Cannula is a thin tube inserted into a structure or organ to drain fluid or administer medication. It is used in various medical procedures such as cardiothoracic surgeries, general surgeries, gynecologic surgeries, orthopedic surgeries, and neurosurgeries. The demand for minimally invasive surgeries and increasing preference for low-cost cannula in developing nations are major factors driving growth of the global cannula market.
The global Cannula Market is estimated to be valued at US$ 180.4 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the key trends in the cannula market is the rise in demand for minimally invasive surgeries. Minimally invasive procedures require smaller incisions and result in less pain and scarring. They also allow for shorter hospital stays and quicker recovery times. As such, minimally invasive procedures are becoming increasingly popular. This rising preference for minimally invasive surgeries is driving the demand for devices like cannulas that are used in such surgeries. Another important trend is the growing geriatric population worldwide. Older patients are more susceptible to diseases such as cardiovascular diseases that require surgical intervention. This is positively impacting the cannula market growth. Manufacturers are also increasingly focusing on developing cannulas with advanced features and technologies to improve surgical outcomes.
Threat of new entrants: Low – High capital requirements, strict regulations and established brands create high barriers for new players in the cannula market.
Bargaining power of buyers: Moderate – Large hospitals can negotiate lower prices whereas individual buyers have low bargaining power.
Bargaining power of suppliers: Low – The cannula industry is highly fragmented with many suppliers thus reducing their individual bargaining power.
Threat of new substitutes: Low – There are limited substitutes available for cannulas given their essential role in surgeries and medical procedures.
Competitive rivalry: High – The cannula market witnesses intense competition between established brands on the basis of product quality, innovation, and pricing.
The global cannula market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period 2023 to 2030, due to increasing number of surgical procedures worldwide. North America currently dominate the cannula market share owing to developed healthcare infrastructure and rising chronic diseases in the US and Canada.
The global cannula market size for 2023 is US$ 180.4 million. By 2030, the market is projected to reach around US$ 320 Million, increasing access to healthcare and rising medical tourism in developing nations will further boost the regional market growth in Asia Pacific.
Key players operating in the cannula market are 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 (Chetan Meditech Pvt. Ltd.).
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it