Extensive research and development in the healthcare industry is leading to the development of new devices and medical equipment. These devices and equipment are being connected to several other equipment and devices, thereby driving the need for better medical connectors. Manufacturers are focusing on designing medical connectors that are cost-effective and able to tolerate various sterilization protocols. High reliability, eliminating the potential for failure due to various environmental factors as well as poor handling is also being focused on while developing medical connectors.
The latest report by Transparency Market Research (TMR) anticipates the global market for medical connectors to experience strong growth. During 2017-2026, the market is projected to increase to 8.9% CAGR. The global market for medical connectors is also likely to reach US$ 3,690.4 million revenue between 2017 and 2026.
Flat Silicone Surgical Cables- Top-Selling Product in Medical Connectors Market Globally
Compared to the various medical connector products, flat silicone surgical cables are likely to emerge as the top-selling product during 2017-2026. Flat silicone surgical cables are projected to reach close to US$ 900 million revenue towards the end of 2026. Increasing adoption of medical devices is one of the major factors in the growth of flat silicone surgical cables. Flat silicone surgical cables offer flexibility in automated diagnostic medical equipment. Moreover, flat silicone surgical cables also offer high resistance to different chemical substances. Silicone is being widely used in applications medical robotics, handheld devices, feeding tubes, catheters, etc.
Hospitals & Clinics to Account for the Robust Growth during 2017-2026
Among various end users of medical connectors, hospitals & clinics are likely to experience robust growth. Hospitals & clinics are projected to exceed US$ 1,400 million revenue by 2026 end. Owing to the increasing demand for minimally invasive procedures, and increasing investment by government and the private sector in the development of healthcare infrastructure is leading to the increasing use of advanced medical devices and machines. This is driving the use of various medical connectors in hospitals and clinics.
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Medical Connectors to find Largest Application in Diagnostic Devices
Medical connectors are likely to find the largest application in diagnostic devices. By the end of 2026, diagnostic devices are projected to exceed US$ 1,800 million revenue. The rise in chronic diseases such as cancer, diabetes, cardiovascular diseases, etc., is leading to the increasing use of diagnostic devices. This, in turn, is expected to drive demand for medical connectors, especially for various diagnostic devices. Manufacturers of medical connectors are also producing connectors used for the specific device.
North America to Dominate the Global Market for Medical Connectors
North America is likely to dominate the market during 2017-2026. Advancement in medical technology, availability of better reimbursement policies are the major factors responsible for the increasing demand for medical connectors in North America. The U.S. and Canada are anticipated to remain dominant countries in the medical connectors market. Medical connectors market also have a huge opportunity for growth in the emerging markets of APEJ and Japan. Owing to the increasing awareness among medical providers on the use of advanced devices, countries such as India, China and Japan are increasingly using technically advanced medical devices, thereby resulting in the increase in the use of medical connectors.
Countries in Europe including France, Germany, U.K., and Spain are also receiving funding from the government and private companies for development of advanced healthcare system.
AVX Corporation, LEMO S.A., Samtec, Inc., Esterline Technologies Corporation, Fischer Connectors SA, Molex, LLC, TE Connectivity Ltd, ITT Inc., Amphenol Corporation, and Smiths Group Plc, are some of the major market players in the global market for medical connectors.