NEW YORK, Nov. 29, 2017 (GLOBE NEWSWIRE) -- 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 of $527.8 million in 2016.
Medical connectors are mainly used in hospitals, diagnostic laboratories and imaging centers, ambulatory surgery centers & clinics and in several other set ups. Globally, hospitals were the largest end users of medical connectors market, contributing 38.3% share to the market in 2016. This leading position of hospitals among the various end user is due to the availability of various electronic equipment and devices in hospitals.
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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.
Globally, the key providers in the medical connectors market are launching new products to gain a larger market share. For instance, in August 2017, TE Connectivity Ltd. (TE), announced its cabled STRADA Whisper product line. This cabled STRADA Whisper connectors eliminate the need for printed circuit board (PCB) backplanes to achieve improved performance and flexibility as data speeds increase. In February 2017, ITT Technologies Corporation’s Cannon brand introduced its ARINC 801 Fiber Optic Connector Series which has a high-bandwidth interconnect solution that provides maximum performance and reliability for commercial and military aviation, and shipboard systems.
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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