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.
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.
Browse detailed report – Medical Connectors Market Analysis and Demand Forecast Report
In the past, the greatest requirement for medical connectors came from North America, as the continent is the largest manufacturer of medical devices in the world. Moreover, the geriatric population, prevalence of chronic diseases, and expenditure on healthcare are also rising in the region. As per the Centers for Medicare & Medicaid Services (CMS), the healthcare spending in the U.S. rose by 4.6% from 2017 to reach $3.6 trillion in 2018.
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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