The global cannula market is expected to grow significantly from USD 117.89 Million in 2018 to USD 202 Million in 2025, at a CAGR of 8.3% from 2019 to 2025. Factors driving the market growth are; growing demand for injectable drugs, rising infant mortality rates, and growing number of surgeries across the globe. In addition, rising aging population and increasing incidence of chronic diseases, growing number of offline and online distribution channels and adoption of minimally invasive surgeries is further propelling the industry growth.
Nasal cannula segment accounts for the major share of the global cannula market
Nasal cannula consists of small bore tube connected to two short prongs that are placed into the nares to supply oxygen directly from a flow meter or through humidified air to the patient. Moreover, Chronic Obstructive Pulmonary Disease (COPD) is currently the fourth leading cause of death worldwide, and is projected to be the third leading cause of death by 2020. Furthermore, patients with COPD often need supplemental oxygen therapy which is typically delivered through nasal cannula. Additionally, the growing adoption of oxygen therapy for home healthcare settings is further expected to increase significantly over the forecast period.
Cannula Market – Regional insight
North America held the major share of the global cannula market in 2018. The growth is attributed to the rising number of surgeries and adoption of new technologies in the region. Moreover, growing demand for minimal invasive surgeries is further augmenting the industry growth in the region. Asia-Pacific region is expected to witness the highest CAGR over the forecast period. The growth is attributed to increasing prevalence of lifestyle-related diseases, improved health care policies, and growing burden of chronic diseases in the region.
The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the cannula market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the cannulamarket
Finalizing the overall size and share for the global cannulamarket
The years used for the assessment are as follows;
Historical year : 2015, 2016 and 2017
Base year : 2018
Forecast period: 2019 – 2025
To classify global Cannula market into segments on the basis of material, product type, end-user and region to analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with cannula
Profiling key companies operating in the global cannulamarket
To study market response with respect to the mergers and acquisitions in the industry