The cannula market has witnessed significant growth over the past few years owing to the rising demand for minimally invasive surgeries. Cannula is a hollow tube that is inserted into the body during surgery to administer medications, drain fluids, assist in minimally invasive procedures. It is commonly used in cardiovascular, gastrointestinal, urological and neurological procedures. The growing prevalence of chronic diseases and rising geriatric population has fuelled the demand for minimally invasive treatments, thereby propelling the cannula market.
The Global Cannula Market is estimated to be valued at US$ 180.4 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the cannula market includes 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.).
The key opportunities in the market include increasing preference for minimally invasive surgeries and technological advancement in cannula designs. The rising demand for advanced cannulas for cardiovascular and neurovascular procedures will drive the market growth.
Globally, North America dominates the cannula market owing to rising prevalence of chronic diseases, increasing geriatric population and advanced healthcare infrastructure. However, Asia Pacific is expected to witness highest growth rate due to large patient population, rising healthcare spending and improving medical tourism in the region.
Market drivers
The key drivers propelling the growth of cannula market are increasing number of surgical procedures and expanding applications of cannulas. The widespread adoption of minimally invasive procedures and growing preference for aesthetically appealing surgical treatments have accelerated the demand for cannulas. Moreover, technological advancement in cannula designs catering to target site access have further augmented their uptake.
PEST Analysis
Political: Regulations around the use and disposal of medical devices can impact the cannula market. Changes in healthcare policies regarding device approvals and reimbursements also affect market dynamics.
Economic: The overall economic growth of countries influences their healthcare spending which drives the demand for cannula used in surgical procedures. Lower availability of funds can decrease hospital procurements.
Social: An aging population undergoing more surgeries creates more utilization of cannula. Growing awareness about various surgical options increases the acceptance of minimally invasive techniques using cannulas.
Technological: Advancements in cannula design, materials used for fabrication aim to reduce complications and improve patient outcomes. Adoption of single-use cannulas for infection control drives their frequent replacement which benefits the market. Integrating cannula with visualization and navigation technologies supports complex interventions.
In terms of value, the cannula market remains concentrated in developed regions like North America and Europe with their well-established healthcare systems and higher medical expenditures. Asia Pacific is witnessing strong growth due to its large patient population and rising medical tourism. Countries like China and India are expanding healthcare coverage which bolsters infrastructure development and procedural volumes.
The Middle East region is also showing considerable promise for cannula usage propelled by new hospital setups and investments in Dubai, Saudi Arabia and Qatar. Initiatives to locally manufacture medical devices at competitive costs in the Gulf nations could make cannulas more affordable. Investments in physician training and creating awareness regarding various minimally invasive procedures will continue to steer the cannula market growth trajectories across emerging geographies.
