There is a growing trend of the inclination of the healthcare industry towards minimally invasive surgery, and the cannula market companies are benefitted by the same. This is because cannulas such as tracheostomy and hysterosalpingography cannula have trocar, vapocoolant spray, and tracheotomy tube that play a vital role in the execution process of minimally invasive surgeries. Nowadays, the healthcare institutions are demanding new cannulation techniques for the execution safe surgeries without any collateral damage to veins or arteries, and the cannula market players are offering new products in alignment with the current requirement. For instance, LivaNova PLC – one of the emerging companies in medical technology, launched an innovative cannula which will be preventing limb ischemia during cardiac surgery procedures that require femoral artery cannulation. The growing number of innovations is also evident in the fact that, in the last five years, 9583 patents were published, and these developments are enhancing the position of companies in the cannula market. A cannula is predominantly used for collecting fluid samples for diagnosis of diseases or intravenous drug delivery, and neonatal cannulas are used oxygen delivery to pediatrics.
The increasing number of people suffering from cardiovascular, chronic, and other diseases is increasing the cannula market size that was valued to be $131.5 million as of 2018. Furthermore, the forecast period 2019-2025 will witness an expansion of cannula market at a healthy CAGR of 7.28%.
Cannula Market Key Application – Cardiac Cannula:
The most lucrative application segment for the cannula market companies to target is found to be cardiac surgeries, and the cardiac cannula market size will grow at a CAGR of 6.6% through to 2025. This is predominantly attributable to the growing number of people suffering from cardiovascular diseases (CVDs). According to the World Health Organization (WHO), CVDs are attributed as the number 1 cause for deaths worldwide with the death of 17.9 million people (31% of global deaths) in 2016. The contemporary lifestyle of the current generation wherein there is a lack of physical activities is leading to disquieting obesity rates that have tripled since 1975, and the figure translated to 1.9 billion obese adults in 2016. This phenomena of growing obesity that has penetrated predominantly in the urban part of the world are making more people vulnerable to CVDs. Furthermore, the exuded consumption of tobaccos and smoking is increasing the susceptibility of people to suffer from CVDs and ultimately need cardiac surgery, which is increasing the cannula market revenue sources.
North America Cannula Market & Opportunities for the Companies:
North America subjugated the cannula market with a share of 40% in the global revenues in 2018. The dominance of the region is mainly attributable to the world-class and fully developed healthcare infrastructure, and it’s quite evident in the findings by the World Bank which suggest that, in 2016, per capita, healthcare expenditure of North American countries was valued to be $9,325.706. According to the recently published facts by the American Hospital Association (AHA), the total number of hospitals in the US alone was 6,210 in 2017. Canada and Mexico also have a fairly large number of hospitals, which creates a sustainable cannula marketplace in the region.
Amongst all the countries in the region, the US is proving to a highly profitable cannula marketplace. The American Heart Association (AHA) has come up with the findings that nearly half of the American population suffers from CVDs, and the figure translates to a whopping 121.5 million. The growing number of people suffering from CVDs is creating possibilities for an increased number of heart surgeries, which is increasing the US cannula market size.
Another factor driving the North America cannula market is the increasing number of people that need oxygen therapy, which is also supporting the oxygen therapy devices market in the region. In the US, more than 1.5 million adults use supplemental oxygen for a gamut of respiratory disorders as per American Thoracic Society. Now, oxygen therapy utilizes cannula, and the people suffering from respiratory problems are prospective end-users of the cannula. The prevalence of other conditions, such as arthritis that is affecting as much as 91 million Americans, is also augmenting the cannula market demand.
The demand for cannula in North America, especially the US, Canada, and Mexico can be further fathomed by the increasing import value corresponding to the parent industry demonstrated in the table below –
Table 1 – Import Value of Consumables, Instruments, and Appliances Used in Healthcare Industry
Import Value by country/ – 2018 (In USD) Growth Rate in % (2017-18)
1. US $25.31 billion (10%)
2 Canada $2.80 billion (5%)
3 Mexico $3.04 billion (7%)
Import Value Data Source – International Trade Centre
There is a conspicuous growth in the import of consumables used in the healthcare industry to these countries, and a substantial part of it is attributable to the import of cannula which signifies the cannula market growth in the region.
Cannula Market - Global Scenario and Growth Drivers:
· The Prevalence of Plastic/Cosmetic Surgery Increasing the Cannula Market Demand –
There is a growth of the plastic surgery instruments market which evinces the growing number of plastic surgeries carried out each year. According to the American Society of Plastic Surgeons, the US alone registered 17.5 million surgical and minimally invasive cosmetic procedures performed in 2017. Furthermore, according to the International Society of Aesthetic Plastic Surgery (ISAPS), the number of aesthetic plastic surgeries carried out across the globe increased by 5% in 2017. Now, cannula plays an indispensable role in plastic surgery, and therefore, the increase in the number of plastic surgeries performed is increasing the global cannula market size.
· The Application in Diabetes Treatment Augmenting the Cannula Market Revenues –
According to WHO, the number of people who have diabetes has increased from 108 million in 1980 to 422 million in 2014, and 1.6 million deaths were directly attributable to the disease. Cannula plays a vital role in the treatment of diabetes, and the growing concern is that the disease is increasing prospects for cannula market players.
· The Anticipated Increase in Surgeries to Increase the Global Cannula Market Size –
The G4 Alliance states that 5 billion people lack access to safe and affordable surgery and anesthesia care. Furthermore, the untreated surgical condition leads to a death every 2 seconds. Seventeen million lives can be saved with better access to safe surgery, and the lack of investment in the same can lead to a loss of $12.3 trillion in GDP of low and middle-income countries by 2030. This is going to increase the investment in surgeries, and the forecast period foresees a definite increase in the total number of surgeries carried out worldwide, which will create a myriad of opportunities in the cannula market.
Cannula Market – Competitive Landscape:
The major players in the cannula market that are striving to expand geographically to increase their revenues are Teleflex Incorporated, CONMED Corporation, Sorin Group, Smith & Nephew plc, Edward Lifesciences Corporation, Boston Scientific Corporation, Terumo Corporation, Medtronic plc, and Maquel Holding B.V. & Co. KG.
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