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Press Release: Angiostomy Cannula Market to Surpass US$ 215 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 136.5 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.9% | 2027 Value Projection: | US$ 218.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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. |
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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.
Angiostomy cannula is a thin tube, which is inserted into the human body veins or body cavity to introduce medication, removal of fluid or to insert a surgical instrument. Cannula is usually surrounded by the trocar needle with inner and outer surface, which allows puncturing of the body in order to get enough space. It is also known as intravenous IV cannula. The normal cannula size mainly ranges around 14 – 24 gauge.
There are various types of cannula such as venous cannula, arterial cannula, nasal cannula or an oral-nasal cannula. The venous cannula is used for inserting in veins for the removal of blood samples and for administering medicines. An arterial cannula is used to insert in the artery of human body, commonly in the radial artery, during major operations such as bypass surgery and are also used to measure beat to beat blood pressure, which is a painful procedure that leads to stress and anxiety. The nasal cannula or the oral nasal cannula is used to insert into nostrils and mouth, and also for delivering oxygen or to measure the airflow into the nose.
On the basis of size, it is differentiated into colours such as orange (14G), grey (16G), green (18G), pink (20G), blue (22G), yellow (24G), and violet (26G). The use of these various sizes of cannula depends on the patient’s age, physique, and the application of the cannula. The materials that are used to make cannulas are plastic, metal, and silicon, as the silicon material is expected to support growth of the cannula market, as this type of cannula is more flexible and soft to use.
Market Dynamics
The increasing geriatric population across the globe is expected to drive growth of the global angiostomy cannula market. According to World Population Aging 2019 report published by United Nations, globally, the share of aging population who are 65 years old and above grew by 6% between 1990 and 2019. The current population of this age group is around 703 million and is projected to reach around 1.5 billion in 2050. The high projected growth of geriatric population will increase the number of surgeries that will contribute to growth of the angiostomy cannula market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 29 market data tables and 25 figures on "Global Angiostomy Cannula Market” - Forecast to 2027”
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