Rising need for medical equipment and devices due to surge in patients following the COVID-19 pandemic has increased demand for cables and leads for medical equipment, finds Fact.MR. Cables and leads are key elements in medical equipment that is used in laboratories, operating rooms, and monitoring systems.
Increasing cases of cardiovascular diseases has caused growth in usage of ECG equipment and accessories, fuelling demand for cables and leads. With rising concerns regarding infection control and transmission, medical centers are opting to use disposable medical equipment, increasing demand for cables and leads for medical equipment in the healthcare industry.
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The global cables and leads for medical equipment market is projected to rise at a steady CAGR of around 5% through 2030.
Key Takeaways from Cables and Leads for Medical Equipment Market Report
- The use of cables and wires in single-use or disposable medical equipment has increased due to their ability to reduce cross-contamination and limit risk of harmful pathogens.
- While there has been increasing adoption of disposable ECG lead sets and cables, high price is a major hindrance for this segment.
- Australia, India, and South Korea are predicted to be key cables and leads for medical equipment markets in the Asia Pacific region.
- The implementation of lockdowns and transport bans due to the COVID-19 pandemic has caused disruptions in all sectors, including the cables and leads for medical equipment market. Lack of raw materials has caused a slowdown in the production of medical equipment.
- Though there has been a lull in production, demand for cables and leads for medical equipment has increased due to rising number of patients in hospitals. Increasing need for monitoring devices and medical equipment in hospitals has contributed to display larger than expected growth across the world.
“With rising hospital admission cases amidst the COVID-19 pandemic, the need for medical devices has surged, thereby lending impetus to the growth of the cables and leads for medical equipment market,” says a Fact.MR analyst.
Research & Development Efforts to Boost Growth
Players are now focusing on developing and creating cables and leads for medical equipment that are user-friendly and cost-efficient. They are using efforts to research & develop infection preventing technical solutions. Increasing demand for disposable lead wires and cables has created more opportunities for players, which had led to the emergence of new manufacturers in the cables and leads for medical equipment market space.
Rising environmental concerns have increased focus on the creation of ecofriendly cables and leads for medical equipment. Nikomed USA recently introduced BioWire, a non-metallic disposable and universal lead wire system that is recyclable. These leads produced are easily disposable and can be incinerated without the need for extra processing or preparation. Increasing amount of players are now focused on providing products with better efficiency and lower risk rates.
Some of the key players in the cables and leads for medical equipment market are 3M Company, Curbell Medical Products Inc., Schiller Americas Inc., Boston Scientific Corporation, Spacelabs Healthcare Inc., Koninklijke Philips N.V., Medtronic Plc., ConMed Corporation, LivaNova Plc., and Abbott Laboratories.
Valuable Insights on Cables and Leads for Medical Equipment Market Report
Fact.MR, in its latest report, has presented detailed analysis on the cables and leads for medical equipment market with the inclusion of an assessment for the years 2020 to 2030. In order to provide precise analysis, the cables and leads for medical equipment market has been divided into various segments. The market is segmented based on product into cables and leads.
The market is divided on the basis of application into pacemakers, defibrillators, EEG, and ECG. Based on end user, the cables and leads for medical equipment market is divided into hospitals, ambulatory care centers, academic research institutes, specialty clinics, and others. On the basis of geography, the market is segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
Fact.MR is an independent, pure play market intelligence firm incorporated with an objective to deliver high quality, customized market research solutions that help our clients successfully go to the market equipped with actionable insights capable of impacting crucial business decisions.
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