Increasing prevalence of chronic diseases, rise in the number of surgeries performed on the elderly population, increase in activities by government organizations to spread awareness about chronic diseases, and recent innovations in products are factors majorly stimulating market value growth
NEW YORK, Oct. 14, 2022 /PRNewswire/ -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, global demand for cannulas is forecasted to propel at a CAGR of 6.2% from 2022 to 2027.
The number of surgical procedures performed globally is increasing as a result of the rising prevalence of lifestyle disorders, including diabetes and obesity. This is a significant factor that is expected to drive market growth. It is anticipated that the market for cannulas would expand due to the growing ageing population and rising demand for minimally-invasive procedures.
One of the main factors favorably affecting the demand for cannulas is the expanding worldwide geriatric population, which is more prone to chronic medical conditions. Governments across countries are also establishing several policies for primary healthcare delivery, along with ongoing improvements in healthcare facilities, which is supporting market expansion.
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There is now a much greater demand for syringes and cannulas as a result of the rise in the number of vaccination campaigns organized by government and non-government organizations. It is also anticipated that additional medical procedures that call for cannulas would increase their demand. Rising prevalence of infectious and communicable diseases is driving the demand for both, disposable and reusable syringes and cannulas.
The use of silicone cannulas is increasing in oxygen therapies to provide patients with a steady stream of oxygen during surgeries and for those with respiratory diseases. Additionally, patients and healthcare professionals favor silicone cannulas for application since they are flexible and soft.
Key Takeaways from Market Study
- Market in Canada is projected to evolve at a CAGR of 5.6% over the forecast period.
- The global cannula market is predicted to reach US$ 250 million by 2027.
- Market in Germany is anticipated to accelerate at a CAGR of 4% through 2027.
- Demand for nasal cannulas is predicted to increase at a CAGR of 6% from 2022 to 2027.
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Winning Strategy
Top companies are concentrating on actions that will help them maintain a dominating position in the industry, such as market consolidation efforts, including acquisitions and strategic alliances. By launching technologically advanced products and improving existing ones, key players are seeking to capture the largest share of the market.
For instance,
- In 2021, ResMed unveiled AirSense 11, its high-end positive airway pressure (PAP) therapy equipment for the management and treatment of obstructive sleep apnea.
Key Companies Profiled by Fact.MR
- Ambler Surgical
- ASICO LLC
- Medtronic PLC
- Bausch & Lomb, Inc.
- Beacon Medical
- Stryker Corporation
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Cannuflow, Inc.
- ConMed Corporation
- B. Braun Melsungen AG
- Edwards Lifesciences Corp.
- Fisher & Paykel Healthcare Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cannula market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
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Key Segments Covered in Cannula Industry
- By Product :
- Cardiac
- Dermatology
- Nasal
- Others
- By Type :
- Straight
- Winged
- Wing with Port
- Winged with Stop Cork
- Neonatal
- By Material :
- Plastic
- Metal
- Silicone
- By End User :
- Hospitals
- Ambulatory Surgery Centers
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Explore Fact.MR's Coverage on the Healthcare Domain
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