Small Bore Connectors Market Is Expected to Grow at A Robust CAGR Of 4.3% Between 2022 And 2029
According to a new study of Future Market Insights (FMI), the small bore connectors market is estimated to roughly equate the revenues worth US$ 558 Mn in 2022, growing at 4.3% over 2022-29. The small bore connectors industry remains influenced by a slew of factors, which range from the development of new international standards for design and performance, to the compelling requirement for higher-grade quality products that offer continued performance in high-stake situations.
Security and safety is paramount in small bore connectors, while the rapidly growing space of medical equipment necessitates the development of disposable products with high performance vis-à-vis affordability.
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Reciprocating the increasingly complex landscape of small bore connectors, manufacturers are switching to new materials that are resilient to fatigue and rough use experience. As the medical device industry continues to flourish, materials and relevant components used in manufacturing of small bore connectors also evolve, offering high performance under constant pressure.
The study finds that the medical device industry and the standards community have been taking actions for minimizing the risk of misconnections. The profound emphasis on the development of new standards has led new connector designs come to the fore that are application-specific, preventing connections with other devices. Additionally, new non-standardized products have also been introduced by key players in the small bore connectors market, to curtail risks apropos of wrong route errors during the administration of medicine via neuraxial and enteral/oral routes.
Adoption Remains High in Intravascular and Enteral Administration of Medicine
The application scope of the small bore connectors spans wide, ranging from intravascular and enteral, to limb cuff inflation and neuraxial anaesthesia. Use of small bore connectors remains largest in intravascular administration of medicine, accounting for ~25% sales. As ISO/FDIS 80369-7 is finalised, small bore connector manufacturers are now bestowed with specifications for hypodermic and intravenous applications. Enteral administration of medicine also accounts for significant share of the small bore connectors market, owing to its high demand in feeding patients that are unable to drink and eat.
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Small bore connector manufacturers are transitioning to new standards for addressing errors in connections between non-enteral and enteral devices. Key players are also focusing on providing succor to their customers by performing testing as part of the product development, to confirm compliance with standard requirements and demonstrate the functional performance of their products.
According to the study, developed markets remain the goldilocks zone for the small bore connector manufacturer. North America and Europe are collectively expected to account for ~50% sales of small bore connectors in 2022, and the status quo is likely to prevail in the foreseeable future. Profitability of developed markets for small bore connector manufacturers is advocated by the end-user and government actions based on regulations and competitive pricing.
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As medical device industry continues on its hunt for successful formulas for selling in developing markets, small bore connector manufacturers are following the suit. Developing economies are fairly benign for the small bore connectors market, pushed by growing number of initiatives and awareness campaigns by public as well as private organisations, abreast technology penetration and new product developments. Leading stakeholders in the small bore connectors market are adopting a ‘developing market mindset,’ even as emphasising reasonable investment horizon for eliminating mid-way profitability trap.
The study offers a holistic perspective of the small bore connectors market for the period, 2022 to 2029. The small bore connectors market is forecast to record 4.3% CAGR through 2029.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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