Cables and Leads for Medical Equipment Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030

Cables and Leads for Medical Equipment Market: About the Report

With rising number of multi-specialty hospitals and clinics across the world, the need for monitoring devices and medical equipment is also surging. ECG cables and ECG lead wires are in high demand, especially disposable lead wires and cables. However, wireless and healthcare devices and disposable cables and leads cost more. Fact.MR’s report gets into all these details, and talks about how cables and leads for medical equipment market players are choosing their strategies wisely to forge ahead in this competitive space. Also, as per the analysis, the regions of Asia Pacific, North America, and Europe will offer lucrative opportunities for growth over the next ten years.

Cables and Leads for Medical Equipment Market Overview

The global cables and leads for medical equipment market is showcasing notable growth. Increased healthcare expenditure and government programs such as Medicare and Medicaid have had a positive impact on the overall demand for medical services. As a result, demand for cables and leads has also increased significantly.

Besides, emergence of novel products owing to a high-level integration of technology is boosting demand for cables and leads at present. Furthermore, increasing regulations by governments for testing and usage of cables and leads are further creating lucrative opportunities for players operating in the cables and leads for medical equipment market.

Rising Incidence of Major Chronic Diseases and Growing Geriatric Population Driving Market

Incidence of cardiac disorders, cancer, ophthalmic ailments, gynecological complications, and neurological conditions is increasing consistently. For instance, according to the World Health Organization's (WHO) 2019 Global Health Estimates, deaths from diabetes increased by 70% between 2000 and 2019, with an 80% rise in deaths among males, globally. Such a rise in chronic disease cases is aiding demand for medical devices, which, in turn, is augmenting demand for cables and leads. Besides, owing to increasing geriatric population, elderly care centers are also increasing. As per WHO analysis, total of people aged between 65 or older is forecast to reach nearly 1.5 billion by 2050, with most of the increase in developing countries. Apart from this, adults have low immunity levels and are more prone to cardiac, skeletal, and neurological problems. This increases the need for long-term stays in hospitals. Such factors are likely to aid the expansion of the cables and leads for medical equipment market over the coming years.

Development of Wireless Devices Hampering Market Growth

Increasing inventions for the development of wireless healthcare devices are likely to restrict demand for cables and leads. This, in turn, will pose a negative impact on the market.

Furthermore, even after constantly rising expenditure on healthcare, high cost of disposable cables and leads is hampering the full-fledged growth of the market.

Cables and Leads for Medical Equipment Market Insights by Application

Based on application, the ECG segment is forecast to witness a remarkable growth rate through the forecast. Growth witnessed is primarily attributable to rapidly developing Asian countries. These countries are offering significant growth opportunities for players in the ECG cables and ECG lead wires segment.

Cables and Leads for Medical Equipment Market Insights by End User

Based on end user, major demand is forecast to be witnessed from hospitals. Owing to increasing investments by both, emerging and emerged economies on the healthcare sector, there has been a rise in the construction of hospitals and expansion of established ones. For instance, according to World Bank statistics, in China, per capita spending on healthcare has increased nearly tenfold over the last two decades. Such trends in China are leading to a rise in number of hospitals. For instance, in 2019, number of hospitals in China reached 33,000, which was an increase of 1,866. Middle-income countries are also focusing on higher levels of spending. In these countries, health spending rose by 6.3% a year between 2000 and 2017. As a result, demand for medical devices is surging. This is leading to rising demand for cables and leads. Besides, Fact.MR estimates that, specialty clinics will also record a surge in demand during the forecast period.

Cables and Leads for Medical Equipment Market Insights by Product

Based on product, the market is segmented into cables and leads. Growing cases of chronic disease coupled with rising elderly population across the globe are the major drivers for the growth of the segments.

Regional Outlook of Cables and Leads for Medical Equipment Market

Asia Pacific is an attractive cables and leads for medical equipment market. In Asia Pacific, the elderly population is rising constantly. For instance, according to a report by United Nations, Japan had the world's most aged population in 2017 and it is projected to remain so through 2050.  As a result, growth opportunities are several in the region. Besides, owing to opportunities offered by governments to manufacturers of ECG cables and leads, the market in Asia Pacific is expected to record a significant growth during the forecast period.

North America is one of the most lucrative markets for cables and leads for medical equipment. Growth witnessed in the region is attributable to increasing investments on research & development by both, governments and international companies. For instance, LOROM, an international player, has invested significantly in RandD in the U.S. to offer superior medical cables. Besides, the company is also focusing on the development of cables and leads that pose minimum or zero harm to the environment.

Besides Asia Pacific and North America, Europe is holding a significant share of the global cables and leads for medical equipment market. Rising health initiatives are key drivers for the market in Europe. For instance, the European Health Information Initiative (EHII) aims at improving the information that underpins health policies in Europe. It further promotes international cooperation to foster the exchange of expertise, build capacity, and harmonize processes in data collection. Such initiatives in Europe are presenting an overall outlook of the market, and, are, in turn, creating growth opportunities for players in the cables and leads for medical equipment market space.

For deeper knowledge surrounding the growth prospects of regional markets for cables and leads for medical equipment, ask an expert analyst

Cables and Leads for Medical Equipment Market: Competitive Landscape

The cables and leads for medical equipment market is extremely competitive, owing to increased healthcare expenditure. Taking benefit of this, leading players are investing extensively in research &development. For instance, SAB Bröckskes manufactures products that are supported by intensive development, research, and testing. As a result, they are developing innovative cables and leads, which is leading to the growth of the market. Players are also aiming at enhancing their product portfolios and expanding their footprints, globally. For this, they are increasingly adopting key strategies such as mergers and acquisitions, collaborations, and partnerships. For instance, in 2018, Samtec acquired Precision Connector, Inc. With this acquisition, the company expanded its product portfolio, and thus gained a competitive edge over other companies.

Some of the leading players operating in the market include Fischer Connectors SA, AVX Corporation, Molex, LLC, Samtec, Inc., TE Connectivity Ltd, LEMO S.A., ITT Inc., Esterline Technologies Corporation, Smiths Group Plc, and Amphenol Corporation.

The Analyst’s Viewpoint

"The market will observe a major share from the ECG segment, attributable to increasing cases of cardiovascular diseases, which are accountable for the cause of the most deaths across the globe. Besides, growing healthcare expenditure will present lucrative opportunities for players in the cables and leads for medical equipment market."

COVID-19 Impact on Cables and Leads for Medical Equipment Market

Healthcare is one of the sectors that are gaining from the COVID-19 pandemic, significantly. Owing to this, the cables and leads for medical equipment market is set to observe notable growth during the forecast period. In spite of this fact, the market has faced some severe challenges during the initial phases of the pandemic. Governments across the globe imposed several safety measures and lockdowns, which are still in effect. Transportation and travel restrictions were part of these measures. As a result, manufacturers in the cables and leads for medical equipment market faced a shortage of raw material. Besides, from disruptions in supply chains to manufacturing activities coming to halt, the market faced some challenges similar to other markets. But, as players are coming up with new strategies to regain pace, the market is expected to recover from losses and surge ahead in the future.