Cannulas: Key market research findings
- The Americas dominate the market geographically
- Nasal cannulas account for a majority of the market’s revenue
- Key vendors – Boston Scientific, Edward Lifesciences, MAQUET, Medtronic, Smith & Nephew, and Terumo
The market research analysts at Technavio predict the global cannulas market to grow at a CAGR of around 7% between 2016 and 2020. The market’s growth is fueled by the surging number of surgical and MI procedures. The rise in the incidence of chronic diseases has increased the number of surgical and MI procedures associated with their treatment. The use of MI techniques to treat people with cancer, congenital malformations, gastrointestinal malfunctions, and who require long-term access to medications and fluids, is on the rise. During 2015, the global market for cannulas was dominated by the Americas with a market share of around 55%. Increasing number of surgeries in these countries in the areas of cardiovascular diseases, orthopedics, cosmetics, and trauma will fuel the market’s growth in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the cannulas segments based on the product.
“Advances in medical technology have led to the development of devices that can be customized according to consumer needs. Vendors are implementing various technologies to develop cannula that have improved designs and minimize associated complications during treatment. Teleflex uses its ClearAir technology to develop cannulas. The technology involves the unidirectional flow of oxygen through the nasal or oral area for inhalation and at the same time application of negative pressure on the port in the lower portion of the cannula. The availability of advanced technologies will likely help increase the demand and sales of cannulas in the coming years,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
By 2020, nasal cannulas segment will continue its market dominance by accounting for around 55% of the overall market revenue. Nasal cannula consists a tube with two prongs placed in the nostrils on one end and the other end of the tube is connected to oxygen generator. It is attached by hooking around individual’s ears or by elastic head band and is used to deliver supplemental oxygen to an individual in need of respiratory help. The nasal cannula market is driven primarily by increased incidence of COPD, which demands the use of cannula.
The key vendors in the global cannula market include Boston Scientific, Edward Lifesciences, MAQUET, Medtronic, Smith & Nephew, and Terumo. Both global and local vendors develop cannula that have improved characteristics of seal and design for use in hospitals, ASCs, and clinics. These vendors implement various strategies to remain competitive in the market. They invest in the R&D of products and associated novel applications, expand their operations in emerging economies, and improve their brand recognition to gain market shares. Global vendors use advanced technologies and invest extensively in R&D to expand their product portfolio and decrease competition from new players. Local vendors offer cost-effective products to gain market shares.
A more detailed analysis is available in the Technavio report, Global Cannulas Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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