Medical Connectors Market Supply Chain Trends Mapping the Latest Technological Advancements
The increasing demand for miniaturized connectors, expanding medical devices industry, surging aging population, and rising prevalence of chronic diseases are some of the major reasons behind for the prosperity of the medical connectors market. In 2016, the market attained a size of $1.9 billion, and it is projected to generate a revenue of $2.8 billion by 2023, progressing at a CAGR of 6.3% during the forecast period (2017–2023). Medical connectors are used to latch or un-latch the tubing in medical devices and connect such devices and systems for transferring signals, data, media or power.
When segmented by application, the medical connectors market is mainly classified into diagnostic imaging, patient monitoring, electrosurgical, dental, and cardiology. Among these, in 2016, the diagnostic imaging classification led the market with the largest revenue contribution of $527.8 million, and it is expected to maintain its lead during the 2017–2023 period. Diagnostic imaging devices are widely used for diagnosing various diseases before providing treatment to the patient. Diagnostic imaging is a method of creating visual representations of the internal body structures for clinical analysis and medical intervention.
Miniaturized connector-integrated wires help reduce installation costs and have corrosion-resistant shells to stand in harsh environment, keyed housings mismatch and stubbing, and captive plug jackscrews to put an end to the need for extra accessory hardware. Owing to the increasing healthcare cost, patients are nowadays shifting to home healthcare, which, in turn, is leading to the high sale of miniaturized connectors. Various players in the medical connectors market offer connectors that have a decreased size and weight.
Similarly, as per the World Bank, in 2012, in the U.S., 30,537 surgeries were done per 100,000 population. In 2015, the number of surgical procedures done in Australia was 28,907 per 100,000 population. As per a World Health Organization publication of 2016, nearly 359.5 million surgeries were performed in 2012 around the world. The continuous increase in the surgery volume is further expected to accelerate the use of medical devices and significantly contribute to the growth of the medical connectors market.
Thus, the increasing adoption of miniaturized connectors and the growing aging population are expected to boost the market advance during the forecast period.