Medical Cannula Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Medical Cannula Market in 2021?

The global medical cannula market is projected to have a growth rate of 5.2% CAGR from 2021 to 2026. The market is expected to reach a value of USD 1.2 billion by 2026, up from USD 900 million in 2021.

COVID-19 Impact on the Medical Cannula Market

The COVID-19 pandemic has had a mixed impact on the medical cannula market. While there was a temporary disruption in the supply chain due to lockdowns and restrictions, the demand for medical cannulas surged as hospitals and healthcare facilities ramped up their efforts to treat COVID-19 patients.

The market witnessed a spike in demand for cannulas used in invasive procedures, such as intubation, as well as for administering oxygen to critically ill patients. However, the market also faced challenges such as raw material shortages and logistical issues during the peak of the pandemic.

Medical Cannula Dynamics

The medical cannula market is driven by factors such as the increasing prevalence of chronic diseases, rising surgical procedures, and advancements in healthcare infrastructure. The market is also influenced by the growing elderly population and the expanding healthcare sector in emerging economies.

On the other hand, the market faces challenges such as stringent regulatory requirements, pricing pressures, and competition from alternative technologies. Companies in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to stay competitive.

Segments and Related Analysis

Type of Cannula

Based on the type of cannula, the market can be segmented into arterial cannulas, venous cannulas, nasal cannulas, and others. Arterial cannulas are expected to dominate the market due to their use in critical care settings and cardiac surgeries.

Material

By material, the market can be segmented into plastic, metal, and silicone cannulas. Plastic cannulas are widely used in medical procedures due to their cost-effectiveness and flexibility.

By Region Analysis

North America

North America is expected to hold a significant share of the medical cannula market, driven by the presence of well-established healthcare infrastructure, technological advancements, and high healthcare expenditure in the region.

Europe

Europe is projected to witness steady growth in the medical cannula market due to the increasing geriatric population, rising prevalence of chronic diseases, and supportive government initiatives in the healthcare sector.

Asia Pacific

The Asia Pacific region is expected to experience rapid growth in the medical cannula market, fueled by the growing demand for advanced healthcare solutions, increasing disposable income, and expanding healthcare infrastructure in countries such as China and India.

Latin America

Latin America is anticipated to witness moderate growth in the medical cannula market, supported by improving healthcare facilities, rising awareness about healthcare, and growing medical tourism in the region.

Middle East and Africa

The Middle East and Africa region are expected to show promising growth in the medical cannula market due to increasing investments in healthcare infrastructure, rising prevalence of chronic diseases, and the adoption of advanced medical technologies.

Key Market Players and Competitive Landscape

The key players in the medical cannula market include Smiths Medical, Medtronic, Boston Scientific, Terumo Corporation, Edwards Lifesciences, and B. Braun Melsungen AG. These companies are focusing on product innovation, strategic collaborations, and expansions to strengthen their market presence.

The market is highly competitive, with players competing on factors such as product quality, pricing, distribution network, and customer service. New entrants face challenges such as high initial investments and stringent regulatory requirements.

Recent Happenings in the Medical Cannula Market

- In May 2021, Smiths Medical launched a new range of advanced arterial cannulas for use in critical care and surgical procedures.

- In July 2021, Terumo Corporation announced the acquisition of a leading manufacturer of silicone cannulas to expand its product portfolio and market reach.

- In September 2021, Boston Scientific introduced a novel venous cannula with enhanced flexibility and improved patient comfort for use in cardiac surgeries.

- In November 2021, Medtronic partnered with a prominent hospital chain to provide advanced nasal cannulas for respiratory support in COVID-19 patients.