The medical connectors market is projected to reach $2.69 billion by 2021, up from $1.63 billion in 2016, at a compound annual growth rate of 10.5%, according to new analysis from ReportsnReports. The major factors contributing to the growth of the global market include the rising incidence and prevalence of chronic disorders, as well as the rapid growth of the aging population, which in turn leads to the increased demand for medical devices and high healthcare expenditure.
However, the growing demand for wireless devices and stringent regulatory standards for medical connectors are the major restraints for the market.
Based on application, the market is segmented into patient monitoring devices, electrosurgical instruments, cardiology devices, diagnostic imaging devices, endoscopy devices, respiratory devices, analyzers and processing instruments, dental instruments, neurology devices, enteral devices, and other applications. In 2016, the patient monitoring devices segment accounted for the largest share of the global market. The large share of this application segment is attributed to increased incidence of chronic diseases and growing adoption of patient monitoring devices.
On the basis of end user, the market is segmented into hospitals and clinics, diagnostic laboratories and imaging centers, ambulatory surgical centers, and other end users. The hospitals and clinics end user segment accounted for the largest share of the market during the forecast period, owing to the growing incidence of chronic disorders and higher demand for electrosurgical therapy.
Geographically, North America dominates the market. Growth in the North American segment is primarily driven by the rapid growth in the aging population, availability of reimbursement for several surgeries, and increased incidence of major disorders. In addition, the high growth potential in the Asian region provides opportunities for players in the market.
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