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Cannula Market Size Worth $212.0 Million by 2026

Cardiac Care Centers

Updated on Mar 25, 2020

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The global cannula market size is expected to reach USD 212.0 million by 2026 at a 7.5% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for minimally invasive surgeries, growing number of surgeries among geriatric population, advancement in healthcare facilities, and rising government support and R&D investments are anticipated to drive the cannula market.

The market is also driven by increasing prevalence of lifestyle-related diseases such as obesity. Market players are continuously involved in introducing new technologies to cater to this trend. PROTEK Duo cannula, new injection molding technology and single-use cannulas for surgery, is one such example.

Key players operating in the market are using different strategies such as new product development, investment in R&D, acquisitions, partnerships, joint ventures, and agreements to increase their foothold in this market.

The cannula market in developed economies, such as U.S., Germany, France, and Australia, is comparatively mature owing to presence of well-established market players in these countries and high demand for such products.

On the other hand, developing countries in Asia and Latin America currently have a moderate adoption rate of these products, thus presenting more scope for market expansion. Growth of medical tourism and rising patient awareness in these countries are anticipated to propel the market. Manufacturing companies investing in these rapidly developing markets are expected to grow at a lucrative rate, provided pricing and distribution activities are undertaken efficiently.

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Further key findings from the report suggest:

  • Dermatology cannulas are projected to witness a CAGR of more than 8.0% over the forecast period. This can be attributed to massive patient pool and increasing number of surgeries, especially in U.S.

  • Asia is estimated to witness the highest growth rate in the global market, due to increase in penetration of market players, large geriatric patient pool, and increasing healthcare expenditure

  • Some of the key companies in the market are Medtronic, Edward Lifesciences, LivaNova, Terumo Corporation, Teleflex, Smiths Medical, Boston Scientific Corporation, CONMED, and Smith & Nephew.

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