Cannula Market Set To Grow At A CAGR Of 7.4% During 2023-2030, With Market Value Reaching US$167.8 Million By 2022
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Cannula Market |
Market
Overview:
The global Cannula Market is projected to reach a value of US$167.8 Million By 2022, with a compound annual growth rate (CAGR) of 7.4% during the forecast
period of 2023-2030. Cannulas are medical devices used in various surgical and
medical procedures. They are hollow tubes inserted into the body to remove or
deliver fluids, medications, or gases. The increasing prevalence of chronic
diseases, growing geriatric population, and the rising demand for minimally
invasive procedures are driving the demand for cannulas worldwide. Cannulas
offer advantages such as improved patient comfort, reduced trauma, and enhanced
surgical precision. Moreover, the need for accurate drug administration and the
rising adoption of cosmetic and plastic surgeries are fueling the market growth
for cannulas.
Market Key Trends:
One of the key trends in the Cannula Market is the increasing
adoption of minimally invasive procedures. Minimally invasive surgeries offer
several advantages over traditional open surgeries, including shorter hospital
stays, reduced pain, and faster recovery. Cannulas play a crucial role in these
procedures, allowing surgeons to access the affected area without making large
incisions. They are used in various interventions such as laparoscopy,
arthroscopy, and endoscopy. The growing preference for minimally invasive procedures
among patients and healthcare providers is driving the demand for cannulas.
This trend is expected to continue over the forecast period as advancements in
medical technology enable the development of more sophisticated and specialized
cannula devices. Key market players are focusing on R&D activities to
introduce innovative products with improved design, materials, and features,
further boosting the market growth. Additionally, the increasing use
Segment Analysis:
The cannula market can be segmented based on type, material, application, end
user, and region. Among these segments, the dominating sub-segment is the type
segment, specifically the over-the-needle cannula type. Over-the-needle
cannulas are widely used due to their ease of use, flexibility, and ability to
reduce patient discomfort during procedures. These cannulas are extensively
used for medication administration, blood transfusions, and drug delivery,
among other purposes. Moreover, the rising prevalence of chronic diseases,
increasing surgical procedures, and expanding healthcare infrastructure are
contributing to the dominance of the over-the-needle cannula segment in the
market.
Key Takeaways:
The global cannula market is expected to witness high growth, exhibiting a CAGR
of 7.4% over the forecast period of 2023-2030. This growth can be attributed to
various factors. One of the primary drivers is the increasing prevalence of
chronic diseases, such as cardiovascular diseases, neurological disorders, and
respiratory diseases. These conditions require constant monitoring and
treatment, leading to a higher demand for cannulas for procedures such as
angiography, angioplasty, and oxygen therapy.
Regionally, North America is the fastest-growing and dominating region in the
cannula market. This can be attributed to the well-established healthcare
infrastructure, high adoption of advanced medical technologies, and the
presence of key market players in the region. Additionally, the rising
geriatric population and the increasing prevalence of chronic diseases in North
America are propelling market growth.
Key players operating in the cannula market include 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. These key players are focusing on strategies such
as mergers and acquisitions, partnerships, product launches, and collaborations
to strengthen their market position and expand their product portfolios.
Overall, the cannula market is projected to witness significant growth in the
coming years driven by the increasing prevalence of chronic diseases,
advancements in healthcare technology, and expanding healthcare infrastructure.
North America is expected to dominate the market, and key players are actively
engaged in strategies to gain a competitive edge in the market.
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