Medical Cannula Market exhibiting CAGR of 7.2% by 2032, owing to increasing cases of diabetes & obesity | insightSLICE
The market for Medical Cannula was valued at US$ 145 million in 2021, and through 2032, it is anticipated to rise at a CAGR of 7.2%.
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The key players of the Global Medical Cannula Market are:
Syringe and cannula usage is rising across the board in the healthcare sector. There is a greater likelihood that additional companies will enter the market and generate substantial profits because these products are simpler to produce than other medical equipment.
Medtronic PLC, Sorin Group, Edward Life science Corporation, Smith’s Medical, Maquet Holding, Terumo Corporation, Beckton Dickinson and Company, Liva Nova Plc, and others are some of the market’s top competitors.
Due to the market’s severe fragmentation and the abundance of local and regional businesses, it is extremely competitive. Top players always focus on strategic advancements and release new products as a result, this acts like a market driving force.
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Driving factors for the growth of Global Medical Cannula Market
The increase in the number of patients receiving minimally invasive surgical treatment, the rise in the aging populations, speedy patient recovery, and the rising frequency of severe lifestyle illnesses are some of the key factors driving the medical cannula market.
The demand for medical cannula products has been driven by several fatal disorders. According to statistics, there has been an increase in the number of persons experiencing various cardiovascular illnesses, which has sharply increased the demand for medical cannula devices.
The growth in surgeries, improvements in health centres, increased emphasis on facilities for research and development and the increased incidences of lifestyle disorders like diabetes and obesity have all contributed to the industry’s requirement for the manufacturing of medical cannula devices.
Global Medical Cannula Market Key Segments:
By Product Type
- Cardiac Cannulas
- Vascular Cannulas
- Dermatology Cannulas
- Arthroscopy Cannulas
- Others
By Application
- Cardiovascular Surgery
- Oxygen Therapy
- General Surgery
- Cosmetic Surgery
- Orthopedic Surgery
By End Use
- Hospitals
- Surgical Centers
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
Market segments and their growth trajectory:
In 2021, the cardiac category accounted for the greatest market share. The high incidence of cardiovascular problems is to be regarded as the primary factor.
The prevalence of the cardiovascular disease is increasing as a consequence of variables such as an increased shift toward unhealthy lifestyles, ingestion of packaged foods, and lower levels of physical activity.
Additionally, a considerable increase in cardiovascular illnesses is being caused by an increase in the senior population, which is more likely to develop such diseases. Therefore, the primary cause of the cardiac segment’s domination in the cannula market is the increase in the prevalence of cardiovascular disorders.
During the projection period, the dermatology segment is anticipated to experience significant expansion. This is because microcannula is being used more frequently to prevent difficulties during and after surgeries.
Additionally, there has been a noticeable increase in the number of aesthetic procedures performed, which is predicted to significantly increase demand for the dermatology sector.
In the United States, physicians perform more than 15 million cosmetic surgery treatments annually, according to a research paper published in 2021. Thus, affecting the business during the forecast period is anticipated to boost the canula market.
Regional performance of Medical Cannula Market
During the projected period, North America is anticipated to dominate the medical cannula market. The increase in numerous diseases and lifestyle issues is what has caused the increase in production.
One of the factors the North American market is leading the way is the rising utilization of cutting-edge technologies and well-established infrastructure.
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Due to a number of factors, including continuous research and development and the vast patient base in the area, which also necessitates the greatest research and development, Europe follows North America and represents the second-largest share of the market in the income spectrum.
The region with the fastest growth throughout the forecast is Asia-Pacific. The development of the medical cannula market in China, Japan, and India is anticipated to have a significant impact on the APAC market.
The region’s income for medical cannula increases as a result of population growth and the government’s significant support in the healthcare industry.
Our market report includes all latest trends and forecasts:
The “Global Medical Cannula Market Report” covers market share, analysis, trends, and forecasts, for the year 2023-2032. Research provides market estimates for the years 2023 to 2032, with the years 2021 serving as the historical period, 2022 serving as the base year, and 2023 to 2032 serving as the forecast period.
The analysis also considers the competition environment, and the report will give an overview of the major market players in the global medical cannula market as well as their market forecasts.
In addition, the report will include information on important advancements, regional and global sales networks, marketing strategies, development and research initiatives, the total number of employees, and key executives for all significant market participants.
The objective of the report is to examine in depth a thorough evaluation of the medical cannula. The market report also provides us with a thorough study of the various market competitors, end-user analysis, and several significant market growth-promoting variables.
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