Research and Markets - Global Cannulas Market Growth at CAGR of 6.73%, 2016-2020: Key Vendors are Boston Scientific, Edward Lifesciences, MAQUET, Medtronic, Smith & Nephew & Terumo

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Oct 03, 2016, 03:10 ET

DUBLIN, October 3, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Cannulas Market 2016-2020" report to their offering.

The global cannulas market to grow at a CAGR of 6.73% during the period 2016-2020.

Global Cannulas Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Using online marketing strategies will be a key trend for market growth. Vendors are using online marketing and promotional strategies to offer better accessibility of their products to consumers and increase their product sales. Online marketing strategies also help vendors minimize setup, distribution, and operational costs. Many large and small vendors are selling cannulas online, which is of greater convenience for consumers. Emerging companies are also focusing on online marketing and direct delivery of cannula to consumers to increase their sales and market shares. Vendors also provide online discounts or promotional offers, which have further increased the online sales of cannulas. In addition, there are no time limitations for online cannulas compared with the ones available in medical stores. The products available online are also authentic and contain manufacturer's warranty card.

According to the report, demand for single-use cannulas will be a key driver for market growth. The adoption of single-use cannula is high in hospitals and medical facilities due to their association with zero risk of contamination and infections. The safety and efficacy profiles of cannulas have led to smooth cannulation among people with chronic diseases. Most of the single-use cannulas are used during surgical procedures in the areas of cardiology, arthroscopy, gastroenterology (endoscopy), and ophthalmology. Single-use cannulas are cost-effective and have high compliance rate with better quality and safety. Advances in design, ergonomic features, and clear identification of sizes and shape have helped surgeons adopt surgical cannulas in almost all MI procedures.

Further, the report states that price wars among vendors will be a major challenge for the market. The market is highly fragmented, with the presence of many vendors that have significant revenue shares. Large players offer products that are almost similar in technologies, resulting in price wars worldwide, particularly in the US and Europe. In addition, the competition in the market is intense, with the presence of many regional and local players in emerging countries such as Brazil and China.

Leading vendors dominate the market by providing a wide range of products, including a broad range of cannula kits. Small- and medium-sized companies focus on single product lines in particular geographies to gain market shares. To compete with global vendors, local players offer cost-effective products. This further increases the pricing pressure on vendors, negatively impacting their profit margins.

Key questions answered in this report