In 2023, the market size of
medical connectors was approximated at USD 2.5 Billion, with an anticipated growth rate of 11.5% between 2024 and 2030, resulting in a projected value of
USD 5.3 Billion by 2030. Medical is a vital aspect of the healthcare industry, which offers important connection solutions to medical equipment and devices.
The improvement of tech in the healthcare sector is a power that has boosted medical connections, guaranteeing dependability and reliability at a high pace. Such connections permit data transmission and power transfer from different medicinal devices, therefore advancing patient care and monitoring.
Medical device connectors are obtainable in numerous kinds, be it electric connection between medicinal systems and devices or unlatching and latching of tubes in several analytic medical devices. The processes performed by connectors are the directing of signals, power, and data.
Such connectors are made for a hybrid system or just one of these operations. Irrespective of the nature of such connectors, they have to be safe and also hygienic. These are primarily often utilized in ambulatory surgical facilities, hospitals, diagnostic laboratories, clinics, and imaging centers. The requirement for medical connectors will be further driven by these wide applications.
The patient monitoring category accounted for a significant share of the market on the basis of applications. Patient monitoring equipment allows a doctor to monitor patients' symptoms and related complications in minor and important procedures.
In addition, in view of the development of mobile technology, these devices may also be used to monitor patient's health data. Such devices are a vital part of different healthcare services, because they are intended to help healthcare providers assess a disease's severity.
The application segment of the medical connectors market is categorized into cardiology, dental, diagnostic imaging, electrosurgical, patient monitoring, and others, such as analyzers and processing equipment, endoscopy devices, enteral devices, neurology devices, and respiratory devices.
Based on end users, the hospital category is the largest contributor to the market. The demand for minimally invasive procedures is increasing, the private and public sectors are investing more in healthcare infrastructure construction while people continue to spend more on healthcare.
Worldwide health spending has attained a new high of USD 9.8 trillion, or 10.3 % of worldwide GDP, as per the World Health Organisation's report on healthcare for 2023. Thus, more modern healthcare equipment is being utilized. This will inspire hospitals to use different connectors for healthcare.
The biggest share of the industry was accounted for in North America. This can be because of the increasing prevalence of chronic disorders, including autoimmune diseases, blood diseases, cancer, and more. Moreover, growth is also strongly driven by the accessibility of cutting-edge healthcare infrastructure in this region. The US is a major contributor to the North American region.
APAC is projected to grow at the fastest rate during the projection period. This is due to the increasing incidence of diseases, such as anaphylaxis and diabetes, the rising aging populace, advanced research and development expenditure, and rising per capita salary in this continent. Japan and China are the key revenue contributors in APAC.
SOURCE: P&S Intelligence
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