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.
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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.
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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.
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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.
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.
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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.
Cables and Leads for Medical Equipment Market: Segmentation
Fact.MR has studied the cables and leads for medical equipment market with detailed segmentation on the basis of product, application, end user, and key region.
- Ambulatory Care Centres
- Academic Research Institutes
- Specialty Clinics
- North America
- East Asia
- South Asia
- Middle East and Africa
- Latin America
Cables and Leads for Medical Equipment Market - Scope of the Report
A recent study by Fact.MR on the cables and leads for medical equipment market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the cables and leads for medical equipment market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the cables and leads for medical equipment market over the forecast period.
A detailed assessment of cables and leads for medical equipment value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the cables and leads for medical equipment market along with their product portfolios enhances the reliability of this comprehensive research study.
Cables and Leads for Medical Equipment Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the cables and leads for medical equipment market across the globe.
A comprehensive estimate on the cables and leads for medical equipment market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of cables and leads for medical equipment during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Fact.MR’s Cables and leads for Medical Equipment Market Report
- Which regions will continue to remain the most profitable regional markets for cables and leads for medical equipment market players?
- Which factors will induce a change in the demand for cables and leads for medical equipment during the assessment period?
- How will changing trends impact the cables and leads for medical equipment market?
- How can market players capture the low-hanging opportunities in the cables and leads for medical equipment market in developed regions?
- Which companies are leading the cables and leads for medical equipment market?
- What are the winning strategies of stakeholders in the cables and leads for medical equipment market to upscale their position in this landscape?
Cables and Leads for Medical Equipment Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the cables and leads for medical equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the cables and leads for medical equipment market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the cables and leads for medical equipment market report as a primary resource.
Cables and Leads for Medical Equipment Market: Analysis on Market Size Evaluation
The cables and leads for medical equipment market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for cables and leads for medical equipment are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent cables and leads for medical equipment market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global cables and leads for medical equipment market.
Cables and Leads for Medical Equipment Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the cables and leads for medical equipment market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the cables and leads for medical equipment market during the forecast period.
Country-specific valuation on demand for cables and leads for medical equipment has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Cables and Leads for Medical Equipment Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of cables and leads for medical equipment, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of cables and leads for medical equipment has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report on the radiation proctitis treatment industry has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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