The global cannula market is projected to witness significant growth from 2021 to 2031 (forecast period). The major factors expected to boost the worldwide cannula market are the increasing number of surgeries, innovations in healthcare centers, higher R&D investment, rising government funding, and a diverse patient pool. Furthermore, the growing popularity of minimally invasive surgery (MIS) is likely to drive the global cannula market. Moreover, the rise of a variety of medical disorders as a result of inactive lifestyles, bad eating habits, alcohol intake, smoking, and the development of the healthcare system in developing markets are anticipated to spur the global cannula market.
Leading players in the cannula market are Medtronic plc (U.S.), Terumo Corporation (Japan), Sorin Group (Italy), Maquet Holding B.V. & Co. KG (Germany), and Edward Lifesciences Corp. (U.S.).
Major market participants are concentrating on releasing new products in the market in order to build a strong range and extend their market positions. Medtronic, for instance, introduced the Kyphon Assist Directional Cannula for balloon kyphoplasty in the United States in May 2020. Market players are also employing methods such as strategic collaborations and acquisitions to help them manage their market position.
The rising prevalence of lifestyle diseases such as obesity and diabetes is increasing the number of surgical processes performed worldwide. This is a major aspect projected to boost the sales of cannula market. Furthermore, the rapidly aging population and increased demand for minimally invasive surgeries (MIS) are expected to drive market expansion. Moreover, the growing appeal of cosmetic procedures and the burgeoning impact of social media are significantly fueling the demand for cannula. In addition, good government regulations for providing basic healthcare services and improvements in healthcare centers are likely to propel the global cannula market. Moreover, prominent vendors are investing in research and development initiatives in order to launch top-notch products. A bidirectional arterial cannula, for instance, was recently produced by LivaNova PLC, a medical equipment maker, to reduce the chance of limb ischemia.
During the COVID-19 crisis, the global cannula market had a varied reaction. Although demand for nasal cannulas for the management of COVID-19 patients surged substantially, sales in the dermatology segment fell dramatically due to the postponement of elective surgery. Nonetheless, dermatology rebounded during the second half of 2020.
Furthermore, with such a large population infected with the COVID-19 virus, respiratory illnesses may become more common in the future. This is due to the virus's severe toxicity to the respiratory system. Moreover, as economies recover and the world returns to regularity, the worldwide cannula market is projected to expand rapidly over the projection period.
North America is expected to contribute significantly to the cannula market during the projection period due to the presence of key market players and the provision of robust healthcare centers in the region. Furthermore, the region's rising prevalence of lifestyle disorders is likely to drive the regional market expansion. Increased knowledge of minimally invasive procedures and a growing acceptance rate of aesthetic procedures are projected to fuel the regional market expansion in this region. According to the American Society of Plastic Surgeons, approximately 15.7 billion USD was invested in cosmetic procedures in the United States in 2020.
The cannula market in Asia Pacific is expected to expand due to a significant growth in the region's elderly population, which creates a large patient pool with people with chronic illnesses like cardiovascular disease and diabetes. Furthermore, the government's enhanced efforts to enact favorable healthcare policies, especially in rural areas, are projected to assist market expansion in this region.