Small Bore Connectors Market is expected to grow at a CAGR of ~4% during the forecast period of 2019-2029
The global small bore connectors market has witnessed increased interest in the last couple of decades, resulting in a steady growth at a moderate pace, attributed to increased focus on minimizing the risk of misconnections. The study by Future Market Insights on the prospective growth of the market estimates that the small bore connectors market is likely to grow at an average of approximately 4% globally, during the course of the forecast period from 2019 to 2029.
With healthcare as an industry shifting towards value-based care, that places patient safety at the centre, the demand for better quality of medical devices is on the rise, showing no signs of abating.
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Improving Patient Safety and Standardised Products
Improving patient safety is one of the biggest tenets of value-based healthcare, this applies to medical device connectors to reduce the risk of tubing misconnections. Since the invention of small bore connectors, there has been continuous research and development into improving quality to mitigate the risks to the patient. Some of the aspects that manufactures in the landscape are focusing on include stress cracking, fluid leakage, resistance to overriding, all of which are crucial factors impacting the small bore connectors market.
Players in the market are looking to increasingly expand their product range to include features such as product readiness for compatibility with diverse applications and improved quality of products. This has also led to prominent players working towards standardizing their products to eliminate the potential risk of using non-standard small bore connectors, contributing positively to the growth and expansion of the small bore connectors market.
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Regional Analysis within the Global Scenario
With new standards governing the quality and reducing the errors in small bore connectors, the use of small bore connectors has remained significantly large in intravascular administration of medicine, with over a fourth of the total sales. But, their use in enteral administration of medicine is also getting quickly popular in recent years.
According to this study on the small bore connectors market by Future Market Insights, the regional markets in North America and Europe currently hold the largest share of the global market, as of 2019. This can be attributed to comparative pricing by manufacturers in these regions, and is expected to stay the same over the forecast period, accounting for nearly 50% of the share as a whole. The regional markets in developing countries are projected to remain fairly benign during the same tenure.
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Technology and Improvement in Quality
With application-specific designs and products being introduced by the manufacturers of small bore connectors, and innovation for safer and better products becoming central to the business strategies of these players, the growth of the market is likely to be steady in the near future. They are looking to leverage technology to focus on consistency and compatibility to alleviate the risk of misconnection. All of these drivers are being considered crucial aspects that are likely to shape the small bore connectors market landscape.
Summary: The global small bore connectors market is set to grow at a moderate pace during the forecast years, due to a shift in the healthcare industry towards improved patient safety and value-based care.
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