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(Medical-NewsWire.com, May 23, 2020 ) The high incidence and prevalence of chronic disorders, rise in healthcare expenditure, and growth in the home healthcare market are the major factors fueling the growth of this market.
The global 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%.
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.
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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.
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The market is segmented into four major regions North America, Europe, Asia, and the Rest of the World. In 2016, North America accounted for the largest share of the market, followed by Europe.
North America will continue to dominate the market in the forecast period due to the availability of reimbursement for several surgeries and increasing prevalence of chronic disorders in the region. However, the market in Asia is expected to witness the highest CAGR, with the growth centered on China, Japan, and India.
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.).
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Mr. Aashish Mehra