Cannula Market Overview, Share, Top Companies, 2031

(MENAFN- Straits Research) Introduction

The global Cannula market was valued at USD 151.4 million in 2021 and is projected to reach USD 283.77 million by 2030 at a CAGR of 7.23% from 2022 to 2030.

A cannula is a small hollow tube with a sharp and retractable inner core that is inserted into a vein, artery, or another body cavity to administer medication and withdraw fluids. Various types of the cannula are available for use in various procedures. For instance, an intravenous cannula is used to establish cardiopulmonary bypass during cardiac surgery. In a similar fashion, a nasal cannula is used to administer oxygen by passing the plastic tubing beneath the nose. In addition, it is frequently used for injecting fillers because it causes less pain, reduces the risk of bleeding and bruising, and offers greater flexibility than hypodermic needles. It is widely used in hospitals, ambulatory surgery centres (ASCs), blood banks, laboratories, and pathology labs around the world as a result of its numerous qualities.

Market Dynamics A SURGE IN CASES OF DIABETES AND OBESITY DRIVES THE MARKET

Globally, over 234 million procedures are performed annually, per the National Center for Biotechnology Information. Medical cannulae are necessary for the administration of therapeutic and diagnostic chemicals, as well as anaesthetic procedures, suction, and irrigation.

In addition, a substantial proportion of the population prefers minimally invasive procedures. According to the National Center for Biotechnology Information, proper surgical equipment (including medical cannulae) has the potential to prevent 6-7 per cent of fatalities.

In recent years, worldwide obesity rates have risen dramatically. As a result of the increasing prevalence of lifestyle disorders such as obesity and diabetes, the number of surgical procedures performed around the world is increasing, thereby contributing to the development of the cannula market.

In addition, the growing elderly population and the preference for minimally invasive procedures (MIS) are driving the market growth.

In the medical field, minimally invasive surgical procedures are gaining popularity. For the treatment of cardiovascular diseases, there has been a rapid rise in the popularity of minimally invasive procedures. This is due to the fact that minimally invasive procedures cause less surgical trauma and produce a more aesthetically pleasing outcome. It provides benefits such as smaller incisions, reduced risk of infection, smaller scars, less blood loss, and less pain and trauma. As a result, there is a growing preference for minimally invasive surgical procedures, which is anticipated to stimulate the market for cannulas.

In all regions, the use of syringes and cannulas is increasing in the healthcare industry. Due to the fact that these goods are simpler to produce than other medical equipment, there is a greater chance that more manufacturers will enter the market and earn substantial profits.

Relevant is also the fact that the market is highly fragmented, comprised of numerous regional and local firms. As a result, the industry is incredibly competitive, posing a threat to existing businesses. As a result, market leaders are continuously working on strategic developments and releasing new products, a factor that drives the market.

REGIONAL ANALYSIS

In 2021, North America dominated the market with the largest market share. This is due to the region's availability of sophisticated healthcare facilities and the presence of market leaders. In addition, the increasing prevalence of lifestyle diseases in the region contributes significantly to its dominance. Other factors, such as increased awareness of minimally invasive procedures and the rising rate of cosmetic surgery adoption in this region, also contribute to the expansion of the market in this area. The American Society of Plastic Surgeons estimates that approximately $16.7 billion will be spent on cosmetic procedures in the United States in 2020.

Asia-Pacific is anticipated to experience lucrative growth during the forecast period as a result of a dramatic increase in the region's geriatric population, which creates a massive patient pool suffering from chronic diseases such as cardiovascular disease and diabetes. In addition, the government's increasing efforts to implement favourable policies to transform the healthcare sector, particularly in rural areas, are anticipated to further stimulate the market's expansion in this region.

KEY HIGHLIGHTS

• The global Cannula market was valued at USD 151.4 million in 2021 and is projected to reach USD 283.77 million by 2030 at a CAGR of 7.23% from 2022 to 2030.
• Minimally invasive surgeries and a surge in cases of diabetes and obesity are some of the driving factors of the market.
• This market can be segmented on the basis of product, type, material, size, end-use, competitors and regions.
• By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.