May 29, 2024

Cannula Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Cannulas are thin tubes that are inserted into the body to perform surgical procedures or drain fluid from an area. They are commonly used for procedures like cardiac catheterization, dialysis access, and venous administration of medications or fluids. The growing preference for minimally invasive procedures over traditional open surgeries is a major factor driving the demand for cannulas. Minimally invasive surgeries offer benefits like less pain, fewer complications, shorter hospital stays, and faster recovery times.

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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/cannula-market-536

Market key trends:

One of the key trends in the cannula market is the introduction of innovative cannula designs. Manufacturers are focusing on developing advanced cannula designs with enhanced safety and performance. For instance, specialized cannulas are available with pre-attached valves and anti-reflux mechanisms to prevent backflow of fluids. Similarly, cannulas with anti-coring and anti-flashback designs help ensure smooth insertion with no coring or flashbacks. The availability of customizable cannula lengths and diameters also allows surgeons to choose the most appropriate cannula for a given procedure. Development of such innovative cannula designs with advanced features widens the scope of minimally invasive procedures and drives market growth.

Porter’s Analysis

Threat of new entrants: The cannula market has moderate barriers for new entrants due to high research and development costs for new product innovations. However, the growing need for enhanced cannula devices offers opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for cannula devices is growing but there are many established suppliers in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of many component manufacturers and raw material suppliers.
Threat of new substitutes: There is low threat of substitutes as cannula devices are majorly used for medical procedures where alternatives offer limited efficacy.
Competitive rivalry: The cannula market witnesses high competitive rivalry owing to the presence of numerous global and regional players offering a wide range of technologically advanced products.

Key Takeaways

The global cannula market is expected to witness high growth over the forecast period. 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.
Regional analysis suggests North America dominates the market due to advanced healthcare infrastructure and increasing adoption of innovative cannula devices.

Regional analysis: North America is anticipated to hold the dominant share owing to advanced healthcare infrastructure and increasing adoption of innovative cannula devices. Asia Pacific shows lucrative growth opportunities over the forecast period with growing medical tourism industry in Southeast Asian countries and improving hospital infrastructure in emerging economies.

Key players: 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.).

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it