The medical cannula market is likely to reach US$ 784 million by 2030, according to a latest report by ESOMAR-certified firm, Future Market Insights.
The report offers detailed insights on the medical cannula landscape, charting the key influencing factors in 20+ countries. A comprehensive profiling of the leading players in the medical cannula market is also included in the report.
According to the study, growing preference for minimally-invasive procedures is likely to provide an impetus to market growth over the forecast period. Sensing the opportunities, manufacturers are focusing on launching affordable, yet safe products in the market.
Advancement in technology is being tried out by medical cannula market players. For instance – bi-flow cannulation is being put into practice to facilitate simultaneous distal and systemic perfusion.
In terms of material, Arthroscopic Innovations LLC, in the year 2019, developed super-V cannula for arthroscopy. Nitinol (alloy of nickel and titanium) is used to manufacture this cannula. The distinct features include being small, superelastic, and less traumatic.
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Covid-19 Impact on Medical Cannula Landscape
The impact of COVID-19 is being felt by medical cannula industry. However, as compared to other industries, the impact has been milder, as healthcare is an essential service.
The decline from hospitals has been compensated to a certain extent by homecare settings, but medical cannula manufacturers will be hoping for a quick recovery in 2021.
Key Takeaways of Medical Cannula Market Study
- IV cannula accounts for nearly 75% revenue share of the medical cannula market
- Vascular access will consistently hold 30% revenue share during the assessment period
- 18G size is expected to account for close to 50% of market share followed by 20G size
- North America holds the largest revenue share due to novel product launches and approvals
“New product launches backed by technological advancements are expected to propel the medical cannula market” says the FMI analyst
Acquisition: Key Strategy adopted by Market Players
Inorganic growth strategies like acquisitions are emphasized by key players to substantiate themselves in the medical cannula market.
For instance –
- In Feb 2020, IWG High Performance Conductors (HPC) was acquired by Teleflex Medical OEM to facilitate the latter’s expansion with regards to treatments for neurovascular ailments
- In Apr 2018, LivaNova announced acquiring TandemLife to complement its portfolio with percutaneous mechanical circulatory support and extracorporeal life support solutions.
- In Dec 2018, Cook Medical LLC acquired the R.J. Reynolds building at Winston-Salem’s Whitaker Park to convert it into medical device manufacturing facility
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- Vascular Access
- Ambulatory Surgical Center
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- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa (MEA)