Intravenous cannulation is a procedure in which a cannula is placed inside a vein to provide venous access, which allows blood sampling and administration of fluids, parenteral nutrition, medications, chemotherapy for cancer drugs, and blood products. IV cannulas are also used to control radiologic agents such as magnetic resonance imaging (MRI), nuclear imaging, and CT scans (computed tomography). IV cannulas are available in various gauge sizes, and in general, the smallest gauge should be used to administer the fluid effectively. It ensures minor trauma to the vein, but the larger sizes can be used for higher flow rates can be maintained for required fluids in case of emergencies. IV cannulas make a technological leap into the future of medical care with a never-before range of benefits for both the medical staff and patients. IV cannula has the potential to minimize the risk of thrombus generation while reducing medication costs.
India IV cannula market stood at USD 9.19 million in 2019 and is likely to reach USD 15.42 million by the end of 2027 by registering a CAGR of 6.35 % during the forecast period, 2020-2027. The major factors are the rise in hospitalizations and the growing prevalence of chronic & lifestyle-related diseases across the country. Additionally, the surging geriatric population, increasing healthcare expenditure by the government bodies, and advanced healthcare infrastructure will spur the IV cannula industry in future periods. Furthermore, the growing demand for injectable drugs and the increasing number of surgeries coupled with investigational medical procedures like infusing medication or obtaining blood samples are expected to witness IV cannula’s remarkable growth. The growing number of minimally invasive surgery (MIS) procedures and increased product bundling strategies are expected to propel the demand for IV cannula over the coming years.
Moreover, the upsurge in demand for IV cannula for blood transfusions or draws positively impacts the market for IV cannula in the healthcare industry. Furthermore, the rise in the extensive R&D activities at the academic and industrial level and rising patient pool are fueling the demand for IV cannula in the healthcare market. The increasing parenteral drug approval and increasing healthcare demands in the developing world propel the growth of the IV cannula market.
The rising demand for injectable drugs coupled with the increasing approvals of injectable drugs will drive the growth of the IV cannula market. Injectable drugs are administered into the bloodstream via a hollow hypodermic needle pierced through the skin into the body. Injectable route of drug administration is an effective and faster way to deliver medication treatment in emergency cases. Due to the growing use of injectable drugs among patients, the deployment of the cannula is growing at a rapid pace, manifesting a positive impact on market growth. Moreover, In January 2021, The U.S. Food and Drug Administration approves the first extended-release, injectable drug regimen for adults living with HIV. Thus, the increase in demand for injectable drugs in the pipeline will increase the number of final products of the market, thereby driving the growth of the IV cannula market. However, the cost-cutting and pricing pressure is a significant concern for IV cannula manufacturers, further restraining the development of the IV cannula market.
The India IV cannula market is segregated into IV cannula with wings with injection port, IV cannula with wings without injection port, and IV cannula without wings without injection port. The IV cannula with wings with injection port segment holds the largest market share with 56.33% in 2019 and estimated to generate maximum revenue of USD 7.94 million by 2029 on account of its use to facilitate less traumatic penetration, ensure convenient & precise venipuncture, provide comfortable fixation, provide easy venipuncture with minimum trauma. In addition, it is ideal for cannulation for small and fragile vessels.
The materials will grow significantly due to the rising adoption of special necessities of infusional therapy. Additionally, it ensures pain-free & smooth penetration.
The India IV cannula market is classified into hospitals, clinics, ambulatory care centers, and others based on the application. The hospital segment accounted for the largest market share of 57.04% in 2019 and is projected to generate maximum revenue of USD 7.96 million by 2027. It is attributed to the rapidly growing geriatric population, increasing incidence of chronic diseases coupled with the rising number of hospital visits and re-admissions, and surge in healthcare expense is facilitating the introduction of affordable healthcare and approachability to various treatment options for medical conditions.
The clinics will witness a lucrative growth rate in the estimated period due to the clinic admission rate, a growing number of surgeries, and increasing healthcare awareness.
The India IV cannula market is segmented into North India, South India, West India, and East India. West India dominated the India IV cannula market with the largest market share, 32.05%, in 2019 and likely to generate the highest revenue, USD 4.62 million, by 2027. The growth in the region can be known to the rising prevalence of various acute and chronic diseases, rising healthcare expenditure, strong presence of the leading vendors, and the high awareness among patients & healthcare professionals.
North India will capture a prominent share of the IV cannula market by 2027. It is due to the continually improving healthcare infrastructure and mounting health care expenditures.
Companies such as Becton, Dickinson and Company, Narang Medical Limited, B. Braun, Denex International, Hindustan Syringes & Medical Devices Ltd, Mediplus India Ltd., Mais India Medical Devices, La-med healthcare, and GPC Medical Limited are the key players in the India IV cannula market.
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