Medical Connectors Market to grow at a CAGR of 10.35% during 2024-2028
The Medical Connectors Market is expected to grow at a CAGR of 10.35% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1739.56 million. The medical connectors market continues to experience significant growth, fueled by ongoing innovations and technological advancements. Companies are responding to evolving healthcare needs by introducing new and improved connector solutions. In November 2023, Fischer Connectors launched First Mate Last Break connectors in its low-voltage multipole Fischer Core Series, offering exceptional electrical safety, mechanical dependability, and user-friendliness for medical device operators. Meanwhile, Nicomatic and SnapEDA made computer-aided design (CAD) models available for over 8 million of Nicomatic's connectors, streamlining design processes for medical device manufacturers. These advancements are driving increased adoption and expansion of the global medical connectors market.
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Technavio analysts predict that the Hospitals and clinics subsegment will lead the End-user segment during 2024 and 2028 The hospitals and clinics segment represents the largest and most dynamic end-user sector in the global medical connectors market in 2023. This growth can be attributed to the rising prevalence of chronic diseases and the subsequent need for hospitalization and surgical intervention. Additionally, the increasing geriatric population, adoption of advanced ophthalmologic and diagnostic devices, and the persistence of chronic health conditions are fueling the demand for medical devices in hospitals. Consequently, the escalating requirement for medical devices in healthcare facilities is driving the demand for technologically advanced medical connectors throughout the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing prevalence of chronic diseases
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The Medical Connectors Market encompasses a wide range of electrical, tubing, air, gas, and specialized connectors used in various medical devices and settings. These connectors play a crucial role in ensuring the safe and effective transfer of fluids, gases, and electrical signals in medical applications. In home care settings, medical electrical connectors are essential for powering home medical devices. In contrast, medical tubing connectors are used to connect medical tubing in enteral feeding systems and other medical applications. Medical air connectors and medical gas connectors are vital for delivering oxygen and other gases to patients in hospitals, diagnostic laboratories, ambulatory surgical centers, and other healthcare facilities. Minimally-invasive surgeries and healthcare-connected devices require specialized connectors such as push-pull connectors, magnetic medical connectors, and lighted hospital-grade cords. Disposable plastic connectors are commonly used in diagnostic imaging devices, cardiology devices, neurology devices, endoscopy devices, respiratory devices, dental instruments, and other medical equipment. Radiofrequency connectors and embedded electronics connectors are essential for advanced medical devices used in the treatment of autoimmune diseases, chronic diseases, and other medical conditions. The market for medical connectors is expected to grow significantly due to the increasing demand for advanced medical devices and the expanding healthcare industry.
According to Technavio, the global medical connectors market is a significant segment of the expansive healthcare supplies industry. This sector encompasses organizations involved in the production of medical products, encompassing a wide range of consumables and disposables, such as safety needles, syringes, and catheters. The parent healthcare supplies market encompasses entities engaged in research and development (R&D) of various medical product categories, including diagnostics and therapeutics. Technavio determines the size of the global healthcare supplies market through the consolidated revenue generated by manufacturers of medical supplies, including syringes, drapes, gloves, and gowns.
The Medical Connectors Market is experiencing significant growth, fueled by the increasing prevalence of chronic diseases. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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