The major factors driving the growth of this market are increasing incidence and prevalence of chronic diseases, rapid growth in the medical devices market, and growth in the home healthcare market, which results in increased adoption of miniaturized connectors and growing healthcare expenditure across the globe.
The Medical Connectors Market is projected to reach USD 2.69 Billion by 2021 from USD 1.63 Billion in 2016, at a CAGR of 10.5%.
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The medical connectors market is segmented based on products, application, end user, and region in this report. On the basis of products, the market is segmented into flat surgical silicone cables, embedded electronics connectors, radio-frequency connectors, disposable plastic connectors, hybrid circular connectors & receptacle system, power cords with retention system, lighted hospital-grade cords, magnetic medical connectors, and push-pull connectors. The flat surgical silicone cables segment is expected to grow at the highest CAGR during the forecast period. Increasing awareness about the application of connectors and its technical features are the factors driving the growth of this segment.
By application, the market is classified into cardiology devices, diagnostic imaging devices, electrosurgical instruments, patient monitoring devices, endoscopy devices, respiratory devices, analyzers and processing instruments, dental instruments, neurology devices, enteral devices, and other applications. The patient monitoring devices segment is expected to grow at the highest CAGR during the forecast period due to increasing incidence of chronic diseases and increasing adoption of patient monitoring devices.
Based on end user, the market is classified into hospitals & clinics, diagnostic laboratories and imaging centers, ambulatory surgical centers, and other end users. The hospitals & clinics end user segment is expected to grow at the highest CAGR during the forecast period due to factors such as increasing demand for electrosurgical therapy and growing incidence of chronic disorders.
On the basis of region, North America accounted for the largest share in the market in 2016. However, in the coming five years, growth in the market is expected to be centered on Asia. The increasing prevalence and incidence rate of chronic disorders in Asia provides growth opportunities to players in the market. Key players are focusing on strategies such as product launches, acquisitions, and expansions to strengthen their foothold in the market.
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Top Key Players:-
Key players in the market include Amphenol Corporation (U.S.), Delphi Automotive LLP. (U.K.), Esterline Corporation (U.S.), ITT Corporation (U.S.), Smiths Interconnect (U.K.), TE Connectivity Ltd. (Switzerland), Fisher Connectors (Switzerland), Lemo S.A. (Switzerland), Molex (U.S.), and Samtec (U.S.).
