How Big is the Opportunity in Medical Cables and Leads Post-COVID? New Report Analyzes
Key players are engaged on creating and developing cables & leads for medical equipment which are cost-efficient and user-friendly to support in R&D of infection inhibiting technical solutions.
DUBAI, UAE / ACCESSWIRE / January 8, 2021 / Fact.MR: The cables and leads for medical equipment market is poised to register a CAGR of about 5% over the assessment period, 2020-2030.With growing concerns in relation to transmission and infection control, medical centers are choosing to utilize disposable medical equipment, this is fuelling demand for cables & leads for medical equipment in the healthcare sector.
“With surging hospital admission cases amid the COVID-19 outbreak, the requisite for medical devices has soared up, in that way contributing to the market growth over the forecast period.” says the Fact.MR report.
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Key Takeaways
- North America remains one of the most lucrative regions in the global market due to growing investments on R&D by both, international companies and governments.
- Hospitals end use segment will record high demand due to growing investments by both emerged and emerging regions.
- ECG is gaining traction among application categories in the global market.
- The cables & leads for medical equipment will foresee a surge in demand owing to growing number of patients in hospitals.
Driving Factors
- Increasing geriatric population and increasing incidences of key chronic diseases are driving the market growth.
- Increased government programs for instance Medicaid and Medicare and healthcare expenditure has positively impacted demand for medical services, along with the cables & leads for medical equipment.
- Growing instances of cardiovascular ailments has caused expansion in use of ECG accessories and equipment, thus encouraging the demand over the forecast period.
Constraints
- High cost associated with the disposable cables & leads is hindering the full-fledged expansion in the market.
- Growing inventions for the expansion of wireless healthcare devices will limit demand for cables & leads.
Anticipated Market Impact by COVID-19 Outbreak
The cables & leads for medical equipment market is slated to foresee noteworthy expansion amid the forecast period as the healthcare sector is gaining traction. While the market encountered several hiccups amid the initial phases of the pandemic such as supply chain disruptions, travel and transportation restrictions. However market players are coming up with novel strategies to recover pace, the market is projected to regain from losses as well as swell ahead in the future.
Competition Landscape
The global market is highly competitive, due to augmented healthcare expenditure. Taking advantage of this, key players are investing comprehensively in research and development. Players are further focusing on expanding their footprints and enhancing their product portfolios, across the globe.
Some of the prominent players functioning in the market are AVX Corporation, Molex, LLC, Fischer Connectors SA, TE Connectivity Ltd, LEMO S.A., Samtec, Inc., ITT Inc., Esterline Technologies Corporation, Amphenol Corporation, and Smiths Group Plc.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the cables and leads for medical equipment market. The market is scrutinized based on product (cables and leads) application (pacemakers, defibrillators, EEG, and ECG), end user (hospitals, ambulatory care centers, academic research institutes, specialty clinics, and others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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About Fact.MR
Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries Fact.MR is headquartered in Dublin, and has offices in Dubai. Fact.MR’s latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Fact.MR
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