The global medical connector market is anticipated to gain vast traction due to growing demand and increasing numbers of end-users. Market Research Future (MRFR) asserts that the global medical connector market is expected to garner a valuation of USD 2 BN by 2023, growing at 7.79% CAGR over the assessment period (2017-2023).
Dominant Key Players on Medical Connector Market Covered are:
- Esterline Corporation (US)
- ITT Corporation (US)
- TE Connectivity Ltd. (Switzerland)
- Fisher Connectors (Switzerland)
- Samtec (US)
- Smiths Interconnect (UK)
- Amphenol Corporation (US)
- Molex (US)
- Delphi Automotive LLP (UK)
- Lemo SA (Switzerland)
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Market USP Exclusively Encompassed:
Extensive uptake of medical connectors and their growing functionality are the key driving factors behind the substantial market growth. Besides, the growing geriatric population, rising cases of chronic diseases such as cancers, diabetes, etc., fuel the market revenue growth. Also, the rising technological advancements and increasing surgeries and treatments demanding medical connectors boost the market value.
On the flip side, strict rules and regulations by the government can slow down the medical connector market growth. The rising demand for wireless connections will hinder the market growth. Nevertheless, recent developments and investments by the key players would support the market growth throughout the assessment period. Also, the developing infrastructure and growing awareness in the emerging regions would boost market sales.
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Segmentation of Market Covered in the Research:
MRFR has segmented the market into products, connector size, materials, applications, end-users, and regions. The product segment is bifurcated into disposable & embedded electronics connectors, magnetic medical connectors, radio frequency connectors, push-pull connectors, power cords with retention systems, circular connectors & receptacle systems, lighted hospital-grade cords, flat silicone surgical cables, and others.
The Material segment is bifurcated into Plastics and Metals. The connector size segment is bifurcated into <=10mm, >20mm, and 11mm—20mm. The Application segment is bifurcated into electrosurgical devices, enteral devices, analyzers and processing equipment, diagnostic imaging devices, cardiology devices, dental instruments, neurology devices, patient monitoring devices, respiratory devices, and others.
The end-user segment is bifurcated into imaging centers & diagnostic laboratories, clinics & hospitals, ambulatory surgical centers, and others. The region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
North America dominates the global medical connector market owing to developed infrastructure and large healthcare expenditure. Besides, the presence of many key manufacturers, rising developments, and investments by the key players substantiate the market size.
The consolidation of healthcare in the US witnessing increased purchasing power of the entities drives the market demand. Additionally, the well-established healthcare sector and the prosperous baby boomer population are other drivers of the US medical connector market.
The medical connector market in Europe is increasing rapidly, mainly due to higher hospitalization rates, the presence of the advanced medical devices industry, especially in Germany and large healthcare expenditures. Moreover, the greater exposure to products owing to effective marketing by companies alongside the trend towards medical device uses boosts the market shares.
The Asia Pacific medical connector market is anticipated to grow at a colossal rate due to a large potential demand gap and growing hospitals. The expanding economy, increasing incidences of chronic diseases, and growing per capita income are projected to foster the region’s market shares over the review period. The burgeoning medical device sector and the aging population are other drivers of the regional market.
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The medical connector market is highly competitive, owing to the fragmented nature of the market and the presence of several well-established players. Manufacturers rely on strategic collaboration and partnerships with large hospitals to gain faster uptake of products and build a relationship. These players are also using maintenance agreements as a bargaining chip for higher sales of their products.
Industry/ Innovation/ Related News:
Nov. 01, 2021 — Tada Medical announced raising an investment of €700,000 in the form of a convertible loan from the European Innovation Council Fund (EIC Fund), the European Commission’s venture capital mega-fund. The EIC Fund approves their confidence in Tada, confirming its considerable value creation potential and the maturity of the technology.
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