Industry Trend Analysis
The medical connectors market is expected to be around $4 billion by 2025. This is primarily attributed to rising incidence of chronic conditions and aging population which is more susceptible for chronic disorders. Rise in adoption of miniaturized connectors due to rapid growth in home healthcare segment is contributing to the market growth. However, stringent government regulatory guidelines for medical connectors and growing preference for wireless devices are hampering the overall market growth.
Product Outlook and Trend Analysis
Flat surgical silicone cables segment accounted for the major share of the global market and is projected to be the fastest growing segment over the forecast period. This is attributed to the benefits offered by the technical features of these cables to be used in large number of applications.
Application Outlook and Trend Analysis
Medical connectors find major applications in continuous patient monitoring. Patient monitoring devices segment held major share of the global market in 2016, due to growing prevalence of chronic conditions especially in elderly people and rising adoption of these devices for home care settings.
End User Outlook and Trend Analysis
Hospitals & clinics dominated the overall market in 2016, due to adoption of monitoring devices while performing large number of complicated procedures. Ambulatory surgical centers is one of the fastest growing segment for the medical connectors, as surgical procedures not requiring an overnight stay are performed in these centers. Additionally, patients and physicians prefer such procedures to reduce cost of treatment by minimizing hospital stay.
Regional Outlook and Trend Analysis
North America dominated the overall market in 2016, due to increasing incidences of chronic disorders coupled with growing elderly population and high adoption of advanced health care services owing to developed healthcare infrastructure. However, the market growth is expected to be centered in Asia-Pacific region owing to high patient population, growing elderly population, and increased focus of international players on the emerging nations of the region.
Key players in this market are ITT Corporation, Smiths Interconnect, Amphenol Corporation, Delphi Automotive LLP., Esterline Corporation, TE Connectivity Ltd., Fischer Connectors, Lemo S.A., Molex, and Samtec. The major strategies adopted by them to sustain the market competition are new product developments, strategic acquisitions, and expansions.
The high growth potential in the Asia-Pacific serves as an opportunity for the players in the market. Key players are focusing on market expansion through strategies such as agreements, partnerships, and mergers & acquisitions to gain more market coverage. This regional market is expected to grow at a double digit CAGR during the forecast period due to factors such as technological up gradation, increase in demand for home healthcare devices, and increase spending of people for better healthcare facilities.
Medical Connectors Market Segmentation
Flat Surgical Silicone Cables
Power Cords With Retention System
Lighted Hospital-Grade Cords
Disposable Plastic Connectors
Embedded Electronics Connectors
Hybrid Circular Connectors And Receptacle System
Magnetic Medical Connectors
Diagnostic Imaging Devices
Analyzers And Processing Instruments
Patient Monitoring Devices
By End User:
Diagnostic Laboratories and Imaging Centers
Hospital & Clinics
Ambulatory Surgical Centers
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?