The major factors attributing to the growth of the market are the increasing number of patients undergoing minimally invasive surgery (MIS) procedures along with the rise in the geriatric population, reduced duration of time, and quicker patient recuperation. Also, the increasing prevalence of lifestyle-induced diseases such as obesity, cardiac, and diabetic diseases which demand the requirement for cannula are expected to contribute to lucrative growth during the forecast period. For instance, “Global Health And Wellness Report,” says that about 40% of the adult population in the United States have been diagnosed with a cardiovascular condition. Furthermore, an increase in the R&D investment by manufacturers with a strong pipeline of products and services along with increasing government and corporate funding in R&D are likely to fuel the growth of the global market.
However, the growth of the medical cannula market is expected to restain due to injuries and complications associated with improper cannula stabilization causing reluctance to patients.
Key Market Trends
Cardiac Cannula in Product Segment is Expected to Hold the Largest Market Share in the Medical Cannula Market
The cardiac cannula segment has been accounted for the largest market share in recent years and expected to do so over the forecast period. This dominance is owing to the high incidence rate of cardiovascular diseases and the huge number of hospital admissions associated with cardiac conditions. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the U.S. suffered from cardiovascular diseases resulted in higher demand for the cardiac cannula, which drives the market in the region.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the Medical Cannula market, throughout the forecast period. The dominance is due to a higher rate of numerous diseases and disorders, highly advanced technology, and established healthcare infrastructure providing the MIS techniques.
Followed by North America, Europe accounts for the second-highest market revenue due to factors such as the ongoing research and development activities and huge patient pool in the region which generates high demand for surgeries.
Asia Pacific region is set to grow at the fastest rate during the forecast period, driven by enhanced awareness about MIS techniques in countries such as China, India, and Japan. China plays a pivotal role due to its high population and high extent of government support to the healthcare sector.
The medical cannula market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share. For Instance, In July 2019, LivaNova introduced a new line of femoral arterial cannula called Bi-Flow, designed to allow stable bidirectional perfusion, and the only femoral arterial cannula designed to prevent limb ischemia. This new device is available in several markets, including Europe and Canada. Also, the company is looking forward to expanding its market in the US, increasing its market share in the industry.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Number of Surgeries and Minimally Invasive Procedures Along with Rising Patient Pool
4.2.2 Recent Developments in Cannula that Ensure Reduced Procedural Time Enabling Quicker Patient Recuperation
4.3 Market Restraints
4.3.1 Risk of Injury to Nerve and Other Complications Such as Niddlestick Injury Due to Improper Stabilization of Cannulae
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.3.2 Oxygen Therapy
5.5.2 Ambulatory Surgical Centers
5.6.1 North America
18.104.22.168 United states
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.6.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
5.6.5 South America
22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 LivaNova PLC
6.1.3 Edwards Lifesciences Corporation
6.1.4 Smiths Medical
6.1.5 Becton, Dickinson and Company
6.1.6 Terumo Cardiovascular Group
6.1.7 Teleflex Incorporated
6.1.8 CONMED Corporation
6.1.9 Smith & Nephew plc
6.1.10 Boston Scientific Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.