Cardiovascular diseases kill about 18 million people, while cancer claims around 9.5 million lives each year, says the World Health Organisation (WHO). Similarly, the CDC says that every six in 10 people in the US have a chronic disease. This rising prevalence of long-term diseases is leading to an increase in the demand for healthcare and medical services. Thus, with the expanding patient pool, new hospitals and other healthcare centers are being constructed, which is creating a high demand for various medical devices and associated components.
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This is the primary reason for the growth of the medical connectors market, as none of the electrical systems in medical settings can effectively function without connectors. Board-to-board, push–pull, radio-frequency (RF), magnetic, disposable plastic, hybrid, light-weighted hospital-grade, power/high-voltage, and input/output (I/O) rectangular connectors and power cords with retention systems are used in the healthcare sector. Among these, the demand for RF connectors would rapidly rise in the coming years, owing to the swift miniaturization of medical equipment.
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Among the various healthcare and related settings — diagnostic laboratories & imaging centers, hospitals, academic institutions, ambulatory surgical centers & clinics, and research laboratories — the demand for medical connectors has traditionally been the highest in hospitals. This is because these are much larger than other settings, thus account for a higher number of medical devices in use. Additionally, with more patients visiting hospitals than other places for diagnosis or treatment, the medical devices here work more than elsewhere, thereby leading to wear and tear and higher component replacement rates.
In the coming years, the medical connectors market is expected to witness the fastest growth in Asia-Pacific (APAC), as a result of the rising geriatric population, incidence of chronic illnesses, primarily diabetes and cancer, spending on healthcare and medical research and development (R&D), and disposable income of people. For instance, according to the United Nations Department of Economic and Social Affairs (UNDESA), people aged 60 and above made up 23.2% of the Japanese population in 2000, and this percentage would rise to 35.1% by 2025.
Therefore, as hospitalization rate increases as a result of the growing incidence of chronic diseases and rising geriatric population, the demand for medical connectors would surge too.
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