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The global medical connectors market size is estimated to grow by USD 1,739.56 million, at a CAGR of 10.35% between 2023 and 2028.
Remote Patient Monitoring (RPM) is on the rise, driven by an aging population and the increasing prevalence of chronic diseases, creating a demand for precise medical devices with advanced connectivity solutions provided by medical connectors. These connectors are crucial for seamless communication between wearable sensors, medical instruments, and data platforms, ensuring real-time and accurate health monitoring. With TE Connectivity and Smiths Interconnect offering connectors tailored for wearable devices and patient monitoring, the global medical connectors market is set for significant growth. Continuous technological advancements, including miniaturization and enhanced data transmission capabilities, position medical connectors as integral components in RPM's rapid growth.
Technavio has segmented the market into End-user, Application, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our market analysis and report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the hospitals and clinics segment will be significant during the forecast period. As a result of the rising prevalence of chronic diseases and medical conditions that need hospitalization and surgical intervention, the hospitals and clinics segment accounted for the biggest and fastest-growing end-user segment in the global medical connectors market. The increasing number of rapidly rising geriatric population, adoption of technologically advanced ophthalmologic and diagnostic devices, and prevalence of chronic diseases are increasing the demand for medical devices in hospitals and consequently the demand for medical connectors.
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The hospitals and clinics segment was valued at USD 770.15 million in 2018. Hospitals and clinics, often large and small, have implemented new technologies to adapt to a shifting regulatory landscape and enhance the overall quality of care for patients. Modern medical facilities are high-tech operations that provide skilled personnel with cutting-edge technology. Hospitals and clinics still have a lot of opportunities to expedite the adoption and application of new technologies. Thus, such factors will foster the growth of the global medical connectors market through the hospitals and clinics segment during the forecast period.
The rising prevalence of remote patient monitoring fuels demand for medical connectors, essential for seamless data transmission from advanced wearables to healthcare systems. These connectors play a vital role in connecting wearables to data storage, supporting the collection and analysis of continuous health data. With an increasing focus on home healthcare and patient monitoring in home settings, reliable connectors become crucial for integrating monitoring devices and ensuring patient comfort. In the broader scope of IoT in healthcare, medical connectors facilitate connectivity between IoT-enabled patient monitoring devices and healthcare networks, contributing to the growth of the global medical connectors market through the patient monitoring devices segment during the forecast period.
Electrosurgical devices, crucial for tissue procedures using high-frequency electrical currents, demand precise connectors for secure electrical connectivity. Medical connectors, like TE Connectivity's AMPMODU System 50, cater to these needs, offering reliability for electrosurgical applications. Ongoing technological advancements in electrosurgery, with advanced energy delivery systems, drive the demand for specialized connectors capable of handling high-frequency signals with surgical precision. The increasing global surgical procedures, especially minimally invasive surgeries employing electrosurgical devices, fuel the demand for connectors in this segment, ensuring seamless integration and patient safety in electrosurgery. Thus, such factors are expected to fuel the growth of the electrosurgical devices segment in the global medical connectors market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The North American medical connectors market anticipates substantial growth, propelled by factors like the increasing prevalence of chronic diseases, heightened R&D efforts by key players, growing health consciousness, rising product approvals, and significant healthcare infrastructure investments. The US is a major revenue contributor, hosting over 6,500 medical device companies, with giants like Baxter International Inc. and Johnson & Johnson leading the way.
In addition, favorable reimbursement policies, expanding healthcare initiatives, heightened awareness of chronic diseases, and increased product approvals further energize market dynamics. The region's technological innovations, coupled with a growing aging population and advanced healthcare infrastructure, fuel the demand for top-notch medical connectors. Additionally, the surge in chronic diseases and the imperative for efficient patient monitoring devices act as catalysts, propelling market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Amphenol Corp.: The company offers medical connectors such as Pulse-Lok connectors that assure the user of a secure connection with visual, audible, and tactile confirmation of engagement, and retention feature assure a safe, secure connection that protects against disengagement due to unintended pull on the cable.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth analysis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of chronic diseases is the key factor driving market growth. As the prevalence of various chronic diseases and medical conditions rises, the number of patients requiring medical intervention and treatment also increases. This creates a higher demand for medical devices that aid in the diagnosis, management, and treatment of these conditions. The prevalence of chronic diseases like diabetes, cardiovascular diseases, respiratory disorders, and cancer amplifies the need for precise and reliable medical devices, intensifying the demand for high-quality connectors.
Moreover, the ongoing global health challenges, including infectious diseases and pandemics, underscore the importance of robust healthcare infrastructure, leading to increased investments in medical technology. The emphasis on early diagnosis, effective treatment, and continuous monitoring further propels the requirement for advanced medical devices, which will contribute to the sustained growth of the global medical connectors market during the forecast period.
Increasing product approvals of medical connectors is the primary trend shaping market growth. Ongoing innovations, driven by technical advances and demand for medical connectors, present new and improved connector solutions. These launches cater to evolving healthcare needs, fostering increased adoption and fueling the expansion of the global medical connectors market. For instance, in November 2023, Fischer Connectors announced the launch of First Mate Last Break connectors in its low-voltage multipole Fischer Core Series. Fischer Core Series is designed to provide exceptional electrical safety, mechanical dependability, and user-friendliness for medical device operators.
Similarly, in May 2023, the interconnect solutions provider Nicomatic and the electrical design search engine SnapEDA made computer-aided design (CAD) models available for over 8 million of Nicomatic's connectors. For signal contacts, the options range from 4 to 60, and for coaxial or power contacts with locking or racking fixings, from 4 to 54. Applications for models include transportation, medical equipment, aerospace, and defense. Thus, such a continuous launch of new products will propel the market trends and analysis during the forecast period.
Stringent regulatory compliance associated with the approval of medical connectors is a challenge that affects market growth. Securing regulatory approvals is vital for ensuring patient safety and product quality, but the complex and demanding compliance processes can pose challenges for manufacturers. In the US, the FDA governs medical device approvals, requiring manufacturers to navigate a meticulous premarket submission process, involving extensive documentation, clinical testing, and adherence to FDA quality system regulations.
Similarly, in Europe, the EMA and notified bodies, following the Medical Device Regulation (MDR), oversee approval, necessitating stringent conformity assessments and the attainment of the Conformite Europeenne (CE) mark. The shift from the Medical Device Directive (MDD) to MDR introduces complexities, impacting market entry timeframes. The continuous need for adaptation to evolving regulations and potential delays in product launches pose challenges for medical connector manufacturers, potentially impeding market growth during the forecast period.
The market report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Connectors Market Customer Landscape
The medical connectors market report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends from 2018 to 2028.
Medical Connectors Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.35% |
Market Growth 2024-2028 |
USD 1,739.56 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.76 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amphenol Corp., CFE Corp. Co. Ltd., Clear Path Medical, Eaton Corp. Plc, Fischer Connectors Holding SA, ITT Inc., KEL Corp., Koch Industries Inc., KYOCERA Corp., LEMO SA, Neutrik AG, Nicomatic, ODU GmbH and Co. KG, Rosenberger Hochfrequenztechnik GmbH and Co. KG, Samtec Inc., SENKO, Shenzhen Medke Technology Co. Ltd., Shenzhen Medplus Electronic Tech Co. Ltd., Smiths Group Plc, and TE Connectivity Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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