications associated with surgeries such as the delivery of therapeutic & diagnostic agents, anesthetic procedures, suction, and irrigation. Along similar lines, inclination among patients towards minimally invasive surgeries is further fuelling the demand for medical cannula.
Furthermore, the patient-pool suffering from cardiovascular disorders and other chronic diseases such as diabetes and hypertension is proliferating, thereby necessitating medical cannula in treatment. This will continue to drive the global medical cannula market on a remunerative path through the forecast period.
“Market players across the globe are tapping on the demand among diabetes patients. Moreover, the outbreak of Covid-19 is catalyzing the growth of the market and the uptrend is expected to prevail through the first two quarters of 2021”, says FMI analyst.
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Medical Cannula Market – Key Takeaways
- Advent of technologies has enabled effective clinical usage of medical cannulae, thereby boosting the growth of the market
- Among types of products intravenous(IV) is expected to remain the most sought-out product, accounting for around 3/4th of global market value.
- Vascular access treatment is projected to hold nearly 30% of the revenue share through the forecast period.
- Based on sizes, the 18G segment is anticipated to account for nearly 50% of market share, while 20G segment follow closely.
Medical Cannula Market – Key Trends
- Shifting preference towards minimally-invasive medical procedures is opening new avenues for market growth.
- Outbreak of Covid-19 has increased the demand for medical cannula among healthcare institutions and is acting as a catalyst.
Medical Cannula Market – Regional Analysis
- North America is forecasted to spearhead the regional landscape owing to the presence of a strong healthcare sector coupled with a high approval rate of drugs and novel products.
- Europe will remain the second-largest regional market backed by high spending on healthcare.
- Emerging economies such as Asia Pacific and Latin America are projected to metamorphose into prominent regions through the forecast period on the back of the expanding healthcare services in these regions.
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Medical Cannula Market – Competitive Landscape
Some of the key players operating in the market include Medtronic plc, Becton, Dickinson and Company, Stryker Corporation, Boston Scientific Corporation, Teleflex Incorporated, Conmed Corporation, B. Braun Melsungen AG., Smith & Nephew, Getinge AB, Ypsomed Holding AG, Terumo Corporation, and Harsoria Healthcare Pvt. Ltd. Market players are focusing on expanding their product portfolio by launching new products to gain a competitive edge. On these lines,
- In May 2020, Medtronic plc MDT announced a novel kind of cannula to address balloon kyphoplasty surgeries all over the US.
- In June 2020, LivaNova PLC’s cannula named B-Flow ECMO cannula procured CE Mark approval to conduct ECMO procedures having received approval in 2019 for cardiovascular surgeries.
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Medical Cannula Market – Taxonomy
- Intravenous (IV) cannula
- Vascular access
- Ambulatory surgical center
- Others(cardiac centers, cancer treatment centers)
- Rest of Latin America
- Rest of Europe
- Sri Lanka
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- ● Rest of MEA