Medical Connectors Market Company Profiling with Detailed Strategies, Financials, and Demand Forecast, 2013-2023
The medical connectors market size is projected to reach $2.8 billion by 2023, growing at a CAGR of 6.3% during 2017-2023.The market is growing mainly due to the rising demand for miniaturized connectors, progress in the medical devices industry, increasing geriatric population and surgeries and increasing prevalence of chronic diseases.
The medical connectors market in terms of end-user is categorized into hospitals, diagnostic laboratories & imaging centers, ambulatory surgical centers & clinics and others. Hospitals were the largest end users of medical connectors, contributing 38.3% to the worldwide market for medical connectors in 2016. The category is expected to achieve a value of $1091.2 million by 2023. The higher use of medical connectors in hospitals is due to availability of various electronic equipment and devices in hospitals. The market for medical connectors in ambulatory surgical centers & clinics are expected to increase significantly, with the CAGR likely to increase from 4.2% in the historical period to 7.1% in the forecast period.
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Miniaturized connectors feature factory-terminated leads to help reduce installation costs, keyed housings to help prevent mismatch and stubbing, corrosion-resistant shells to withstand harsh environments, and captive plug jackscrews to eliminate the need for additionally accessory hardware. Due to the rising healthcare cost, the patients prefer to opt for home healthcare, which in turn leads to high demand for miniatured connectors. To support this, various players in the market provide miniaturized connectors, that have a reduced size and weight. These evolving circuit chips demand much lower voltages and current flow and run much faster and store and process significantly more data, while yielding a longer battery life. For instance, Amphenol FCI’s Industrial Mini I/O Connector’s deliver a highly reliable, field installable I/O solutions with a compact wire-to-board interface that provides up to 75% space savings compared to conventional RJ45 connectors and others. Therefore, various advantages offered by miniaturized connectors lead to high demand for these connectors, amongst the healthcare providers, eventually adding to the growth of the medical connectors market.
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The key players in the medical connectors market are entering into partnerships with other firms to improve their position in the market. For instance, in May 2017, Molex LLC together with MB Connect Line GmbH introduced a secure and reliable cloud-based communication channel that allows remote access and monitoring. With data transparency becoming increasingly important, this platform adds communications and networking to the production process, offering machine and system builders’ capabilities designed to enable real-time condition monitoring and predictive maintenance, supporting the drive towards smarter machines and factories.
Some of the other key players operating in the medical connectors market include Amphenol Corporation, Delphi Automotive PLC, Smiths Group plc, ITT Interconnect Solutions (ITT Corporation), Fischer Connectors SA, LEMO SA, Samtec, Inc., and Esterline Technologies Corporation.
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