Medical Connectors Market Size, Share, Growth, Trends, Revenue, Company Analysis, Regional Insights and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 200 Pages | Category : Healthcare

The global medical connectors market size is projected to worth around US$ 4.3 billion by 2030 and expected to grow at a 8.9% CAGR during the forecast period 2021 to 2030.

Extensive research and development in the healthcare industry is leading to the development of new devices and medical equipment. These devices and equipment are being connected to several other equipment and devices, thereby driving the need for better medical connectors. Manufacturers are focusing on designing medical connectors that are cost-effective and able to tolerate various sterilization protocols. High reliability, eliminating the potential for failure due to various environmental factors as well as poor handling is also being focused on while developing medical connectors.

Technological advancement in the medical industry is leading towards the rapid development of high-performance medical devices. Increasing need for medical devices is resulting in the growing demand for solutions that provides interconnectivity of these devices. Medical connectors are used as it helps in connecting single as well as multiple devices providing diagnostic analysis and information on person’s health. Medical connectors are also gaining popularity with the growing trend of robotic examination. Imaging and monitoring devices generate a lot of data hence these devices are used on a large scale in hospitals and clinics. This is driving the demand for medical connectors.

Manufacturers are strongly focusing on health and safety standards and improving the product quality of medical connectors and cables. The increasing incidences of chronic diseases are driving the growth in adoption of medical monitoring and examination devices. This is likely to drive the growth of medical connectors market. With new technologies being launched, hospitals are focusing on providing quality treatment to patients at comfort zone. Hence, expansion of medical services to patients at their home including services such as ICU care, post-surgical care, physiotherapy, etc., are resulting in the partnership between medical device suppliers and hospitals. This is expected to provide an opportunity for medical connector manufacturers. Growing demand for electrosurgical therapy is also resulting in the increasing demand for medical connectors to connect medical devices.

Medical Connectors Market to Thrive on the Back of Technological Progress and Innovations

Connections in medical devices comprise a wide variety of styles, comprising those that create electrical connections within medical systems and machines and also with those that are utilized for the purpose of unlatching and latching tubing in various medical gadgets. Connectors are utilized for the purpose of transferring media or data, signal, and power. These connectors are made for just one such operation or in the form of hybrid system. Irrespective of its type, these connectors need to be hygienic and safe. These connectors find extensive use in many places, such as clinics, ambulatory surgical centers, diagnostic laboratories and imaging centers, and hospitals. Such extensive use of the product is foreseen to bolster growth of the global medical connectors market in the years to come.

Increased Prevalence of Chronic Diseases and its Complications to Boost Market Growth

The business of ambulatory surgery centers and clinics is flourishing, which has led to increased use of different medical devices utilizing connectors. Growth in the medical device industry is likely to pave way for rapid growth of the global medical connectors market in the near future.

Expanding base of geriatric population, augmented demand for miniaturized connectors, increasing surgeries, and growing incidences of chronic diseases are expected to widen scope of growth of the global medical connectors market in the near future.

Makers of medical devices are coming up with new, technologically advanced devices to cater to the need of treating chronic diseases, which are getting increasingly complicated. Development of new devices is likely to support development of the global medical connectors market in the near future.

The ongoing pandemic situation is likely to spell growth for the global medical connectors market. The Covid-19 and its new variant B.1.1.7 wreaks havoc worldwide, more people are getting infected with the virus and are getting hospitalized. With augmented hospitalization, the demand for medical devices is expected to rise. With the increased demand for medical devices, the global medical connectors market is likely to observe considerable growth in the timeframe of analysis.

Flat Silicone Surgical Cables- Top-Selling Product in Medical Connectors Market Globally

Compared to the various medical connector products, flat silicone surgical cables are likely to emerge as the top-selling product during 2017-2030. Flat silicone surgical cables are projected to reach close to US$ 980 million revenue towards the end of 2030. Increasing adoption of medical devices is one of the major factors in the growth of flat silicone surgical cables. Flat silicone surgical cables offer flexibility in automated diagnostic medical equipment. Moreover, flat silicone surgical cables also offer high resistance to different chemical substances. Silicone is being widely used in applications medical robotics, handheld devices, feeding tubes, catheters, etc.

Hospitals & Clinics to Account for the Robust Growth during 2017-2030

Among various end users of medical connectors, hospitals & clinics are likely to experience robust growth. Hospitals & clinics are projected to exceed US$ 1,500 million revenue by 2030 end. Owing to the increasing demand for minimally invasive procedures, and increasing investment by government and the private sector in the development of healthcare infrastructure is leading to the increasing use of advanced medical devices and machines. This is driving the use of various medical connectors in hospitals and clinics.

Medical Connectors to find Largest Application in Diagnostic Devices

Medical connectors are likely to find the largest application in diagnostic devices. By the end of 2030, diagnostic devices are projected to exceed US$ 1,900 million revenue. The rise in chronic diseases such as cancer, diabetes, cardiovascular diseases, etc., is leading to the increasing use of diagnostic devices. This, in turn, is expected to drive demand for medical connectors, especially for various diagnostic devices. Manufacturers of medical connectors are also producing connectors used for the specific device.

North America to Dominate the Global Market for Medical Connectors

North America is likely to dominate the market during 2021-2030. Advancement in medical technology, availability of better reimbursement policies are the major factors responsible for the increasing demand for medical connectors in North America. The U.S. and Canada are anticipated to remain dominant countries in the medical connectors market. Medical connectors market also have a huge opportunity for growth in the emerging markets of APEJ and Japan. Owing to the increasing awareness among medical providers on the use of advanced devices, countries such as India, China and Japan are increasingly using technically advanced medical devices, thereby resulting in the increase in the use of medical connectors.

Countries in Europe including France, Germany, U.K., and Spain are also receiving funding from the government and private companies for development of advanced healthcare system.

Competition Tracking

AVX Corporation, LEMO S.A., Samtec, Inc., Esterline Technologies Corporation, Fischer Connectors SA, Molex, LLC, TE Connectivity Ltd, ITT Inc., Amphenol Corporation, and Smiths Group Plc, are some of the major market players in the global market for medical connectors.

Market Segmentation

By Product Type

Flat Silicone Surgical Cables
Embedded Electronics Connectors
Radio-Frequency Connectors
Disposable Plastic Connectors
Hybrid Circular Connector and Receptacle Systems
Power Cords With Retention Systems
Lighted Hospital-Grade Cords
Magnetic Medical Connectors
Push-Pull Connectors
Others

By End User

Hospitals & Clinics
Diagnostic Laboratories & Imaging Centers
Ambulatory Surgical Centers
Other End Users

By Application

Monitoring Devices
Therapeutic Devices
Diagnostic Devices

Overview

Medical connectors are used to connect medical equipment and play an important role in transferring signal, power and exchanging information. The rise in the development of healthcare infrastructure and technically advanced healthcare facilities across the world are driving the demand for medical connectors. Manufacturers of the medical equipment are also focusing on providing safe use and better connectivity of various devices by using better medical connectors.

However, several cases of medical device misconnections are being reported around the globe. Hence, the Food and Drug Administration (FDA) is encouraging the development of medical connectors that reduce the risk of device misconnections. Medical connectors are being used on a large scale in diagnostic centers owing to their number of applications for diagnostic purposes.

Global Medical Connectors Market- Research Methodology

The global medical connectors market report is based on primary as well as secondary research. Both top-down and bottom-up approaches are used to arrive at an estimated growth and market size of the global medical connectors market. The report provides key insights and forecast on the global market as well as the segments given in the report. The report also offers in-depth analysis on various market dynamics including drivers, opportunities, trends and challenges in the market. The report also identifies market opportunities and factors affecting the growth of the market. Interviews of market experts were also done and opinions offered by the respondents were also analyzed. The information gained through secondary research and resources was also crosschecked with various available data sources.

Market attractiveness analysis was also done to identify opportunities for market players. SWOT analysis and Porter’s five force analysis is also done to give in-depth information on the current scenario in the market. Weighted average model based on growth drivers is also offered in the report. Data provided in the report is collected from secondary sources such as investor presentation, annual reports, and other corporate publications. Incremental opportunity is also provided in the research report as it is one of the vital factors that help in analyzing market opportunities for manufacturers in the global medical connectors market.

Both micro and macro-economic factors were considered to evaluate and forecast various market segments. The report offers also offers a detailed profile of the leading companies currently active in the global medical connectors market. Information on the long-term and short-term strategies and new product launches by the companies has also been provided in the report.


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