Surging Healthcare Expenditure Propelling Medical Connectors Market Growth
Medical Connectors Market Growth Report
Medical Connectors Market Overview
The global medical connectors market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research company based in India.
The market is being driven by the surging population of geriatric people, rising incidence of chronic diseases such as kidney diseases, arthritis, cardiovascular disease, and cancer, the burgeoning requirement for miniaturized connectors, and the increasing requirement for surgeries all over the world.
As per the Centers for Disease Control and Prevention (CDC), out of the top 10 causes of death in 2014, seven were chronic diseases. Moreover, the medical devices industry players are increasingly focusing on manufacturing new devices for treating chronic diseases. As per the International Trade Organization (ITO), Department of Commerce, the U.S. remains the world’s largest buyer of medical devices, accounting for around 40% of the worldwide medical device sales in 2015.
This is further boosting the market growth. Apart from these, the emergence of new sales markets in developing countries is creating lucrative growth opportunities for the market players. Countries such as India and China will witness huge sales of medical connectors in the coming years, because of their soaring healthcare spending and the presence of a surging aging population. As per the World Bank, Brazil’s healthcare expenditure was 8.3% of its $2.5 trillion gross domestic product (GDP) in 2014.
Similarly, in 2014, China’s healthcare spending was 5.5% of its total GDP, whereas Mexico spent as much as 6.3% of its GDP on healthcare. Depending on the product, the medical connectors market is categorized into I/O rectangular, radio-frequency, push-pull, disposable plastic, board-to-board, power/high voltage, and hybrid circular connectors and receptacle systems. Out of these, the category of the board-to-board connector held the largest share of the market in the past.
This was because these connectors conformed to the stringent safety standards, including those enacted for preventing increased shock rating and inadvertent plug disengagement. When the application is taken into consideration, the medical connectors market is divided into diagnostic imaging, cardiology, patient monitoring, dental, and electrosurgical categories. Out of these, the diagnostic imaging category recorded huge expansion in the past years, due to the fact that medical connectors were extensively used in diagnostic imaging devices for diagnosing several diseases.
Globally, the medical connectors market is predicted to demonstrate rapid expansion in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the growing incidence of diseases such as diabetes and anaphylaxis, the increasing geriatric population, surging investments being made in research and development (R&D) projects, and the rising per capita income of people in the region. China and Japan are predicted to make huge revenue contributions to the global market in 2023.
Hence, it can be said without any hesitation that the market will boom in the coming years, due to the growing incidence of chronic diseases, the surging population of aging people, increasing healthcare spending of several countries, and the surging demand for miniaturized connectors around the world.
The Centers for Disease Control and Prevention (CDC) forecasts that approximately 78 million adults (18 years and above) in the U.S. will have arthritis by 2040. Similarly, Arthritis Australia estimates that the number of arthritis patients in Australia will rise from around 4 million in 2015 to 5.4 million by 2030. Furthermore, the World Health Organization (WHO) estimates that cancer and cardiovascular diseases (CVDs) were responsible for around 10 million deaths in 2020 and approximately 17.9 million fatalities in 2019, respectively.
Medical connectors are primarily used in ambulatory surgical centers (ASCs) and clinics, diagnostic laboratories, and imaging centers, research laboratories, hospitals, and academic institutions. Among these end users, hospitals adopt the highest volume of medical connectors due to the large-scale usage of electronic devices and equipment, including respiratory devices, enteral devices, analyzers and processing equipment, neurological devices, and endoscopes, by them. Other application areas of medical connectors are dental, electrosurgical, cardiac, patient monitoring, and diagnostic imaging devices.
The product segment of the medical connectors market is classified into board-to-board, push–pull, hybrid circular connectors and receptacle systems, input/output (I/O) rectangular, radiofrequency, power/high-voltage, disposable-plastic, and others, such as magnetic medical connectors, power cords with retention systems, and lightweight, hospital-grade connectors. Under this segment, the radiofrequency category will exhibit the fastest growth over the forecast period due to the rising production of miniaturized and wireless medical devices.
At present, North America is the leading user of medical connectors in the world, and it will maintain its dominance in the upcoming years. This can be owed to the improving research and development (R&D) infrastructure, burgeoning healthcare spending, growing prevalence of chronic diseases, and increasing elderly population in the region. For instance, the number of persons in the age group 60–64 years and 65–69 years in Canada grew from 2,514,070 in 2019 to 2,561,677 in 2020 and 2,098,142 in 2019 to 2,168,710 in 2020, respectively.
Whereas, the Asia-Pacific (APAC) medical connectors market is expected to demonstrate the fastest growth during the forecast period owing to the rising incidence of health issues, such as diabetes and anaphylaxis, surging per capita income, booming aging population, and increasing R&D expenditure in the region. According to the International Diabetes Federation (IDF), 88 million adults in the age group 20–79 years were living with diabetes in the IDF South-East Asian region in 2019, of which 77 million were in India.
Thus, the burgeoning cases of chronic diseases and increasing volume of surgical procedures will propel the adoption of medical connectors in the forthcoming years.
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