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Global Medical Connectors Market will grow at 7.2% CAGR to exceed $ 2878.5Mn by 2022

News   •   Jan 17, 2018 08:45 EST

Connectors can be defined as the product that is used to form a connection between two different distinct gadgets for several purposes like an exchange of data, projecting images and much more. These connectors have wide application in several verticals like automotive, Infotech, mobile devices, industrial machinery and devices, Telecommunication, Medical and few others. The Connectors used in medical industry are of several types. These include Flat Surgical Silicone Cables, Embedded Electronics 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. Each of the connectors has its own unique application. The connector to be used depends upon the type of devices used in the medical examination, monitoring or treatment.

According to the report, the global Medical Connectors Market accounted for USD 1901.3 Million in 2016 and is expected to reach USD 2878.5 Million by 2022, growing at a CAGR of around 7.2% between 2017 and 2022.

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The growing development and research in diagnostic, monitoring and therapeutic segment are one of the major factors driving the growth of medical connectors globally. Another factor which is equally important and leading to the use of medical connectors in medical technology is the use of multiple devices for diagnosis at the same time. Although the factors responsible for the growth of medical connectors market are trending but there few technology that can hinder the growth. One of the prominent technologies amongst them is the wireless technology which is growing at a higher growth rate and is likely to take over the medical connectors technology in the near future.

Based on the type of connector, the global market of medical connectors is bifurcated into nine types: Flat Surgical Silicone Cables, Embedded Electronics 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. Push-Pull connectors were the leading segment followed by Hybrid Circular Connectors And Receptacle System in terms of revenue in 2016 and it is expected to continue its dominance throughout the forecast period. The growth in the global market of Push-Pull is attributed due to the ease of use and multiple applications in several types of medical devices.

Based on application, the global markets of medical connectors are classified into three types of diseases: Diagnostic Devices, Therapeutic Devices, and Monitoring Devices. Application by Diagnostic Devices drags a large share of the global medical connectors market in 2016 and is expected to dominate the market over the forecast period. Followed by the Diagnostic devices, the use of medical connectors is also gaining traction in the monitoring devices owing increasing applications of medical connectors in monitoring devices.

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Based on End User, the global markets of medical connectors are classified into three types of diseases: Hospitals and Clinics, Ambulatory Surgical Centers and Diagnostic Centers. Medical connectors have been widely used in the diagnostic centers due to a higher number of application in diagnostic purposes followed by the hospitals and Clinics. In 2016, Diagnostic centers end-user type segment carries a maximum market share of the global medical connectors market and is likely to dominate over the forecast period.

Based on geographies, the world market of Medical Connectors is categorized into five types: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These geographies are further bifurcated into U.S., U.K., Germany, France, China, Japan, India, and Brazil. In terms of revenue, North America dominates the global medical connectors market in 2016, followed by Europe region. Growth in North America is mainly due to use of advanced medical technology and better reimbursement policies. Europe accounted for approximately more than 28% of the global medical connectors market. Moreover, medical connectors market has a huge opportunity in the emerging markets of Asia Pacific due to increasing use of advanced medical devices in this region. In addition, growing technological awareness amongst the healthcare physicians is also the major factor that promotes the growth of medical connectors market. Emerging economy like Brazil, Mexico is expected to fuel the growth in Latin America region.

Key global market players of medical connectors market include TE Connectivity Ltd., Amphenol Corporation, Delphi Automotive LLP., Esterline Corporation, ITT Corporation, Smith Interconnect (A division of Smith Group PLC), Fischer Connectors, Molex Incorporated, Lemo S.A. and Samtec

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