Cables and Leads for Medical Equipment Market

Market Outlook for Cables and Leads for Medical Equipment

Fact.MR’s cables and leads for medical equipment industry analysis shows that the global market was valued at US$ 4.5 Bn in 2020, and is projected to top US$ 6 Bn by 2031, expanding at a CAGR of 4%. Demand for ECG equipment is projected to reach a valuation of US$ 2.7 Bn by 2031.

Cables and Leads for Medical Equipment Demand Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031

As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for cables and leads for medical equipment expanded at close to 3% CAGR. In 2020, the market was valued at around US$ 4.5 Bn.

The market is anticipated to grow due to advancements in technology. However, demand for defibrillators and electrocardiography (ECG) as well as for electroencephalography (EEG) and pacemakers is growing, which, in turn, would grow the market. Moreover, the search for developing newer and innovative medical devices is driving growth in the market.

Further, the market is expected to grow substantially due to increased healthcare expenditure and government healthcare programs such as Medicare and Medicaid.

There has been a boost in demand for cables and leads in the medical equipment market due to the advent of high-tech products in the medical industry. Hence, the market is expected to top a valuation of US$ 6 Bn by 2031.

How is Rising Incidence of Major Chronic Diseases Driving Demand for Cables and Leads for Medical Equipment?

Rising incidence of chronic diseases such as cancer, cardiac arrest, ophthalmic ailments, gynecological and neurological conditions intensify market growth. The deaths from such diseases have increased within the past 20 years. Consumption of medical cables and leads in elderly care centers has increased due to the rise in old age populations.

People aged 65 and above are expected to reach nearly 1.5 Bn by 2050 across the world. Moreover, decrease in immunity levels among adults has made them prone to cardiac, skeletal, and neurological disorders. Consequently, there will be an increase in demand for cables and leads in the market over the coming years.

How is 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.

Which Region Offers the Largest Opportunity for Cables and Leads for Medical Equipment Manufacturers?

Europe has a significant share in the market. Key drivers in Europe for this market are increased healthcare initiatives. For example, the European Health Information Initiative (EHII) looks to improve information that governs the healthcare policies in continent. It also promotes international cooperation and collaboration and exchanges expertise, harmonizing the healthcare industry's data collection process.

Such campaigns are propelling the growth of the market. Due to the healthcare industry's increased expenditure, the market for cables and leads is competitive. As a result, many leading players are investing heavily in research & development.

Country-wise Analysis

What is the Demand Outlook for Cables and Leads for Medical Equipment in the U.S.?

The U.S. market was valued at around US$ 1.2 Bn in 2020. Rising health concerns coupled with increasing adoption of advanced technologies in the field of medicine for various applications have been stimulating market revenue in recent years.

Rising infrastructure development in healthcare will allow silicon wire and cable manufacturers to expand their penetration in the country with huge application of these wires, from medical equipment to patient care.

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.

What are the Growth Opportunities for Cables and Leads for Medical Equipment Providers across China?

By 2031, China is expected to have a market of roughly US$ 1.3 Bn. Rapidly developing nations in Asia have witnessed high growth in this market. Most of the demand is from hospitals, as the number of hospitals had increased considerably in both, developed and developing countries.

In China, per capita spending on healthcare has increased nearly ten times over the last two decades. As a result, the number of hospitals has also increased drastically in the country. There is also increased spending on healthcare by middle-income countries.

Thus, there is vast demand for cables and leads in developing nations' medical equipment market.

Category-wise Insights

Why is ECG Equipment Gaining Immense Popularity across the World?

ECG equipment comprises the largest application for cables and leads, while defibrillators constitute the fastest-growing application area.

An ageing global population and rising incidence of various cardiovascular diseases constitute a major driving force for cardiac defibrillators. In addition, the widespread availability of superior medical services for patients suffering from sudden cardiac arrest also contributes to the growing market for cardiac defibrillators, thereby propelling the demand for cables and leads.

Why is Demand for Cables and Leads for Medical Equipment High from Hospitals?

Owing to increasing investments by both, emerging and emerged economies in the healthcare sector, there has been a rise in the construction of hospitals and expansion of established ones.

For instance, in 2019, the 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 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. Specialty clinics will also record a surge in demand during the forecast period.

How Has COVID-19 Impacted Sales for Cables and Leads for Medical Equipment?

Implementation of lockdowns and transport bans due to the COVID-19 pandemic has caused disruptions in all sectors, including the cables and leads for medical equipment market. Lack of raw materials has caused a slowdown in the production of medical equipment.

Many medical equipment must go through a series of pre- and post-market clinical investigations before receiving market authorization certificates. Due of the worldwide pandemic, cables and leads for medical equipment businesses are finding it harder to make educated judgments regarding their products, supply networks, and regulatory duties as the COVID-19 pandemic continues to spread.

Medical and healthcare departments are operating at full capacity to treat patients as the COVID-19 pandemic spreads. This has led to advancements in technologies and products being used in healthcare. 2021 is projected to be better, with the market regaining its original traction by 2022.

Competitive Landscape

• Players are now focusing on developing and creating cables and leads for medical equipment that are user-friendly and cost-efficient. They are using efforts to research & develop infection-preventing technical solutions.
• Increasing demand for disposable lead wires and cables has created more opportunities for players, which had led to the emergence of new manufacturers in the cables and leads for medical equipment space.
• Northwire developed new medical cable BioCompatic that saves customers time and money with the help of rapid response capabilities and innovative design.

Cables and Leads for Medical Equipment Market Report Scope

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania MEA
Key Countries Covered	U.S. Canada Germany U.K. France Spain Italy Russia China Japan South Korea India Australia Brazil Mexico Argentina GCC South Africa
Key Market Segments Covered	Product Application End User Region
Key Companies Profiled	Boston Scientific Corporation 3M Company Abbott Laboratories Cables Unlimited ConMed Corporation Flexible Wire and Cable, Inc. Schiller Americas Inc. Curbell Medical Products, Inc. Medtronic, Inc. Nihon Kohden Corporation Sorin Group Cardiac Rhythm Management Spacelabs Healthcare, Inc. St. Jude Medical, Inc. GE Healthcare
Pricing	Available upon Request

Key Segments in Cables and Leads for Medical Equipment Industry Research

• Product

  • Cables
  • Leads

• Application

  • Pacemakers
  • Defibrillators
  • EEG
  • ECG

• End User

  • Cables and Leads for Medical Equipment at Hospitals
  • Cables and Leads for Medical Equipment at Ambulatory Care Centers
  • Cables and Leads for Medical Equipment at Academic Research Institutes
  • Cables and Leads for Medical Equipment at Specialty Clinics