Medical Connectors Market Research Report: Size, Share, Key Trends, Growth Drivers, Regional Outlook, Revenue Estimation and Forecast, 2024-2030

Medical Connectors Market Size & Share

The medical connectors market size has been estimated at USD 2.5 Billion in 2023, and it will grow at a rate of 11.5% during 2024–2030, to reach USD 5.3 Billion by 2030.

Medical connectors are an important aspect of the healthcare sector, which provides vital connection solutions to medical devices and equipment. The advancement of technology in the healthcare industry is a power that has driven the demand for medical connectors, ensuring reliability and reliability at a high pace. These connections allow data transfer and power transmission from different medical devices, thus improving patient care and monitoring.

 

In the coming years, the industry will grow due to the prevalence of health insurance, telemedicine, the increase in the percentages of hospitals, and the rising need for medical connectors. Moreover, the development of medical tourism, a variety of research, and the increasing consciousness about their technical abilities are also aiding the market expansion.

• For instance, the global telemedicine industry will reach USD 144.2 billion in 2030.
• Moreover, as per a report, there are around 165,000 hospitals globally in 2021.

Growth Drivers

• Swift Technological Improvements in Products 
• Increasing Occurrence of Chronic Disorders

Medical device connectors are available in various types, be it electrical connection between medical systems and devices or latching and unlatching of tubes in many diagnostic medical devices. The operations performed by connectors are the routing of power, data, and signals.

These connectors are created for a hybrid system or just one of these operations. Regardless of the nature of these connectors, they have to be secure as well as hygienic. These are mainly commonly used in hospitals, ambulatory surgical facilities, clinics, diagnostic laboratories, and imaging centers. The need for medical connectors will be further boosted by such extensive applications.

Growing demand from hospitals, ambulatory surgical centers, and clinics is leading to significant growth in this industry. Manufacturers strongly focus on the development of smart medical connectors to function properly during the treatment of more complicated cases of chronic diseases. The increasing incidence of chronic disease and contagious diseases, the surging elderly population, and the development of healthcare infrastructure globally are leading to increasing sales.

• As per the International Diabetes Federation (IDF), 1 in 8 adults, around 783 million people will suffer from diabetes by 2045.
• Moreover, as per the WHO, cardiovascular diseases are the leading cause of death, of around 17.9 million individuals every year, across the globe.

Latest Trends

• Enhanced Connectivity: Due to the emergence of the Internet of Medical Things (IoMT) healthcare devices are progressively interconnected. This trend necessitates connectors that can transmit data and integrate networking.
  • The Philips IntelliVue platform is a patient monitoring system that gathers information from different devices via wired as well as wireless connectors. 
  • The platform comprises a central station that offers real-time monitoring, clinical decision support, and surveillance.
• Smart & Automated Connectors: Sensors and microchips in connectors provide real-time connection status monitoring, malfunction warning, and environmental condition monitoring, bringing safety and efficiency improvement.
  • For instance, Becton Dickinson's (BD) NaviFlex needle-free connectors are intended to decrease the risk of IV infectious complications, including central line bloodstream infection (CLABSI).
• Reusable & Disposable Connectors: Both reusable and disposable connectors are gaining popularity, based on the application. In some cases, the utilization of reusable connectors guarantees cost-efficiency and sustainability, whereas in others, the use of disposable connectors ensures patient safety and hygiene.
• Rising Emphasis on Sustainability: Manufacturers are beginning to address environmental issues more, such as creating connectors that are eco-friendly and also minimize waste production.
  • For instance, TE Connectivity, after making significant developments toward its 2030 sustainability targets, has strengthened its assurance to decrease environmental impact.

Challenges

Although the industry is heading in the right direction, there are still some challenges. One of the major issues is standardization, which is a significant barrier since there are no universally recognized standards for medical connectors resulting in compatibility issues between devices. Furthermore, strict regulatory standards for medical devices can delay the approval process for new connectors negatively affecting the industry growth.

• For instance, the U.S. FDA has a complicated & time-consuming approval procedure for medical devices.
• The procedure comprises various steps to guarantee the safety as well as efficiency of new therapies, drugs, and treatments

Moreover, the complexity of the medical devices is yet another challenge. With the increasing complexity of the devices, the connectors need to match the pace of the technology development that calls for large amounts of investment in research and development

Medical Connectors Market Report Coverage

Report Attribute	Details
Market Size in 2023	USD 2.5 Billion
Revenue Forecast in 2030	USD 5.3 Billion
Growth Rate	11.5% CAGR
Historical Years	2017-2023
Forecast Years	2024-2030
Report Scope	Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

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Patient Monitoring Category Is Significant Contributor

The patient monitoring category, on the basis of application, accounted for a significant share of the industry. In major & minor procedures, patient monitoring devices enable a clinician to monitor a patient’s clinical symptoms as well as associated complications. Furthermore, these devices can also be employed to monitor patient’s physiological information due to the improvement of wireless technology. These devices are an important part of different healthcare facilities, because they are intended to assist healthcare providers evaluate a disease's severity.

Hospitals Hold Largest Share

 The hospitals category, on the basis of end user, is the largest contributor to the industry. The requirement for minimally invasive procedures is increasing, the private& public sectors are investing more in healthcare infrastructure construction, and people are progressively spending more on healthcare. 

• As per the WHO 2023 global health expenditure report, global expenditure on health touched a new high of USD 9.8 trillion (10.3 percent of global GDP.

Therefore, more advanced medical devices are being utilized. This encourages hospitals to utilize various medical connectors.

North America Is Market Leader

North America accounted for the largest share of the industry. This can be because of the increasing prevalence of chronic disorders, including autoimmune diseases, blood diseases, cancer, and more. Additionally, the accessibility of cutting-edge healthcare infrastructure in this region is also a significant contributor to the growth. 

In North America, the U.S. is a major contributor. Moreover, with the increasing aging populace, the growing need for these types of systems, and technological improvements concerning to connectors in this country will further assist the growth.

APAC is likely to advance at the fastest rate in the years to come. This is because of the rising occurrence of illnesses, including diabetes and anaphylaxis, surging elderly population, improved R&D expenditure, and growing per capita salary in this region. Japan and China are the major revenue contributors in APAC.

• As per a report, 33.3% of the overall population in Japan, corresponding to 1 in 3 persons, will be elderly.

Top Medical Connectors Producers:

• Transdigm Group Inc
• ITT Inc.
• TE Connectivity Ltd. 
• Samtec Inc
• Fischer Connectors SA
• Amphenol Corporation
• Smiths Group plc
• Koch Industries Inc
• Lemo SA
• Omnetics Connector Corporation

Recent Developments

• In December 2023: TE Connectivity (TE) announced the completion of its acquisition of Schaffner Holding.’
• In November 2023: Fischer Connectors unveiled novel “First Mate Last Break connectors” in its low-power multipole Fischer Core Series to ensure extremely high levels of mechanical dependability, electric safety, and user-friendly procedure for applications with medical devices in accordance with IEC 60601-1.