Stainless Steel Cannula Market Size, Share, Growth, and Industry Analysis, By Type (Blunt Cannula, Deflected Cannula), By Application (Medical, Laboratory Use), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Stainless Steel Cannula Market REPORT OVERVIEW

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The global stainless steel cannula market size was USD 155.3 million in 2021 and market is projected to touch USD 348.12 million by 2031, exhibiting a CAGR of 8.4% during the forecast period.

A stainless steel cannula is a medical device that can be used to allow fluid to enter and leave the body at hand by pressing on the body through a tube inserted into the skin. It is used for intravenous therapy and can be used for continuous infusion of drugs, fluids, and nutrients. It is a tube with a closed end and a tapered tip that is used to deliver medications into the body. It is also used as an auxiliary device when administering general anesthesia. The cannula helps prevent air from entering the lungs during procedures such as ventilation or suctioning.

Stainless steel cannulas are better than normal cannulas because they have no sharp edges. In addition, It has an I.D. (inside diameter) of 25 mm, whereas most traditional cannulas have an I.D. of 22-23 mm. The greater the lumen (inner diameter), the smaller the inner diameter of a disc needle at rest (which is used in most medical procedures) or when implanted. This change in size leads to longer implant life, fewer complications, and cost savings by avoiding surgical revision procedures. It is durable and resistant to corrosion. Its smooth surface can be used for repeated punctures. Unlike plastic cannulas, stainless steel cannulas are hypoallergenic and non-porous.

COVID-19 Impact: The Slowdown in Production Hampered Market Growth

The COVID-19 pandemic has significantly impacted the global industry and its working conditions, especially among healthcare providers where patients are being kept at home as a precautionary measure. Reports also indicate that many medical centres have been forced to suspend operations due to a lack of staff and licencing restrictions. Due to the COVID-19 pandemic, stainless steel cannula market have struggled over the last few years. Although some manufacturers found ways to increase production, such as overtime and weekends, employees’ wages could not be increased to match this demand. Furthermore, the COVID-19 pandemic has disrupted many industries throughout the world, including healthcare.

LATEST TRENDS

"Popularity Among Specialized Medicines Triggers a Rise in Market Demand"

The stainless steel cannula market growth has experienced a significant hike during the past few years. The fast-paced technological advancements in the field of medical diagnostic equipment, particularly with regard to nuclear medicine, have led to an increase in demand for different types of radiation dosimetry tools. Medical experts have been researching the field of radiation dosimetry and have made great advancements. This has led to the creation of more advanced tools that help scientists and medics keep us safe.

Stainless Steel Cannula Market SEGMENTATION

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• By Type

Based on type; the market is divided into Blunt Cannula and Deflected Cannula

Blunt Cannula is the leading part of this segment.

• By Application

Based on application; the market is divided into Medical, Laboratory Use

Medical is the leading part of the application segment.

DRIVING FACTORS

"Wide Applications of the Product Lead to an Increase in Market Growth"

The stainless steel cannula has been becoming increasingly popular among patients due to the increased thickness and design of the cannula. This market provides a greater opportunity for manufacturers. Its range of uses is not restricted to medical procedures, but can also be used in various industries such as hospitality, manufacturing, and healthcare service providers. The rapid adoption of this product has been attributed to its low cost, ease of use, and quick setup time. The availability of these devices across a broad range of different applications, such as hospitals and research facilities such as imaging humans and animals, enables them to be used in almost any setting without compromising on the performance standards.       

"Health Aspects of the Product Enhanced Market Demand"

Customer requirements and expectations are some of the factors that drive the market for stainless steel cannulas. People are looking for a high-quality cannulas so that they can benefit from the health benefits it provides. These cannulas are used to prevent infectious diseases by providing easy access to the bodily systems, especially when people are suffering from joint problems. Clients usually prefer to buy these products because they are cheaper than other materials and they have excellent quality to last longer than most other products. Increased demand for these cannulas will be seen in hospitals due to their hygienic nature, which could help prevent cross infections and risks associated with contaminated needles.

RESTRAINING FACTORS

"High Price Lead to Impede Market Demand"

The key disadvantage of the stainless steel cannula market is its high price, which makes it difficult for some users to afford. Another challenge with this market is that an adequate presence of trusted suppliers in the industry has not been established as yet. The main reason why there are no trusted suppliers in this field is that they are very rare in this industry and they are mostly ignored by patients and healthcare providers who seek help. Also, while there is a significant need for these products, they are not affordable for many people to buy.

Stainless Steel Cannula Market REGIONAL INSIGHTS

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"North America to Lead Market owing to Increasing Research and Development Activities"

The North American region is projected to witness substantial growth in the demand for stainless steel cannula market share. The pharmaceutical and healthcare industry’s increasing focus on cost reduction initiatives, as well as the robust research and development activities of big pharma companies, have led to a significant rise in the number of active medicinal ingredients across the globe. North America, driven by the demand for it in the pharmaceutical and healthcare industries, is poised to witness positive growth during the forecast period.

KEY INDUSTRY PLAYERS

"Major Players In the Market to Boost Market Growth"

The data that was used to analyse this market comes from a variety of sources. Among these sources are trade journals, statistics from trade associations, academic research, and government reports. Information is also gathered from various sources, including producers, retailers, suppliers, micro-experts, and other participants in the global market. The report offers details about industry participants and their involvement in the sector. Partnerships, technological advancements, acquisitions, mergers, and the expansion of industrial facilities are a few examples of information collection and reporting techniques.

List of Market Players Profiled

• Becton Dickinson (BD) U.S.)
• Cardinal Health (U.S.)
• Techcon Systems (U.S.)
• Thermo Fisher Scientific (U.S.)
• Masterflex (Germany)
• Quality Lab Accessories (QLA) (U.S.)
• Sklar (U.S.)
• Unimed (Switzerland‎)
• Conmed (U.S.)
• Accutome (U.S.)
• Charles River Laboratories (U.S)
• Thorlabs (U.S.)
• Chemglass (U.S.)
• Avanos Medical (U.S.)
• Nihon Chushashin Kogyo (Japan)
• Ace Glass (U.S.)
• Socorex (Switzerland)
• Radnoti (U.S.)
• Allied Way (India)
• World Precision Instruments (WPI) (U.S.)

REPORT COVERAGE

The study provides a comprehensive analysis of the state of the market today, taking into account all important factors such raw materials, technology, and equipment, as well as supply and demand, production capacity, and industry chain analysis. This report evaluates the market potential and market risks associated with the development of specific segments. The main drivers and limitations of the market are also examined to ascertain how these aspects will effect its expansion. For the projected period, the performance of significant companies is assessed, and their contributions to market dynamics are looked at.