A research study titled, “Medical Connectors Market by Product, Application, and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the medical connectors market is projected to be around $4 billion by 2025.
Medical connectors are used in transferring signal, data, power or media. Medical connectors should be compact, sealed, sterilizable, durable, hermetic and lightweight. Medical connectors are used in defibrillators, diagnostic devices, surgical instrumentation, medical imaging systems, patient monitoring devices, cardiology devices, neurology devices, respiratory devices, and endoscopy devices.
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Flat surgical silicone cables segment held the major share of the overall medical connectors market in 2016. This is attributed to the advantages offered by the technical features of these cables along with their biocompatibility and versatility. In 2016, the patient monitoring devices segment held the largest share of the global market due to rising awareness about benefits of patient monitoring systems globally. Hospitals & clinics segment held the major share of the global market in 2016, due to the primary applications of patient monitoring devices in hospital setting in cases of chronic diseases and electrosurgical therapy.
U.S accounted for the major share of the North America medical connectors market in 2016, due to increasing incidence of chronic disorders and rising aging population. Emerging economies such as China and India will witness favorable growth over the forecast period with rise in healthcare expenditure and adoption of advanced medical devices in the region.
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Acquisition is a major strategy adopted by the companies operating in the global medical connectors market in order to strategically expand their existing product portfolio. For instance, in June 2014, LEMO acquired Northwire Inc., a specialty cable manufacturer in order to strengthen its high quality complete cable connector solutions. Likewise, in June 2016, Amphenol Ltd. acquired Martec Ltd. to expand its presence in the field of hermetic interconnects.
Some of the major companies in this market include ITT Corporation, Esterline Technologies Corporation, LEMO S.A, Molex, TE Connectivity Ltd, Delphi Automotive LLP, Amphenol Corporation, Fischer Connectors and Samtec.
Key Findings of the Research Study:
- Flat surgical silicone cables segment occupied major share of the global market in 2016 and is projected to grow with the highest CAGR over the forecast period as they offer superior biocompatibility and versatility.
- Patient monitoring devices segment occupied major share of the overall market in 2016, owing to the rising demand and adoption of patient monitoring systems globally.
- North America accounted for the major share of the global medical connectors market in 2016 due to the rise healthcare expenditure, growing prevalence of chronic disorders and increasing aging population in the region.
- Asia-Pacific market exhibits high growth potential for medical connectors during the forecast period due to increased healthcare expenditure and rising awareness about advanced healthcare devices.
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