A cannula is a thin tube inserted into the body, often placed in arteries, veins or body cavities to administer medication, drain fluid or measure pressure. Major applications of cannula include cardiovascular surgeries, general surgery, neurosurgery, orthopedic surgeries and other minimally invasive procedures. Cannulas are used in procedures like cardiopulmonary bypass, hemodialysis and heart-lung machine. They are usually made of medical grade plastic, stainless steel or silicone.

The Cannula market is estimated to be valued at US$ 180.4 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:
The increasing number of minimally invasive surgeries is the key factor driving growth of the cannula market. As per Agency for Healthcare Research and Quality (AHRQ), in the U.S. the number of minimally invasive procedures performed rose from 6 million in 2000 to 14 million in 2010 representing a 133% increase in 10 years. Further, the rising geriatric population which is prone to various chronic diseases also increases the number of surgical procedures. According to the World Health Organization (WHO), between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Additionally, technological advancements in cannula design for improved flexibility and safety further increases adoption rate. However, lack of skilled professionals in developing countries may hamper market growth over the forecast period.

SWOT Analysis
Strength: Cannula has three main advantages. Firstly, it causes minimal tissue damage during insertion. Secondly, it allows for precise targeted drug or fluid delivery. Thirdly, cannulas provide secure access to veins or tissues.
Weakness: Cannulas have a risk of dislodging or being pulled out accidentally. Secondly, their insertion requires technical skills and involves a degree of pain.
Opportunity: Rising demand for minimally invasive surgeries opens up opportunities for wider cannula adoption. Secondly, growing geriatric population prone tovarious diseases will boost need for safer vascular access options like cannulas.
Threats: Availability of alternative vascular access devices can hamper cannula sales. Secondly, lack of healthcare access in poorer nations poses challenges.

Key Takeaways
The global cannula market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand for minimally invasive procedures. The minimally invasive nature of cannulas helps reduce recovery time and postoperative pain for patients.

Regional analysis
North America dominates the global cannula market, accounting for over 35% share. This is attributed to factors such as rising chronic diseases, growing geriatric population and increasing healthcare spending in the region. Asia Pacific exhibits highest growth and is poised to grow at 8.7% CAGR during the forecast period. Improving access to healthcare and growing medical tourism industry in nations like India and China will drive regional market.

Key players
Key players operating in the cannula market are Smith Nephew, Maquel Holding B.V. Co. KG., Sorin Group, Edward Lifescience Corporation, Medtronic plc, Terumo Corporation, Boston Scientific Corporation, Teleflex Incorporated, Conmed Corporation, Dolphin Surgicals, Micromed International, Goodhealth Inc., and Biotek (Chetan Meditech Pvt. Ltd.). These players are focusing on new product launches and geographic expansion to gain higher share.