Dublin, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The "Medical Connectors Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The medical connectors market is experiencing significant growth, as evidenced by the rise in market value from $2.36 billion in 2023 to an expected $2.56 billion in 2024. This surge, marking an 8.5% CAGR, is driven by various factors such as increased demand for advanced medical devices, growing healthcare expenditure, and the rising prevalence of chronic diseases necessitating complex medical interventions.
Technological Advancements Fuelling Market Dominance
Industry forecasts suggest a robust trend continuation, with the market projected to expand at an 8.8% compound annual growth rate, culminating in a $3.58 billion valuation by 2028. This growth trajectory is supported by burgeoning healthcare insurance coverage, a surge in hospitalizations, an expanding medical device market, and increasing global surgical procedures. Technological innovations, such as smart and wireless devices, alongside developments in high-speed data transmission, are poised to influence market dynamics positively.
The Rise of Minimally Invasive Procedures
Minimally invasive procedures have become a cornerstone of medical intervention, offering patients reduced recovery times and decreased postoperative discomfort. The growing patient preference for such procedures has correspondingly increased the demand for dependable and high-performance medical connectors, with Smiths Interconnect Inc. innovating in high-density connector solutions for space efficiency without sacrificing durability.
Strategic Acquisitions Shaping the Competitive Landscape
January 2022 marked a significant development in the market with Blackstone Inc.'s acquisition of Interplex Industries Inc., a move aimed at consolidating its industrial sector portfolio and enhancing its precision engineering and connector manufacturing capabilities. Major players, such as Kyocera AVX, TE Connectivity Ltd., and Molex LLC, among others, continue to dominate the market landscape.
Geographic Market Insights
Regionally, North America led the pack in 2023 as the largest medical connectors market. Yet, it is Asia-Pacific that is predicted to witness the fastest growth over the forecast period, indicative of the region's expanding healthcare infrastructure and increasing medical device adoption.
Role of Medical Connectors in Healthcare
Medical connectors are critical components that enable effective functioning of medical devices, ensuring safe and accurate data and fluid transmission. These connectors are integral to various applications, from patient monitoring to dental equipment, serving hospitals, clinics, and diagnostic centers. Market products cater to a wide array of specific utilities, including surgical, diagnostic, and therapeutic applications, underlining the sector's significant role in advancing medical care.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2.56 Billion |
| Forecasted Market Value (USD) by 2028 | $3.58 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Companies Featured
The major companies profiled in this Medical Connectors market report include:
- Kyocera AVX
- TE Connectivity Ltd.
- Amphenol Corporation
- Rosenberger Hochfrequenztechnik GmbH & Co. KG
- Molex LLC
- Interplex
- Smiths Group plc
- B. Braun SE
- ITT Interconnect Solutions
- Nordson Corporation
- Stäubli International AG
- Samtec Inc.
- Mouser Electronics Inc.
- Winchester Interconnect
- Lemo S.A.
- Axon' Cable
- Souriau Sunbank Connection Technologies
- Nicomatic
- KEL Corporation
- Omnetics Connector Corporation
- Positronic Industries Inc.
- Fischer Connectors SA
- PalPilot International Corp.
- ODU GmbH & Co. KG
- Qosina Corporation
For more information about this report visit https://www.researchandmarkets.com/r/z73ctm
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