The Centers for Disease Control and Prevention (CDC) forecasts that approximately 78 million adults (18 years and above) in the U.S. will have arthritis by 2040. Similarly, Arthritis Australia estimates that the number of arthritis patients in Australia will rise from around 4 million in 2015 to 5.4 million by 2030. Furthermore, the World Health Organization (WHO) estimates that cancer and cardiovascular diseases (CVDs) were responsible for around 10 million deaths in 2020 and approximately 17.9 million fatalities in 2019, respectively.
The increasing prevalence of such chronic diseases is expected to drive the medical connectors market at a CAGR of 6.3% during the forecast period (2017–2023). According to P&S Intelligence, the market was valued at $1.9 billion in 2016, and it will generate $2.8 billion revenue by 2023. As these chronic diseases often require hospitalization, their surging cases augment the requirement for medical connectors for setting up medical devices.
The product segment of the medical connectors market is classified into board-to-board, push–pull, hybrid circular connectors and receptacle systems, input/output (I/O) rectangular, radiofrequency, power/high-voltage, disposable-plastic, and others, such as magnetic medical connectors, power cords with retention systems, and lightweight, hospital-grade connectors. Under this segment, the radiofrequency category will exhibit the fastest growth over the forecast period due to the rising production of miniaturized and wireless medical devices.
At present, North America is the leading user of medical connectors in the world, and it will maintain its dominance in the upcoming years. This can be owed to the improving research and development (R&D) infrastructure, burgeoning healthcare spending, growing prevalence of chronic diseases, and increasing elderly population in the region. For instance, the number of persons in the age group 60–64 years and 65–69 years in Canada grew from 2,514,070 in 2019 to 2,561,677 in 2020 and 2,098,142 in 2019 to 2,168,710 in 2020, respectively.
Thus, the burgeoning cases of chronic diseases and increasing volume of surgical procedures will propel the adoption of medical connectors in the forthcoming years.