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Cannula Market size is slated to expand substantially from 2023 to 2032 driven by the rising number of surgical procedures performed worldwide.
Cannulas are critical medical devices extensively used to remove body fluids in medical treatments and investigations. With the changing lifestyle habits and the rising prevalence of metabolic and chronic disorders, the number of surgeries performed has picked up a substantial pace worldwide. According to Eurostat, transluminal coronary angioplasties were the most common surgeries performed in Croatia and Germany in 2020 with 462 surgeries per 100,000 inhabitants in Croatia and 384 in Germany.
Lately, minimally invasive procedures have grown prominent for a large number of patients opting for technologically advanced alternatives. Modern cannulas are designed to provide faster recovery in a limited procedure duration, thus attracting patients as well as healthcare professionals. The growing consumer awareness regarding minimally invasive tools and the presence of favorable government initiatives providing access to healthcare services at an affordable rate will positively influence the industry outlook.
However, the COVID-19 pandemic led to the emergence of new challenges and roadblocks in the cannula industry. It compelled healthcare facilities and hospitals worldwide to prioritize COVID-19 treatment and delay non-emergency and elective surgeries to an unknown period of time, hampering the adoption of cannulas.
Furthermore, the outbreak of the Russia-Ukraine war has aggravated supply chain challenges for several countries across the globe. Cannula manufacturers are thus struggling with soaring commodity prices and lack of access as a result of sanctions and strict actions against countries at war. To illustrate, the U.S. exports of plastics and plastic products to Russia and Ukraine reduced dramatically in light of the war, affecting businesses.
Based on product, the cannula market share from nasal cannulas is estimated to record notable growth by 2032. Nasal cannulas are widely used and have high consumer preference since they are small, flexible, and easy to use. Rising incidences of chronic bronchitis, asthma, and COPD will accelerate the demand for nasal cannulas.
With respect to material, the silicone segment is anticipated to hold a significant share of the cannula market. Silicone is primarily used in oxygen therapies for its soft and flexible physical characteristics. Silicone-based medical tools and devices are deployed in a myriad of applications in the healthcare sector. The recent technological advancements enabling the use of silicone in catheters will also drive the industry outlook.
On the basis of end-use, hospitals are expected to fuel the demand for cannulas between 2023-2032. Cannulas play a crucial role in hospitals across several procedures including cardiovascular, neurology, gynecology, oxygen, orthopedic, and dermatology surgeries. A surge in the rate of hospitalization over the last decade will further propel the product adoption.
North America cannula market size is estimated to register a significant growth trajectory over 2032 led by the growing preference for minimally invasive surgeries in the region. In recent years, government agencies across the U.S. and Canada have recognized the need for strengthening infrastructure and are investing heavily in improving access to optimum care services.
The competitive landscape of the global cannula market is inclusive of Becton, Dickinson and Company, B. Braun Melsungen AG, Edwards Lifesciences Corporation, Medtronic, Smiths Group plc, Terumo Corporation, Smith & Nephew, Braile Biomédica, CoMedical, LivaNova and Teleflex Incorporated. These companies are foraying into new ventures and collaborations to gain a competitive edge.