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Report Code: LS11130
Category : Medical Devices
Medical Connector Market Overview
Medical connectors are used to connect medical machines and systems and to latch or un-latch tubing in medical devices. These connectors are usually used to transfer data, power, signal, or media, and can be designed for one of these or hybrid systems. The connectors are generally used in MRI, ultrasound, defibrillators, EKG, surgical, diagnostics, heart-lung machines and therapy systems. The cable should be made in such a way, that it is easy to use for the trained professionals and also for the untrained staff so that they do not cause any damage to themselves or to the equipment. The global medical connector industry has been growing due to increase in the requirement of medical devices by hospitals and rise in emerging technologies in the healthcare industry. According to the World Health Organization (WHO), around 17.5 million people die each year from cardiovascular diseases, which is about 31% of all deaths, globally. Increase in heart diseases leads to high requirement of heart machines and connectors to use them. Some of the advantages of medical connector include reliable connections for gathering data, sealing against wet applications, flexibility for glands, sealing for demanding environments, stainless steel for best longevity and hot sterilization, and good RFI/EMI shield performance.
The medical connector market is categorized on the basis of product, application and end user. Based on product the market is segmented into flat surgical silicone cables, embedded electronic connectors, radio-frequency connectors, disposable plastic connectors, hybrid circular connectors and receptacle system, power cords with retention system, lighted hospital-grade cords, magnetic medical connectors and push-pull connectors. Flat surgical silicone cables account for the largest share of the global market, and is projected to be the fastest growing segment during the forecast period (2017-2023), due to the technical features of these cables which offer many benefits in order to be used in large number of applications. The growth of the medical devices market is also one of the major factors influencing the growth of flat surgical silicone cables.
Based on application, the market is segmented into patient monitoring devices, diagnostic imaging devices, electrosurgical instruments, cardiology devices, endoscopy devices, respiratory devices, analyzers and processing instruments, dental instruments, neurology devices, enteral devices and others. Patient monitoring devices held the largest share in 2016, due to increase in adoption of home care settings and increasing prevalence of chronic diseases.
End users in the medical connector market include, hospitals & clinics, diagnostic laboratories & imaging centers, ambulatory surgical centers and others. The hospitals & clinics are expected to grow at the highest CAGR during the forecast period due to various factors such as adoption of electrosurgical therapy, high quality of treatment provided in hospitals, increasing investment in hospital infrastructure and growing prevalence of chronic disorders, which contribute to support the growth of medical connector market globally.
Medical Connector Market Dynamics
Growth Drivers and Restraints
The key factors driving the growth of the medical connector market include increasing growth in the overall medical equipment market and home healthcare services market, which is in turn increasing the demand of miniaturized connector.
According to the Centers for Disease Control and Prevention (CDC), seven of the top 10 causes of death in 2014 were chronic diseases. Two of these chronic diseases namely, heart disease and cancer, together accounted for nearly 46% of all deaths. Diabetes is the leading cause of kidney failure, lower-limb amputation other than those caused by injury, and new cases of blindness among adults. More than 1 in 3 adults (around 92.1 million) have at least one type of cardiovascular disease. About 90% of Americans aged 2 years or older consume too much sodium, which can increase their risk of high blood pressure.
The increasing demand for wireless equipment and the presence of stringent regulatory standards restrain the growth of the global market.
Opportunities and Trends
Growing demand for medical devices in emerging economies provides ample growth opportunities to the manufacturers of medical connectors.
The key trend observed in the global medical connector market is the increased production and use of hybrid connectors, that can be used in various systems simultaneously, to provide data, media or signal at the same time.
Medical Connector Insights by Geography
Globally, North America leads the global medical connector market, followed by Europe. The reasons for the dominance of North America are reimbursement for several surgeries, aging population and increasing prevalence of chronic diseases in the region. However, the Asia-Pacific market is expected to witness the highest CAGR, mainly China, Japan and India.
Medical Connector Competitive Landscape
The competition is quite high as various competitors are focusing on different technological advancements in connectors.
In April 2017, Delphi Automotive PLC entered into an agreement with Rosenberger, a company with high frequency connectivity. These companies partnered in order to provide high performance, high speed and cost effective ethernet solutions for the transportation market.
In June 2017, Molex International, Inc. launched Polymicro Technologies Optical Fiber Bundle Assemblies and Fused Bundles, which provides analytical and industrial optical requirements, including biotechnology and pharmaceutical diagnostic equipment, semiconductor fabrication and inspection, UV curing and laser marking.
In April 2016, TE Connectivity acquired Creganna Medical Group in order to enhance its product portfolio as Creganna products are used for life-saving medical treatments and surgical procedures.
Major key players in the global medical connector market include Amphenol Corporation, Delphi Automotive LLP, ITT Corporation (ITT Interconnect Solutions), Smiths Group (Smiths Interconnect), TE Connectivity Ltd., Fischer Connectors SA, Koch Industries (Molex), Esterline Technologies Corporation, LEMO SA and Samtec.
By End User