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Surging Geriatric Population Aiding Medical Connectors Market

The increasing demand for miniaturized connectors, expanding medical devices industry, surging aging population, and rising prevalence of chronic diseases are some of the major reasons behind for the prosperity of the medical connectors market. In 2016, the market attained a size of $1.9 billion, and it is projected to generate a revenue of $2.8 billion by 2023, progressing at a CAGR of 6.3% during the forecast period (2017–2023). Medical connectors are used to latch or un-latch the tubing in medical devices and connect such devices and systems for transferring signals, data, media or power.

 

Based on product, the medical connectors market is broadly categorized into board-to-board, push-pull, radio-frequency, input/output (I/O) rectangular, and disposable plastic. Out of these, in 2016, board-to-board connectors dominated the market with a revenue contribution of $725.8 million, and these are predicted to continue dominating it during the forecast period. This is attributed to the fact that these connectors comply with strict safety standards, such as prevention of inadvertent plug disengagement, and have a better shock rating.

When segmented by application, the medical connectors market is mainly classified into diagnostic imaging, patient monitoring, electrosurgical, dental, and cardiology. Among these, in 2016, the diagnostic imaging classification led the market with the largest revenue contribution of $527.8 million, and it is expected to maintain its lead during the 2017–2023 period. Diagnostic imaging devices are widely used for diagnosing various diseases before providing treatment to the patient. Diagnostic imaging is a method of creating visual representations of the internal body structures for clinical analysis and medical intervention.

Further, the geriatric population is more prone to various diseases, which, at a later stage, might need surgeries, thereby resulting in the increasing use of medical devices. As per the United Nations Department of Economic and Social Affairs report on the worldwide aging population, the number of people aged 60 years or above is rising at an exponential rate. The number of individuals aged 60 years or above is expected to surge by 56.0%, across the globe, from 901.0 million in 2015 to 1.4 billion by 2030, and is predicted to further increase by more than double to 2.1 billion by 2050.

Similarly, as per the World Bank, in 2012, in the U.S., 30,537 surgeries were done per 100,000 population. In 2015, the number of surgical procedures done in Australia was 28,907 per 100,000 population. As per a World Health Organization publication of 2016, nearly 359.5 million surgeries were performed in 2012 around the world. The continuous increase in the surgery volume is further expected to accelerate the use of medical devices and significantly contribute to the growth of the medical connectors market.