The increasing healthcare expenditure and adaptability of demand for minimally invasive surgery are expected to fuel growth of angiostomy cannula market over the forecast period. According to data of the U.S. Centers for Medicare & Medicaid, the U.S. healthcare expenditure grew by 4.6%, which is around US$ 3.6 trillion in 2018. The high government expenditure and support for treatment of various diseases will provide huge reimbursement opportunity for medical device manufacturers such as angiostomy cannula. Moreover, advancement in technology made cannulas with improved features have made surgical procedure duration shorter and it also helps in faster recovery of patients. The increasing availability of such devices is expected to fuel the global angiostomy cannula market growth.
Global Angiostomy Cannula Market - Impact of Coronavirus (Covid-19) Pandemic
The spread of coronavirus has negatively impacted the global angiostomy cannula market. The outbreak of this virus has hindered growth of the global market. The U.S has the highest number of corona patients, which is expected to impact the country’s economic condition and government healthcare spending. Similarly, the countries such as Italy, Spain, Russia, India, Brazil, and many other economies are also suffering from Covid-19 attack, which is expected to negatively impact the Global Angiostomy Cannula Market growth. Furthermore, due to COVID-19 pandemic, hospitals are closed in containment zones, which has resulted in decline in sales of medical devices such as angiostomy cannula.
The global angiostomy cannula market is estimated to be valued at US$ 136.5 Mn in 2020 and is expected to exhibit a CAGR of 6.9% during the forecast period (2020-2027).
Figure 1: Global Angiostomy Cannula Market Share (%) Analysis, By Product Type
Global Angiostomy Cannula Market - Restraints
The stringent government regulations is a major factor restraining growth of the global angiostomy cannula market. Key players in the market are facing product recalls, which is expected to restrain the market growth. For instance, in 2019, the U.S FDA terminated BVI Visitec Soft Tip Cannula, a product of the U.S.-based Beaver Visitec Company. The reason for recall of this product was that protective sheath component over the silicone tip was missing in few lots of cannula detaching at the metal tube component. This could cause eye injury during surgical procedure.
Similarly, in 2019, Health Canada recalled QuickDraw 22 & 25 Venous Cannula product of Edwards Lifesciences LLC. The reason for recall was that Edwards Lifesciences LLC identified safety risk that may occur during the use of QuickDraw Venous Cannula models QD22 and QD25 when used in an unintended manner.
Angiostomy Cannula Market Report Coverage
||Market Size in 2019:
||US$ 136.5 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 218.5 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Type: Cardiac cannula, Vascular cannula, Arthroscopy cannula, Dermatology cannula, Nasal cannula, Floating spinal cannulas, Vitreoretinal cannulas, Hysterosalpingography cannulas.
- By Application: Cardiovascular Surgery, Oxygen Therapy, Orthopedic Surgery, Diabetes treatment, Neurology, General Surgery, Cosmetic/Plastic Surgery.
- By End User: Hospitals, Ambulatory Surgical Centers, Blood Banks, Home Healthcare Facilities.
Smith & Nephew, Maquet Holding B.V. & Co. KG., Sorin Group, Edward Lifescience Corporation, Medtronic plc, Terumo Corporation, Medline Industries, Inc., Cardinal Health, Boston Scientific Corporation, Teleflex Incorporated, Conmed Corporation, Dolphin Surgicals, Micromed International, Goodhealth Inc., and BioTek Instruments, Inc.
- Rise in general surgical procedures and increase in geriatric population across the globe
|Restraints & Challenges:
- Increasing product recalls
Global Angiostomy Cannula Market: Opportunities
Increasing funding for hospital services is expected to offer lucrative growth opportunities for players in the global angiostomy cannula market. For instance, in August 2019, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on an average in public hospitals and by 2.9% per year on an average in private hospitals in Australia.
Global Angiostomy Cannula Market – Regional Analysis
On the basis of region, the global angiostomy cannula market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The North America is expected to contribute major market share, followed by Asia Pacific, owing to the rising rate of geriatric population due to increase in population size, increasing number of patients undergoing various surgical procedures, and increasing change in lifestyle related diseases such as obesity. For instance, according to Population Reference Bureau of the U.S data 2018, In the U.S the number of people aged 65 and older were 52 million in 2018 and it is projected to nearly double around 95 million by 2060. The expected rise of 65-and-older age group’s share of the total population will be from 16% to 23%. Such high number of increasing geriatric population will increase the number of surgeries in the near future. Angiostomy cannulas are used in healthcare for surgical use, which is a major factor driving growth of the global angiostomy cannula market.
Figure 2 : Global Angiostomy Cannula Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Global Angiostomy Cannula Market - Competitive Landscape
Key players operating in the global angiostomy cannula market include Smith & Nephew, Maquet Holding B.V. & Co. KG., Sorin Group, Edward Lifescience Corporation, Medtronic plc, Terumo Corporation, Medline Industries, Inc., Cardinal Health, Boston Scientific Corporation, Teleflex Incorporated, Conmed Corporation, Dolphin Surgicals, Micromed International, Goodhealth Inc., and BioTek Instruments, Inc.