As per the research report, the Latin American cannula market size has been calculated at USD 17.23 billion in 2022. Furthermore, it is estimated to be growing at a CAGR of 6.14% and worth USD 23.21 billion by 2027.
The cannula is a tube inserted into the body for injection of fluid, removal of fluid, and data collection. A cannula can cover the inner and outer layers of a trocar needle, thus increasing the effective length of the needle by about half the original length of the needle.
In veterinary applications, it is used to relieve cattle from bloating and pressure in the abdomen, most commonly caused by the accidental consumption of legumes. They are also used in the insertion of VeriChip. In aesthetic medicine, it finds its application in the form of a blunt-tip cannula, which has a small tube with an edge used for subdermal injection of gels or fluids. It is also used in liposuction procedures for injecting cosmetic wrinkle filters like collagen and hyaluronic acid. A push-pull cannula that can both inject and withdraw fluid is used to study the effects of different chemicals on a cell.
The Latin American cannula market is predicted to accelerate with the growing adaptation of medical devices. Therefore, the LATAM cannula market is expected to experience profitable growth during the forecast period driven by the increase in research and development associated with medical devices and attachments, the number of patients undergoing surgery increases, rising number of hospitalizations, coupled with an increase in the number of surgeries, the development of healthcare facilities across Latin America, the growth in geriatric population who are more prone to chronic diseases, high demand for minimally invasive surgical procedures and technological developments such as single-use cannulas for surgical use.
Latin America had 520 million people with a GDP of $ 5.5 trillion in 2014. According to the World Health Organization, approximately 244 million surgeries are performed yearly. On average, around 1 million patients undergo heart surgery, and about 20 million people opt for plastic surgery each year. According to WHO data, the global prevalence of overweight and obesity among 18 and over was 40% and 15%, respectively. This data shows the imminent need for growth opportunities for the Latin American cannula market during the forecast period. The growth of medical tourism and increasing patient awareness in Latin American countries is expected to drive the market. Many international companies are investing in these rapidly developing markets due to the rising demand in the regions.
However, the Unskilled and accidental application of the cannula leads to needle prick injury, which may cause a lot of discomfort to the patient. Cannulas cause anxiety in the patients too. The exposed site of entry may also be at risk for infection. These are the factors that hamper the growth of the Latin American cannula market. Additionally, the shortage of qualified healthcare professionals in rural/ developing regions and the high cost associated with the surgical procedures are likely to impact the LATAM cannula market's growth negatively.
This research report on the Latin American Cannula Market has been segmented and sub-segmented into the following categories:
By End Users:
Geographically, the Latin American Cannula Market is predicted to have steady growth during the forecast period. In this region, the Brazilian cannula market is anticipated to with an estimated CAGR of 5% for the projected period. This impressive market growth is attributed to the increase in investments in R&D, a large number of patients due to the more significant population, and the increase in public expenditure on healthcare. Brazil has the largest economy and the largest market for medical devices in Latin America. The large cities are anticipated to increase revenues with more medical manufacturing devices companies in Brazil during the forecast period.
The Mexican cannula market is estimated to grow at a healthy growth rate in the Latin American region during the forecast period. Mainly due to an efficient market with stable pricing and distribution activities. The main drivers of this market are the increase in the number of surgeries, the advancement of healthcare establishments, and the preference for minimally invasive surgery procedures by patients. The country is also responsible for major international receiving many high-tech medical equipments that are not produced locally. The country amounts to about 45% of all imports coming from the United States.
Other countries such as Argentina and Chile currently have a moderate growth rate for medical products, presenting more significant potential for market expansion.
KEY MARKET PLAYERS:
Companies playing a prominent role in the Latin American cannula market profiled in the report are Medtronic plc (U.S.), Edward Lifesciences Corp. (U.S.), Terumo Corporation (Japan), Sorin Group (Italy), and Maquet Holding B.V. & Co. KG (Germany), among others.
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