Medical Connectors Market Prognosticated to be Worth US$ 3,690.4 million Between 2017 and 2026
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.
Key market players in the global medical connectors market are AVX Corporation, Samtec, Inc., LEMO S.A., Esterline Technologies Corporation, Molex, LLC, Fischer Connectors SA, TE Connectivity Ltd, Smiths Group Plc, ITT Inc., and Amphenol Corporation.
Global Medical Connectors Market to Witness Solid Growth during the Forecast Period 2017-2026
As per the report by Transparency Market Research (TMR), the global medical connectors market is anticipated to witness solid growth, registering 8.9% CAGR during 2017-2026. The global medical connectors market is also projected to bring in US$ 3,690.4 million revenue by 2026 end.
The report on the global medical connectors market includes various segments such as application, end user, product type, and region. On the basis of product type, flat silicone surgical cables are expected to witness significant growth in the market during the forecast period 2017-2026.
End users are further segmented into ambulatory surgical centers, diagnostic laboratories & imaging centers, hospitals & clinics, and others. Hospitals & clinics are expected to use medical connectors on a large scale than other users.
By application, the market is segmented into therapeutic devices, diagnostic devices, and monitoring devices. Among these, diagnostic devices are expected to witness healthy growth during the forecast period.
North America to Witness Highest Growth during the forecast period 2017-2026
High spending on the healthcare in the U.S. and Canada is resulting in the growth of advanced medical devices. Innovative technologies and growth in digital solutions such as telehealth are driving the growth of the medical connectors in North America. Increasing use of therapeutic and diagnostic devices is also driving the market growth in the region. Meanwhile, increasing investment in the research and development of new medical devices is likely to drive demand for medical connectors. The trend of paperless healthcare and cloud storage of patient’s health records are also leading to the demand for better connectivity. However, increasing focus on wireless healthcare and devices is emerging as one of the biggest challenges for medical connector manufacturers.