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Cannula Market 2018 Size, Share, Global Industry Research, Key Company Review And Forecast To 2023
The Global Cannula Market is anticipated to hold a market value of USD 113 million in the year 2017 and is expected to grow at a CAGR of 6.7% during the forecast period. Cannula is a thin tube entered into a vein or body cavity in order to administer medication or to drain off fluid or to insert some surgical instrument.
Rising number of surgeries, advancements in healthcare facilities and large pool of geriatric population are expected to drive the market growth over the forecast period. According to a report published by the Population Reference Bureau in January 2016, population in America aged 65 years and more is estimated to become 98 million by 2060 from 46 million currently. However, uncertain government regulations regarding medical devices can restrain the market growth over the assessment period.
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Some of the prominent players in the global cannula market are 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.
The global 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 global market, on the basis of material, has been segmented into plastic (PVC), silicone and metal (stainless steel). The plastic (PVC) cannula are expected to hold the largest market share owing to its extensive use in general surgeries. The silicone cannula are expected to grow at the fastest CAGR owing to its increasing usage in oxygen therapies and their flexible & soft nature.
The global cannula market, by application, has been segmented into cardiovascular surgery, oxygen therapy, general surgery, cosmetic/plastic surgery, orthopedic surgery and others. The global market, on the basis of end users, has been segmented into hospitals, ambulatory surgical centers and others.
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Geographically, the Americas is expected to dominate the global market owing to the easy availability of advanced healthcare infrastructure and rising awareness about minimally invasive surgeries. According to a report published by the American Society of Plastic Surgeons, in the US, total cosmetic minimally-invasive procedures performed were 15,714,118 in 2017. This number was 2% more as compared to 2016. Europe is expected to hold the second largest position in the global market owing to the rising number of cardiovascular surgeries. Asia-Pacific is expected to be the fastest growing market owing to the presence of a large patient pool and increasing geriatric population requiring surgeries. According to an article published by the Asian Development Bank in January 2017, Asia’s elderly population is estimated to reach nearly 923 million by the middle of the century. Moreover, the Middle East and Africa region is expected to account for the least market share in the global market.
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