Cannula Market is Estimated To Witness High Growth Owing To Rising Incidence of Chronic Diseases
Cannula are thin tubes that are inserted into the body, usually through the skin, to administer or remove fluids, such as blood or chemotherapy substances. Cannulae are flexible and come in various sizes depending on the procedure they are used for. Common applications include intravenous access, heart surgery, venous access, and dialysis. Cannulae provide reliable access to the circulatory system with minimal risk of complications.
The 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 major trends driving the cannula market is the rising incidence of chronic diseases. According to the World Health Organization, chronic diseases are expected to account for almost three-quarters of all deaths globally. Cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes are among the leading causes of mortality worldwide. Chronic conditions often require long-term therapeutic interventions which involve frequent administration of drugs or fluids through intravenous access. This has significantly boosted the demand for cannula in healthcare facilities. The growing geriatric population is also contributing to the increasing prevalence of chronic illnesses, thereby propelling the cannula market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The moderate threat of new entrants exist due to significant capital requirement and established branding of existing players. Bargaining power of buyers: Large customers like hospitals and healthcare facilities have a moderate bargaining power due to availability of substitutes and price sensitivity. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes. Threat of new substitutes: Low threat due to established usage and design of existing cannulas. Competitive rivalry: Intense competition among existing players to gain market share.
SWOT Analysis
Strength: Established brands and trust with customers. Wide product portfolio.
Weakness: Heavy reliance on limited customers. High R&D and marketing costs.
Opportunity: Growing demand for minimally invasive surgeries. Emerging markets provide new opportunities.
Threats: Stringent regulations. Reimbursement issues affects sales. Threat from local suppliers.
Key Takeaways
The global Cannula market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing preference for minimally invasive surgeries. The growing geriatric population that is prone to various chronic diseases and technological advancements in cannula fuel the market growth.
Regional analysis: North America dominates the global Cannula market owing to presence of prominent players, high healthcare spending and increasing number of surgeries. Asia Pacific exhibits the fastest growth due to rising healthcare awareness, growing geriatric population and improving medical infrastructure.
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.). Players adapt strategies such as new product launches, agreements and partnerships to gain competitive edge in the market.
