ID: MRFR/SEM/2918-HCR | 100 Pages | Published By Ankit Gupta on March 2023
The Medical Connector Market is projected to grow at a rate of 7.79%. It is estimated that the market value will reach around USD 2 Billion during the forecast period 2017-2023.
The Medical Connector Market is projected to grow at a rate of 7.79%. It is estimated that the market value will reach around USD 2 Billion during the forecast period 2017-2023. The rising development of technology in the medical sector is fuelling Medical Connector Market growth. Medical connectors help to enhance the customer's services in the medical industry. These medical connectors deliver high-end performance and can easily connect or disconnect according to the requirement.
The medical connectors are largely used as portable devices to enhance the working experience and convenience. Also, the rising cases of chronic diseases and increase in healthcare expenditures are boosting the market growth. Several monitoring devices are used for monitoring patient's health conditions. These medical connectors help track the customers from a remote place. Medical connectors are cost-effective and help to reduce failure risks as well.
The Medical Connector Market is segmented into end-user, connector size, product, application, materials, and connector size. The rising awareness regarding healthcare is also fuelling the market growth. That is why various key players in the Medical Connector Market are trying to develop their products. It is anticipated that these aforementioned factors will enhance market growth.
It is anticipated that North America will hold the largest market share in the Medical Connector Market. One of the major reasons for the growth in the presence of the major key players. The countries such as the US and Canada are driving the Medical Connector Market with several investments by the key players. Also, the Asia-Pacific region will grow at the highest CAGR during the forecast period.
The COVID-19 disease had an adverse effect on various economies across the world. Especially, the health sectors struggled to control the disease. This has also lead to demand for advanced medical systems to tackle the disease. The implementation of lockdown has also affected the manufacture of the products. However, in the future, key players are focusing to develop these medical connectors to improve the healthcare sectors.
There are various drivers for the Medical Connector Market that will fuel the market growth in the upcoming period. The rising technological advancements are driving the market. Also, the growing geriatric population, rising cases of chronic diseases such as cancers, diabetes, etc. are fuelling the market growth. Also, the increasing surgeries and treatments are demanding medical connectors.
Several restraints can slow down the Medical Connector Market Growth. It is speculated that the strict rules and regulations by the government will hinder market growth. The rising demand for wireless connections will further slow down the growth during the forecast period. Thus, the market will experience these restraints that will affect the growth to some extent.
As per the Medical Connector Market Forecast, the market will attract various opportunities for the key players. The easy availability of markets in developing counties will further boost the market. Especially, countries such as India, China have huge potential for growth in future years.
The major challenge for the growth of the market is the strict regulations and policies by the government. Also, the demand for wireless devices will hinder the overall market growth. Also, the development of other alternatives will hinder market growth in the future.
With the rising technological development, the market is projected to experience propelling growth. It is expected that the market will register a Compound Annual Growth Rate (CAGR) during the forecast period 2017-2023. It is estimated that the market will further reach up to USD 2 Billion during the forecast period 2017-2023.
Value Chain Analysis
The technological advancements and rising cases of chronic disease will increase the value of the Medical Connector Industry. It offers high-performance to monitor the development of patients in the healthcare sector. In the future, these technologies will help to improve the market and simultaneously increase its value as well.
The market of Advanced Medical Connectors is segmented into application, connector size, materials, product, and end-user.
On the basis of materials, the Embedded Medical Connector Market is divided into metal and plastic.
Based upon the application the Medical Connector Market is divided into Electrosurgical Devices is further segmented into Enteral Devices, Analysers and Processing Equipment, Diagnostic Imaging Devices, Cardiology Devices, Dental Instruments, Neurology Devices, Patient Monitoring Devices, Respiratory Devices, and others.
By end-users, the Medical Connectors Market is further divided into Imaging Centres and Diagnostic Laboratories, Clinics and Hospitals, Ambulatory Surgical Centres, and Others.
On the basis of product, the Medical Connector Market is divided into Embedded Electronics Connectors, Circular Connector and Receptacle Systems, Lighted Hospital Grade Cords, Flat silicone Surgical Cables, Disposable Electronics Connectors, Magnetic Medical Connectors, Radio Frequency Connectors, Push-Pull Connectors and Power Cords with Retention Systems.
Medical Connector Market on the basis of connector size is divided into <=10mm, >20mm, and 11mm—20mm.
On the basis of region, the Medical Connector Market Size is divided into North America, Asia-Pacific, Europe, and the Rest of the World. The North American region is projected to hold a Medical Connector Market Share. The rising developments and investments by the key players are the major reason for the key players.
Also, the European region is projected to grow at a rapid speed in the upcoming period. The recent developments and supportive policies by the key players are improving the market growth. However, the Asia-Pacific region is projected to register the highest growth during the forecast period. The developing infrastructure and growing awareness in countries such as India, China, and Japan are improving the market growth.
The Rest of the World section comprises the Middle East and the African region. It is estimated that this region will have a significant growth than the past years. In comparison to the other regions, the rest of the world region will have slower growth. Due to low awareness and slow technological advancements, the rest of the world will register a slower growth rate.
Various medical connector market manufacturers are trying to develop their business portfolios. They use different types of market strategies such as collaboration, market analysis, partnerships, mergers, acquisitions, and many more. Here is the list of major market players in the Medical Connector Industry-
The overview of the Global Medical Connector Market is as follows-
Report Score and Segmentation
The score of the report is to provide insight into the Medical Device Connectors Market. This report highlights the growths and strengths of the market during the forecast period. The report also covers various factors such as restraints, challenges, and opportunities. This report also gives information about the key players in the Medical Connector Industry.
It is estimated that the Medical Connector Industry will grow at a CAGR of 7.79% in the upcoming years.
Geographically, North America is projected to grow to dominate the Medical Connector Market.
It is expected that the Medical Connector Industry will reach up to USD 2 Billion by the end of the forecast period.
The growing technological developments in the healthcare and medical sectors are the major driving factors of the Medical Connector Industry.
The Medical Connector Market Analysis comprises a forecast period of 2017-2023.
The major key players of the Medical Connector Industry are- Esterline Corporation (U.S.), ITT Corporation (U.S.), TE Connectivity Ltd. (Switzerland), Fisher Connectors (Switzerland), Samtec (U.S.), Smiths Interconnect (U.K.), Amphenol Corporation (U.S.), Molex (U.S.), Delphi Automotive LLP. (U.K.), Lemo S.A. (Switzerland), and others.