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03-Feb-2021

Medical Connectors Market Booming Segments; Investors Seeking Growth

Summary

Global medical connectors market is forecasted to attain a value of $2.8 billion by 2023, growing at CAGR of 6.3% during 2017-2023
  • Author Company: P&S Intelligence
  • Author Name: Pramod Kumar
  • Author Email: pramod.kumar@psmarketresearch.com
Editor: Pramod Arya Last Updated: 03-Feb-2021

According to the estimates of P&S Intelligence, a market research company based in India, the global medical connectors market will register explosive growth in the coming years. The main factors fueling the progress of the market are the rapid expansion of the medical devices industry, the increasing requirement for miniaturized connectors, the surging population of geriatric people, the soaring demand for surgeries, and the rising incidence of chronic diseases across the world.

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The growing incidence of chronic diseases such as arthritis, cardiovascular diseases, kidney diseases, and cancer across the globe is also pushing up the demand for medical connectors. As per the Centers for Disease Control and Prevention (CDC), out of the leading 10 causes of deaths, seven were chronic diseases. The high occurrence rate of chronic ailments is augmenting the requirement for surgeries, which is, in turn, propelling the requirement for medical connectors across the world.

Depending on product, the market is classified into I/O rectangular, radio-frequency, board to board, push-pull, hybrid circular connectors and receptacle systems, disposable plastic, and power/high voltage. Out of these, the board to board connectors category recorded the highest growth in the market during the last few years. This was because the board to board connectors conform to stringent safety standards and norms including those regarding mitigating the occurrence of inadvertent plug disengagement.

When end user is taken into consideration, the medical connectors market is categorized into diagnostic laboratories & imaging centers, hospitals, and ambulatory surgical centers and clinics. Out of these, the ambulatory surgical centers and clinics category is predicted to register huge revenue growth during the next few years. The factors driving the growth of this category are the rising usage of several medical devices that require connectors and the surging number of ambulatory surgical centers and clinics around the world.

Geographically, the medical connectors market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the future years. This will be a result of the rising incidence of chronic diseases and health problems such as diabetes and anaphylaxis, the soaring geriatric population, the surging investments being made research and development (R&D), the ballooning healthcare expenditure, and the rising per capita income of the people residing in the regional countries.