Medical Connectors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Medical Connectors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The medical connector market is projected to register a CAGR of 10.3% during the forecast period.

As the number of COVID-19 patients and hospital admissions surged during the pandemic due to COVID-19 infection, the COVID-19 pandemic significantly expanded the use of healthcare-connected devices. Additionally, diminished production capacity and a slow supply chain impeded market growth in early 2020. According to a press release in February 2020, Amphenol Corp., a provider of connectors, reported that the COVID-19 outbreak in China impacted its business. Amphenol stated that the company does not expect to achieve its first-quarter sales target for 2020. Nevertheless, since the restrictions were lifted, the industry has recovered successfully, and during the projection period, the supply chain has returned to normal.

The major factors contributing to the growth of the medical connectors market are the rising incidence of chronic diseases such as autoimmune diseases, cancer, blood disorders, and others. The rise in the population suffering from chronic diseases is also propelling the demand for these medical connectors. According to GLOBOCAN 2020, there were 19,292,789 new cancer cases worldwide in 2020 and 9,958,133 cancer-related deaths. Among all cancers, breast cancer accounted for 2,261,419 new cancer cases, followed by lung 2,206,771, prostate 1,414,259, and colon 1,148,515 new cases in 2020. ​Thus, the growing prevalence of chronic diseases is expected to boost the market for medical connectors during the forecast period.

Furthermore, a few key factors play crucial roles in taking the medical connectors market to the next level. These factors include technological advancement and medical connector developments, which are expected to propel the medical connector market growth. For instance, in September 2021, CPC (Colder Products Company), a Dover company that manufactures a wide range of single-use connectors, introduced a new ultra-compact sterile connector that provides biopharmaceutical manufacturers with a much-needed alternative to tube welding for their small-volume closed aseptic processes. MicroCNX Series Connectors are the first aseptic connectors in the market, developed to provide a simple, efficient manner of connecting tubing in small-format assemblies.

Thus, all the above-mentioned factors are expected to boost the market during the forecast period. However, stringent regulatory standards may restrain the market growth during the forecast period.

During minor and major procedures, patient monitoring devices are used to monitor a patient's clinical symptoms and related complications. In addition, these devices can be used to track patients' physiological data via advances in wireless technology. Rising incidence and prevalence of chronic diseases are expected to drive segment growth. Such instruments are a crucial part of various healthcare facilities, as they are designed to help physicians assess a disease's severity. Based on the article published in Circulation Research in May 2021, in France, over one million people were affected by heart failure (HF) in 2020 and there were more than 150,000 hospitalizations despite well-defined treatment management. Thus, the growing prevalence of chronic diseases is expected to boost segment growth during the forecast period.

In addition, increasing product approvals are expected to boost the market during the forecast period. For instance, in August 2022, Dozee and Midmark India, a South Asian producer of hospital beds and ancillary furniture with a strong presence in the nation, collaborated to develop India's first connected bed platform, which would automate and integrate patient monitoring in hospital beds, primarily in non-ICU settings.

Thus, all the aforementioned factors are expected to boost segment growth during the forecast period.

North America is expected to dominate the overall medical connectors market during the forecast period. This is owing to factors such as the rising incidence of chronic diseases such as cancer, blood disorders, autoimmune diseases, and other diseases. In addition, the availability of advanced healthcare infrastructure is one of the major factors. In the North American region, United States holds the largest market share owing to factors such as the increasing population suffering from cancer. In addition, product launches by market players. For instance, according to the Canadian Cancer Society's 2021 report, about 229,200 new cancer cases were expected in Canada in 2021. On average, 628 Canadians are diagnosed with cancer every day, which is further expected to increase in the future. Lung, breast, colorectal, and prostate cancers are the most common types of cancer in Canada (excluding non-melanoma skin cancer). Thus, the growing prevalence of chronic diseases in the region is likely to support the growth of the market.

Additionally, product launches by the market players are expected to boost the market growth. For instance, in October 2022, Binder USA launched the Series 570 Easy Locking Connector (ELC), designed to meet the specific electromechanical connectivity requirements for use in medical devices. Biocompatible, non-irritating to skin, and resistant to disinfectants, this connector is ideal for usage in the patient environment.

Therefore, owing to the above-mentioned factors, the North American region is expected to register growth during the forecast period.

The medical connectors market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions across the globe. Some of the companies that are currently dominating the market are Amphenol Corporation, Smiths Interconnect, TE Connectivity, Fischer Connectors SA, and Molex, LLC

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