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Strategic Recommendations for The New Entrants in Medical Connectors Market
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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.
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The European market for medical connectors is expected to cross $700.0 million by 2023, growing at a CAGR of 5.2% during 2017-2023. The growth in the European market for medical connectors is mainly attributable to the growing aging population, increasing prevalence of infections cardiovascular diseases, chronic pain, and neurological disorders and R&D infrastructure. Germany held the largest share in the European medical connectors market, with 28.2% contribution in 2016. France and U.K. lead the regional market, followed by Germany, with France expected to grow at CAGR of 6.1% during the forecast period and is predicted to generate revenue of more than $100.0 million by 2023.
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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