With a large pool of vendors of acute care needleless connectors across the world, the global acute care needleless connectors market are displaying a highly competitive business landscape, states a new study by Transparency Market Research (TMR). As researchers review the performance of each of the leading market players in this report, they find out that innovation is pivotal to success in this market and companies are constantly investing in research initiatives to design and develop innovative connectors that meet the dynamic expectations of customers. CareFusion Corp., Becton, Dickinson and Co., Baxter Healthcare Corp., RyMed Technologies, Vygon SA, B. Braun Medical Inc., ICU Medical, and Nexus Medical LLC are some of the leading vendors of acute care needleless connectors, worldwide, reports the study.
As per TMR estimations, the global market for acute care needleless connectors, rising at a CAGR of 10.20% during the period from 2014 to 2012, is anticipated to reach a value of US$972.0 mn by the end of the forecast period. Hitherto, the demand for complex needleless connectors was higher than products. However, simple needleless connectors are expected to report a rise in their demand at a faster rate in the years to come. Geographically, North America, which is the current leader of the overall market, is projected to continue on the top over the period of the forecast, thanks to the presence of an advanced medical and healthcare infrastructure, notes the research study.
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Increasing Cases of Needlestick Injuries Boosts Demand
According to the author of the study, “the global market for acute care needleless connectors is witnessing an incredible rise, thanks to the increasing cases of needlestick injuries and blood drawback, together with an escalating base of the geriatric population.” The increasing number of patients suffering from various chronic disorders, such as diabetes, cardiac diseases, and cancer, is also influencing the sales of acute care needleless connectors, as the awareness regarding the benefits of needleless connectors is increasing substantially among medical professionals and patients, both.
The market is also gaining from the increasing disposable income of people in emerging economies, which has enabled them to spend comfortably on expensive treatments and afford costly medication and medical devices, states the research report.
High Cost of Branded Acute Care Needleless Connectors to Limit Market’s Growth
The worldwide market for acute care needleless connectors, although, looks flourishing, it may hit some roadblocks in future, such as the high cost of branded needleless connectors, resulting in consumers reaching for easily available substitutes. The market may also get hampered by the increasing incidence of bloodstream infections triggered by catheters.
Nonetheless, the market will still prosper in the years to come, thanks to the rising investments made by emerging economies in research and development initiatives. With companies increasingly establishing their production units in emerging countries, the market is likely to witness a high growth in the coming years, reports the market study.