DUBLIN–(BUSINESS WIRE)–The “Cannula Market Size, Share & Trends Analysis Report By Product (Cardiac, Dermatology, Nasal), By Type (Neonatal Cannulae, Straight Cannulae, Winged Cannulae), By Material, By Size, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global cannula market is set to achieve a significant milestone, with projected growth reaching USD 294.5 million by 2030. The market is anticipated to grow at a steady Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. This substantial growth is attributed to various factors, including the rise in lifestyle diseases, the growing awareness of minimally invasive surgeries, and favorable government initiatives. Additionally, new product launches and advancements in technology are expected to further boost the market in the coming years.
Market Dynamics:
Drivers:
Increase in the prevalence of lifestyle diseases: The rising incidence of chronic conditions is driving the demand for various medical procedures, contributing to the growth of the cannula market.
Awareness about minimally invasive surgeries: Patients and healthcare professionals are increasingly adopting minimally invasive procedures due to their numerous benefits, such as reduced recovery time and lower risk of complications.
Government initiatives promoting awareness: Governments worldwide are actively promoting awareness about chronic diseases, leading to early detection and higher demand for medical interventions like cannulas.
New product launches and technological advancements: Continuous innovations in the design and material of cannulas are attracting both medical professionals and patients, fueling market growth.
Restraints:
Stringent regulations: The stringent regulatory environment in some regions can pose challenges for market players, hindering the growth of the cannula market.
Lack of skilled professionals: A shortage of skilled healthcare professionals with expertise in using cannulas may slow down market growth, especially in certain regions.
Market Segmentation:
The cannula market is segmented based on product, type, material, size, end-use, and region. The key segments include:
1. Product:
Cardiac
Dermatology
Nasal
Others
2. Type:
Neonatal Cannulae
Straight Cannulae
Winged Cannulae
Wing with port
Winged with stopcork
3. Material:
Plastic
Metal
Silicone
4. Size:
14G
16G
18G
20G
22G
24G
26G
5. End-use:
Hospitals
Ambulatory Surgical Centers
Others
6. Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Market Insights:
Product Segment:
The cardiac segment held the largest market share in 2022 due to the increasing prevalence of cardiac diseases globally.
The dermatology segment is expected to experience considerable growth during the forecast period, primarily driven by a rise in the number of patients opting for cosmetic surgeries.
Type Segment:
The straight cannulae segment accounted for the highest market share in 2022, attributed to its simple usage and high adoption rate.
Material Segment:
The plastic segment dominated the market in 2022 with the highest share, owing to its increasing adoption rate in both in-patient and out-patient procedures.
Size Segment:
The 18G size held the highest market share in 2022, favored for its ease of use in both adult and adolescent patients for various medical procedures.
End-use Segment:
The hospital segment dominated the market due to an increase in hospitalization rates for various treatments.
Regional Insights:
North America accounted for the highest market share in 2022, driven by advanced healthcare infrastructure, increasing adoption of plastic surgery, and favorable government initiatives.
Impact of COVID-19:
The cannula market witnessed mixed impacts due to the pandemic.
The dermatology segment experienced a significant fall in sales during the first half of the pandemic due to the postponement of elective surgeries.
The nasal cannula segment, however, registered a major boost in sales due to its usage in treating COVID-19 patients.
Conclusion:
The global cannula market is poised for robust growth, reaching USD 294.5 million by 2030, driven by factors such as the rise in lifestyle diseases, growing awareness of minimally invasive surgeries, and government initiatives promoting awareness. Market players are also expected to benefit from new product launches and technological advancements. However, challenges related to stringent regulations and a shortage of skilled professionals may need to be addressed to maintain steady growth. The dermatology segment is anticipated to grow significantly as patients return to elective surgeries. North America leads the market, supported by advanced healthcare infrastructure and favorable government policies. The market’s resilience amid the COVID-19 pandemic further underlines its potential for sustained growth in the coming years.
Companies Mentioned:
Medtronic
Becton Dickinson (BD)
Edward Lifesciences
Livanova
Smiths Medical
Boston Scientific Corporation
For more information about this report visit https://www.researchandmarkets.com/r/xl0wzo
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