Stainless Steel Cannula Market Is Expected To Reach A Revenue Of USD 397.0 Mn By 2033, At 8.7 % CAGR: Dimension Market Research

New York, Nov. 13, 2024 (GLOBE NEWSWIRE) -- market Overview

Global Stainless Steel Cannula Market is projected to reach U SD 187.0 million by the end of 2024 and grow exponentially until an anticipated value of USD 397.0 million in 2033 at a CAGR of 8.7% .

A Stainless-steel cannula is a medical device that is used to help fluids to be pumped into and out of the body through a hollow needle inserted into the skin. This facility is widely employed in intravenous therapy where it is applied in the drip administration of medications, fluids, and nutrients.

Stainless steel cannulas are considered to be an innovation over normal cannulas because they are not as sharp as their normal counterparts. Stainless steel cannulas do not rust, are easy to pierce, and tend to have a smooth surface that allows multiple punctures. They are also soft and hypoallergenic and do not possess the non-porous feature of plastic cannulas.

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The US Stainless Steel Cannula Market
The US stainless steel cannula market is expected to reach USD 55.9 million by the end of 2024 and is projected to grow significantly to an estimated USD 112.9 million by 2033, with a CAGR of 8.2% .

The US stainless steel cannula market has been fueled by the growing need for surgical equipment that can be used in minimally invasive surgical operations, from which more accurate and dependable devices are required. Proliferation in the number of chronic diseases as well as the aging of the global population increase the demand for procedures that use cannulas.

Important Insights

• Market Growth: The global stainless steel cannula market is projected to expand by USD 195.4 million , with a CAGR of 8.7% from 2025 to 2033.
• Type Analysis: Blunt cannulas are expected to dominate the global market in 2024, contributing a significant share of the revenue.
• Application Analysis: The medical sector is anticipated to be one of the leading application segments in the global market in 2024.
• Regional Analysis: North America is forecasted to lead the global stainless steel cannula market in 2024, holding the largest market share ofNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA).

Latest Trends

• Growing Preference for Minimally Invasive Procedures: The medical industry is increasingly favoring minimally invasive techniques, which necessitate the use of precise, reliable tools like stainless steel cannulas.
• Heightened Focus on Sterilization and Safety: With rising awareness of infection control and patient safety, there is a greater emphasis on the sterilization and hygiene of medical devices.

Competitive Landscape

• The stainless-steel cannula market is highly competitive, especially in the medical field, where it excels due to its precision, sterility, and reliability.
• Leading companies like Becton Dickinson, Cardinal Health, and Techcon Systems dominate the market by leveraging advanced manufacturing technologies and extensive distribution networks.
• The market is driven by increasing demand for minimally invasive procedures and ongoing advancements in healthcare technologies.
• Competition is intense, with firms investing in R&D to innovate product designs, improve functionality, and emphasize patient safety and procedural efficiency to differentiate themselves.

Some of the prominent market players:

• Becton Dickinson
• Cardinal Health
• Techcon Systems
• Thermo Fisher Scientific
• Masterflex
• Quality Lab Accessories
• Sklar
• Unimed
• Conmed
• Accutome
• Charles River Laboratories
• Others

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Stainless Steel Cannula Market Scope

Drivers

• Versatile Applications: Stainless steel cannulas are gaining popularity across various industries, including hospitality, manufacturing, and healthcare, due to their improved design and thickness.
• Rising Patient Preference: The enhanced design of these cannulas has led to increased adoption among patients, offering significant opportunities for manufacturers.
• Cost-Effective and Durable: Stainless steel cannulas are preferred for their affordability and superior durability, especially in preventing infections and providing secure access to bodily systems.
• Hygienic and Safe: Their hygienic properties make them ideal for hospital use, reducing the risk of cross-infections and contamination.

Restraints

• High Equipment Costs: The stainless-steel cannula market is challenged by the high cost of its equipment, which can be unaffordable for some users.
• Limited Supplier Network: A restricted network of reliable suppliers hampers market accessibility, making it difficult for patients and healthcare providers to obtain trusted products.
• Stringent Regulations: The market faces significant barriers due to strict government regulations, requiring manufacturers to navigate complex approval processes and adhere to rigorous standards.

Opportunities

• Advances in Medical Technology: Technological progress in medical devices offers significant potential for innovation in stainless steel cannulas, enabling the creation of cannulas with better ergonomics, precision, and patient comfort, driving the market growth.
• Expanding Medical and Laboratory Applications: The rising adoption of stainless-steel cannulas in diverse medical and laboratory settings is expected to fuel market expansion as demand for high-quality, precise instruments increases.

Market Analysis

The medical sector is expected to account for the majority of revenue in the stainless-steel cannula market due to its wide array of applications in medical procedures like surgeries, dialysis, and drug delivery. Stainless steel cannulas are prized due to their durability, biocompatibility, and corrosion-resistance properties which are crucial components in terms of patient safety & effective medical applications.

As medical expenditure increases globally resulting from chronic diseases & global healthcare expenditure increases globally so does their use within these applications in various medical procedures as well.

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Stainless Steel Cannula Market Segmentation

By Type

• Blunt Cannula
• Deflected Cannula

By Application

• Medical
• Laboratory Use

Regional Analysis

North American region is projected to account for 35.4% of revenue share for the stainless-steel cannulas market in 2024 due to advanced healthcare systems in both the United States & Canada, which house an abundance of hospitals, clinics, and research institutions that require advanced cannulas for various surgical & nonsurgical procedures.

Furthermore, pharmaceutical & biotechnology firms with significant investments in research & innovation push device innovations forward by creating novel treatment options and medical equipment devices in the North American region.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments

• In January 2024, Medtronic introduced a new series of stainless-steel cannulas that are designed to enhance precision and patient comfort. These cannulas feature advanced coatings to reduce friction and improve ease of use during procedures.
• In March 2024, B. Braun Melsungen AG announced the expansion of its stainless-steel cannula manufacturing facility in Germany to address the rising global demand and improve its supply chain capabilities.
• In June 2024, the FDA approved a new stainless-steel cannula design from Smith & Nephew, which incorporates innovative safety features aimed at reducing complications during minimally invasive procedures. This approval signifies a growing trend toward enhancing device safety and effectiveness.
• In August 2024, a collaborative study conducted by research institutions including the Mayo Clinic, Johns Hopkins University, and the Cleveland Clinic emphasized the advantages of using stainless-steel cannulas in high-precision medical applications, resulting in increased adoption and interest in advanced cannula designs.

About Dimension Market Research (DMR)

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

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