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.
The latest report by Transparency Market Research (TMR) anticipates the global market for medical connectors to experience strong growth. During 2017-2026, the market is projected to increase to 8.9% CAGR. The global market for medical connectors is also likely to reach US$ 3,690.4 million revenue between 2017 and 2026.
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 2017-2026. Flat silicone surgical cables are projected to reach close to US$ 900 million revenue towards the end of 2026. 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 2017-2026
Among various end users of medical connectors, hospitals & clinics are likely to experience robust growth. Hospitals & clinics are projected to exceed US$ 1,400 million revenue by 2026 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 2026, diagnostic devices are projected to exceed US$ 1,800 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 2017-2026. 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.
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.
Global Medical Connectors Market- 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.
Global Medical Connectors Market- Market Segmentation
The global medical connectors market is segmented on the basis of product type, end user, application, and region. On the basis of product type, the segment includes flat silicone surgical cables, radio-frequency connectors, embedded electronics connectors, hybrid circular connector and receptacle systems, disposable plastic connectors, power cords with retention systems, magnetic medical connectors, lighted hospital-grade cords, push-pull connectors, and others.
By the end users, the market is segmented into hospitals & clinics, diagnostic laboratories & imaging centers, ambulatory surgical centers, and other end users. On the basis of application, the segment includes therapeutic devices, monitoring devices, and diagnostic devices.
Region-wise, the global medical connectors market include Latin America, Europe, Japan, North America, the Middle East and Africa (MEA), and Asia Pacific Excluding Japan (APEJ).
The leading companies in the global medical connectors market are Amphenol Corporation, ITT Inc., Smiths Group Plc, TE Connectivity Ltd, Fischer Connectors SA, Molex, LLC, Esterline Technologies Corporation, LEMO S.A., Samtec, Inc., and AVX Corporation. The report offers details on each of the leading companies based on parameters such as company overview, product overview, financial overview, and key developments.