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The medical connectors market refers to the market of connectors such as electronic connectors, fluid connectors, and plastic connectors etc. that are used to interconnect medical devices. The global medical connectors market is expected to reach from $2.69 billion by 2023 from $1.63 billion in 2016, growing at a CAGR of 10.5% during forecast period 2016-2023. Key trend for rising this market is the adoption of hybrid connectors. Hybrid Connector technology don’t need more than one connections between devices and remote tools. Thus, effective and safe performance from the devices is achieved. These are single, easy to use connectors. These are used to integrate electronic and air line into a compact united connection point mobile tools on medical device and equipment. This reduces misconnection and improves patient therapy outcomes. They are ideal for application with low pressure such as diagnostic equipment, dental tools, analytical instrumentation, surgical tools and therapy device. Poor health care infrastructure in developing nation is challenging the growth for the forecast period. However, Untapped emerging market for medical devices in developed and under developed nation are creating huge opportunity for this market.
Increase in medical device market is driving the growth of medical connectors market. According to FDA, in 2016 United States medical device manufacturing companies are expected to increase their R&D budget by 3% approx. According to Medtech Europe, in 2016 in Europe average of 10% of GDP is spent on healthcare out of which 7.3% is for medical devices. This shows the technological adoption in healthcare industry. Also according to the area, global Wearable Medical Devices Market is expected to reach to $11.18 billion by 2021.All this show the rising demand of medical device market in near future. Thus, rising demand for medical devices will drive the market of medical connector for the forecast period.
Source: OBRC Analysis
Report scope is calculated on the basis of unit sales and does not include refurbishing cost.
The report on global medical connectors market is segmented on basis of product type, application, and end-User and Geographic region.
On the basis of product type market segment is classified as:
On the basis of application market segment is classified into:
On the basis of end user segment market is classified as:
The graphics processing unit market report has been geographically segmented in:
North America is expected to dominate the market followed by Europe and Asia pacific. Rapid growing aging population, reimbursement facilities for several surgeries, and growing incidence of major disorder are driving the market in North American region. However, APAC is expected to grow with the highest CAGR, by growing infrastructure on Japan, China, and India. Also, high growth potential in this region provides huge opportunities for market players.
Market segmentation on the basis of products is classified into, embedded electronics connectors, flat surgical silicone cables, disposable plastic connectors, radio frequency connectors, hybrid circular connectors & receptacle system, lighted hospital grade cords, magnetic medical connectors,power cords with retention system, and push-pull connectors. Increase in adoption of connectors in healthcare devices is fueling the growth flat silicone surgical cables market during the forecast period. Growing medical devices market is also influencing the growth for this product segment. Applications segment is classified as cardiology devices, electrosurgical instruments, diagnostic imaging devices, patient monitoring devices, respiratory devices,endoscopy devices, analyzers & processing instruments, neurology devices,dental instruments, enteral devices, and other applications. Due to increased incidence of chronic diseases and increase in demand for home healthcare patient monitoring devices segment is growing with the largest market share. End users segment is classified as hospitals & clinics, ambulatory surgical centers, diagnostic laboratories & imaging centers and other end users. With increasing demand of cost effective invasive surgeries and developing healthcare infrastructure, hospitals & clinics end user segment is growing with largest market share.
The major market players of the global medical connectors market are:
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the medical connector market. For instance in 2017, Fischer connectors and Solarstratos entered into partnership to extend their market for connector’s devices. Also, in May 2016, TE Connectivity Ltd. (TE) Switzerland based organization leader in making connectivity and sensors devices acquired Jaquet Technology Group, Switzerland that organization. This acquisition is made to extend platform for engineering and manufacturing of connectors and sensor technologies
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in medical connector market.
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At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global medical connector market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the medical connector market, with giving extensive SCOT analysis of key companies.
Key findings of the global medical connector market:
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LIST OF FIGURES