Medical Connectors Market: Rising Prevalence of Chronic Diseases to Drive Market
Albany, NY, June 25, 2018 (GLOBE NEWSWIRE) — According to the report, the global medical connectors market will exhibit an 8.9% CAGR from 2017 to 2026, rising to a revenue opportunity of US$3,690.4 mn by 2026.
Demand for Diagnostics Applications to Remain High
In terms of application, the global medical connectors market is presently dominated by the diagnostics application. The demand for medical connectors for diagnostic applications is likely to remain strong over the next few years as well, chiefly owing to the vast rise in hospital visits and a massive rise in prevalence of a variety of chronic diseases and infections, which require the use of technologically advanced diagnostic devices.
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Geographically, the market acquires a large share of its revenue owing to sales across North America, thanks to the high expenditure on healthcare and the high usage of advanced medical devices across Canada and the U.S. The market in North America is also driven due to the vast rise in innovative technologies and digital healthcare solutions such as telehealth. Furthermore, the high rise in the usage of a variety of diagnostic and therapeutic medical devices drive the demand for effective interconnecting solutions in the medical industry in the region.
Rising Need for Effective Diagnostics and Therapeutic Interventions to Serve Rising Pool of Patients to Drive Market
The market for medical connectors has chiefly benefitted from the rising inclusion of a variety of technologically advanced medical devices in healthcare infrastructures across the globe. The rising patient population of a variety of chronic conditions and infections across the globe has presented a pressing need for the healthcare sector to be equipped with more effective, accurate, and reliable devices for diagnosis, surgical interventions, and other treatment methodologies. As governments increasingly understand this need and pour resources into the improvement of healthcare facilities, the market for medical connectors is expected to see a rise in growth opportunities.
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The market is also expected to be driven due to the rising trend of digital storage, processing, and management of patient’s health records, which demands better connectivity of all healthcare processes. However, the market’s growth prospects could be hampered to a certain degree owing to the rising focus and adoption of wireless medical devices and healthcare processes and services.
In the highly competitive global market for medical connectors, companies are focusing on adhering to safety and health standards while also brining improvement in quality of their products to stay ahead of competition, observes Transparency Market Research in a recent report. Strategic collaborations with hospitals with the view of benefitting from rising digitization activities across emerging as well as developed economies have also been popular.
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Some of the leading companies in the market are Fischer Connectors SA, AVX Corporation, Molex, LLC, Samtec, Inc., TE Connectivity Ltd, LEMO S.A., ITT Inc., Esterline Technologies Corporation, Smiths Group Plc, and Amphenol Corporation.
This analysis of the global medical connectors market is based on a recent market research report by Transparency Market Research Report, titled “Medical Connectors Market (Product Type – Flat Silicone Surgical Cables, Embedded Electronics Connectors, Radio-Frequency Connectors, Disposable Plastic Connectors, Hybrid Circular Connector and Receptacle Systems, Power Cords With Retention Systems, Lighted Hospital-Grade Cords, Magnetic Medical Connectors, Push-Pull Connectors, Others; End User – Hospitals & Clinics, Diagnostic Laboratories & Imaging Centers, Ambulatory Surgical Centers, Other End Users; Application- Monitoring Devices, Therapeutic Devices, Diagnostic Devices) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2026.”
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For the study, the market has been segmented as follows:
Global Medical Connectors Market: Product Type
- Flat Silicone Surgical Cables
- Embedded Electronics Connectors
- Radio-Frequency Connectors
- Disposable Plastic Connectors
Hybrid Circular Connector and Receptacle Systems
- Power Cords with Retention Systems
- Lighted Hospital-Grade Cords
- Magnetic Medical Connectors
- Push-Pull Connectors
- Others
Global Medical Connectors Market: End User:
- Hospitals & Clinics
- Diagnostic Laboratories & Imaging Centers
- Ambulatory Surgical Centers
- Other End Users
Global Medical Connectors Market: Applications
- Monitoring Devices
- Therapeutic Devices
- Diagnostic Devices
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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