Medical Connectors Market

Global Medical Connectors Market Size (2023 to 2028)

The global market for medical connectors is estimated to be worth USD 6.13 billion by 2028 from USD 3.57 billion in 2023, growing at a CAGR of 11.4% from 2023 to 2028.

Impact of COVID-19 pandemic on medical connectors market:

COVID-19 is a public health emergency that has affected every industry worldwide. Medical connectors are one useful medical device to fight COVID-19. Key players manufacturing different medical technologies such as ventilators and monitoring devices are done with the help of connectors. Electronics companies are supplying OEMs with the parts necessary to build the products needed to protect and care for people affected by the virus while at the same time taking precautions to protect their employees. Arrow Electronics joined the U.K. government's Ventilator Competition U.K. Consortium and contributes components and engineering support to the initiative and other ventilator production efforts in the U.S. and worldwide. In addition, the company works with Abbott Medical to create cell COVID-19 test kits. Overall, COVID-19 left a favorable impact on the medical connectors market, and the market is projected to showcase a significant CAGR during the forecast period.

MARKET DRIVERS:

Improving connectivity for new-generation devices, modern cosmetic surgery, and increasing the prevalence of chronic diseases are fuelling the growth of the medical connectors market.

The new generation of devices uses the growing Internet of Things to improve connectivity. Fixed imaging devices need to be able to send information between departments or facilities, and devices designed for home use must be able to communicate with the professional's medical team for diagnosis. The global prevalence of chronic diseases such as cancer, arthritis, kidney, and cardiovascular diseases is increasing globally. According to the Centers for Disease Control and Prevention (CDC), 7 in 10 deaths are due to chronic diseases. Due to the rise in chronic diseases, there is a rise in the number of surgeries performed for their treatment, leading to an increased need for medical connectors in setting up new medical devices. Due to the increasing complexity of diseases, the Key players are introducing advanced medical devices to grow the medical connectors market. Radiofrequency, ultrasound, or microwave are used for modern cosmetic surgery to alter human appearance. This is used for skin tightening or to remove unsightly wrinkles or fat tissue; practitioners require access to an ever-widening variety of energy delivery devices. Medical connectors for cosmetic surgery devices provide patient safety through a stable power delivery.

The rise in advancement in technology and development, increase in demand for medical connectors in developing countries, rise in the awareness related to health care among people, growth in the prevalence of health insurance, telemedicine, the advent of medical tourism, rise in the percentage of hospitals, are the factors driving the medical connectors market forward. Furthermore, rising technological advancements, transformation in the production of paracetamol, rising emerging markets with an increasing geriatric population and demand for medical connectors, and a rise in extensive R&D activities are the major factors that provide opportunities for market growth. In addition, paperless healthcare and cloud storage of patients' electronic health records are also leading to the demand for better connectivity.

MARKET RESTRAINTS:

On the other hand, strict regulations and standards and a lack of awareness about connectors are the major factors imposing a negative impact on the growth of the medical connectors market. One of the significant challenges for manufacturers of medical connectors is wireless technology.

REPORT COVERAGE:

This research report on the global medical connectors market has been segmented and sub-segmented based on product, application, end-user, and region.

Medical Connectors Market - By Product:

• Radio
• Magnetic
• Embedded Electronics

Based on the product, the magnetic segment will dominate the medical connectors market during the forecast period. Factors such as the increasing adoption of connectors in medical devices are accelerating the demand for this segment.

 Medical Connectors Market - By Application:

• Diagnostic Imaging Devices
• Patient Monitoring Devices
• Endoscopy Devices

Based on the application, the patient monitoring devices segment accounted for the largest share of the global medical connectors market in 2022. Patient monitoring devices are used to track patient records during a patient's clinical symptoms and related complications. In addition, wireless technology is used in these devices to track the patient's physiological parameters.

Medical Connectors Market – By End-User:

• Hospital & Clinics
• Diagnostic Laboratories and Imaging Centers
• Ambulatory Surgical Centers

The ambulatory surgical centers segment is anticipated to lead the medical connectors market during the forecast period. This is because medical connections used in Ambulatory Surgical centers will rise faster. In addition, due to the growing number of Ambulatory Surgical Centers and the increased use of various medical equipment that uses connectors, the market for Ambulatory Surgical centers is predicted to grow.

Medical Connectors Market Regional analysis

• North America
• Europe
• Asia-Pacific
• Middle East Africa
• Latin America

Geographically, the North American medical connectors market accounted for the largest share of the worldwide market in 2022, and it is anticipated to register a significant share during the forecast period. The major factors responsible for the increasing demand for medical connectors in North America are reimbursement policies, increased use of telehealth, digital solutions in the healthcare business, and advancements in medical technology. Countries such as the United States and Canada are expected to provide a significant boost to the North American market in the coming future. Sickel Cell Disease (SCD), as per statistics of the Centers for Disease Control and Prevention (CDC), affects around 100,000 people in America each year. And a few more factors are playing important roles in taking the medical connectors market to the next level; among them, technological advancement and medical connectors developments are expected to drive the medical connectors market growth.

Asia-Pacific is expected to have the fastest CAGR in the global medical connectors market during the forecast period. It is driven by the increasing prevalence of diseases such as anaphylaxis and diabetes, the growing aging population, increased R&D spending, and rising per capita income in the region. China and Japan accounted majority of the APAC market in 2022 due to the increasing prevalence of chronic diseases and rising healthcare expenditure in these countries.

The European medical connectors market accounted for a substantial share of the global market in 2021. In this region, Germany is projected to be a prominent factor. Additionally, the rise in the adoption of the latest medical advancements in cancer diagnostics will also be a factor in the overall market growth.

KEY MARKET PARTICIPANTS:

Amphenol Corporation, Delphi Automotive LLP, ITT Interconnect Solutions, Smiths Interconnect, TE Connectivity Ltd., Fischer Connectors, Molex, Esterline Technologies Corporation, LEMO S.A., and Samtec are a few of the notable companies operating in the global medical connectors market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• CPC released new MicroCNX Connectors in 2021, a first for small-volume biopharmaceutical processing.
• In 2021, Hypergrip Flex connectors provides a robust design for standard cycle life applications.
• In 2021, New MicroCNX Connectors were launched by CPC, a First for Small-Volume Biopharma Processing.