According to the research report, the Latin American cannula market size was USD 17.23 million in 2022. Furthermore, it is estimated to grow at a CAGR of 6.14% and will be worth USD 23.21 million 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.
In veterinary applications, it relieves 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 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 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, the 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. The World Health Organization says approximately 244 million surgeries are performed yearly. On average, around 1 million patients undergo heart surgery, and about 20 million opt for plastic surgery yearly. According to WHO data, the global prevalence of overweight and obesity among those 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 are 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 patients too. The exposed site of entry may also be at risk for infection. These factors 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 surgical procedures will likely negatively impact the LATAM cannula market's growth.
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 grow steadily 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 increased investments in R&D, many patients due to the more significant population, and increased 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 device companies in Brazil during the forecast period.
During the forecast period, the Mexican cannula market is estimated to grow healthy in the Latin American region, 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 internationally receiving high-tech medical equipment that is not produced locally. The country amounts to about 45% of all imports 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.), EdwaU.S.ifesciences Corp. (U.S.), TeruU.S.orporation (Japan), Sorin Group (Italy), and Maquet Holding B.V. & Co. B.V.GermanyK.G. among others.
The Latin America cannula market is expected to grow at a CAGR of 6.14% from 2022 to 2027.
The Brazil had the major share of the Latin American market in 2021.
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