Strategic Recommendations for The New Entrants in Medical Connectors Market


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Global medical connectors market is forecasted to attain a value of $2.8 billion by 2023, growing at CAGR of 6.3% during 2017-2023


The growth in the market is boosted by the rising demand for miniaturized connectors, progress in the medical devices industry, increasing geriatric population and surgeries and increasing prevalence of chronic diseases.  

Based on product, the medical connectors market has been categorized into board to board, I/O rectangular, push-pull, radio-frequency, disposable plastic, hybrid circular connectors and receptacle systems, power/high voltage and other connectors. Board to board connectors occupied the largest share in the medical connectors industry throughout the analysis period as they conform to rigorous safety standards, including prevention of inadvertent plug disengagement and increased shock rating and further generated revenue of $725.8 million in 2016.

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These connectors are used in various medical applications such as diagnostic imaging, patient monitoring, cardiology, electrosurgical, dental and other applications. Medical connectors are mostly utilized in diagnostic imaging devices globally since these are used for diagnosing various diseases and are basically the first step before providing any treatment to the patient. Medical connectors used in diagnostic imaging devices generated revenue a $527.8 million in 2016.

 

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North America contributed the maximum revenue to the medical connectors industry during the analysis period, mainly due to the rising R&D infrastructure, increasing geriatric population, high healthcare expenditure and increasing prevalence of chronic diseases in this region. In 2015, the total investment in research and development (Medical and Health) was around $158.7 billion in the U.S. According to the data provided by the World Bank, around 30,537 surgeries were performed per 100,000 population in the U.S., in 2012, which states that the requirement for surgical devices increased, which further boosts the medical connectors market.

Some of the other key players operating in the medical connectors industry include Amphenol Corporation, Delphi Automotive PLC, Smiths Group plc, ITT Interconnect Solutions (ITT Corporation), Fischer Connectors SA, LEMO SA, Samtec, Inc., Molex, LLC, and Esterline Technologies Corporation.

 

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