Global Medical Connectors Market: Snapshot
The global medical connectors market offers a range of products including hybrid receptacle system and circular connectors, disposable plastic connectors, radiofrequency connectors, embedded electronics connectors, and flat surgical silicone cables. However, considering the growing awareness of their technical abilities and increased application of connectors, flat surgical silicone cables are predicted to gather pace in the market in terms of revenue growth. Nonetheless, there are other prominent products available in the market, viz. push-pull connectors, magnetic medical connectors, lighted hospital-grade cords, and power cords with retention system that are gradually gaining popularity.
Medical connectors are used in a number of applications. For instance, they could be employed for use in endoscopy devices, patient monitoring devices, electrosurgical instruments, diagnostic imaging devices, and cardiology devices. On the other hand, they could find application in enteral devices, neurology devices, dental instruments, processing instruments and analyzers, and respiratory devices. Amongst these, leading market researchers foresee patient monitoring devices to collect a handsome share of the market in the near future. This could be attributed to the rising adoption of the devices and swelling prevalence of chronic disorders. The devices are also expected to show faster growth in the market.
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One of the bigger challenges that manufacturers of medical connectors are faced with is the rising trend of wireless healthcare. However, the global medical connectors market is envisaged to build its growth on the back of crucial opportunities created with the rise of another trend, i.e. cloud storage and paperless healthcare augmenting the requirement of improved connectivity. Cloud storage is extensively used for storing health records of patients. North America could bank on the strong usage of diagnostic and therapeutic devices to take the lead in the market. Increasing employment of telehealth and other digital solutions in the healthcare industry could provide a telling boost to market growth in the coming years.
Global Medical Connectors Market: Overview
The global medical connectors market is expected to witness a stable growth in the forecast period. The growing incidences of chronic disorder will be one of the key reasons behind the growth of this market. The growing healthcare expenditure will also encourage the growth of the global medical connectors market during the period from 2017 to 2025. The growth in the healthcare industry and home healthcare market will also propel the market towards progress. One of the other important reasons behind the development of this market is the advancements in technology. Extensive research and development in the healthcare sector has increased the efficiency of products and encouraged invention of many new medical connector products.
Global Medical Connectors Market: Key Trends
During the forecast period one of the trends that is expected to prevail is the high demand for flat silicone surgical cables. The growing adoption of connectors in medical devices will be the driving factor for this. Another trend that shall be in vogue is the use of medical connectors by monitoring devices. High prevalence of chronic diseases and rising demand from home healthcare will create a lucrative market for medical connectors from monitoring devices segment. On the basis of end used, the market is segmented into ambulatory surgical centers, clinics and hospitals, diagnostic labs and imaging centers, and others. Of these, it is anticipated that the hospitals and clinics segment will hold dominant shares in the market during the forecast period. The growing demand for electrosurgical therapy and once again, the high incidence of chronic diseases will push the growth of the hospitals and clinics segment in the years to come.
Global Medical Connectors Market: Market Potential
Companies in the global medical connectors market are inventing reliable connections for data gathering. Esterline Corporation supplies medical connectors that have high reliability I/O (Input/Output) connectors with a very wide range. This helps in securing the link between different medical equipment. One of the leading players called Lemo S.A. offers connectors that are flexible and reliable. Newer developments by leading players in the coming years is expected to push the market’s potential further and drive their demand.
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Global Medical Connectors Market: Geographical Segmentation
On the basis of geography, the market is segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). Of these, the North American market for medical connectors will emerge most lucrative. The region is not only leading currently, but shall continue to do so during the forecast period on account of the high incidences of chronic diseases. The growing demand for enhanced healthcare infrastructure will also push the market towards growth in North America.
Global Medical Connectors Market: Key Players
Some of the leading vendors operating across the global medical connectors market are profiled in the report for the purpose of study. They are: Delphi Automotive LLP. (U.K.), Amphenol Corporation (U.S.), Esterline Corporation (U.S.), Samtec (U.S.), Smiths Interconnect (U.K.), ITT Corporation (U.S.), TE Connectivity Ltd. (Switzerland), Lemo S.A. (Switzerland), Fisher Connectors (Switzerland), and Molex (U.S.). Leading players are taking advantage of the increased healthcare spending and thus, investing extensively on research and development. This has helped them to develop innovative connectors which are being utilized across the medical sector. Players are also striving to expand their reach worldwide. For this, one of the key strategies adopted by players is participating in mergers and acquisitions, collaborations, and partnerships.
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