Fact.MR11.09.21
Fact.MR’s cables and leads for medical equipment industry analysis shows the global market was valued at $4.5 billion in 2020, and is projected to top $6 billion by 2031, expanding at a compound annual growth rate (CAGR) of 4 percent. Demand for ECG equipment is projected to reach a valuation of $2.7 billion by 2031.
As per Fact.MR, a market research and competitive intelligence provider, over the last five years, the global market for cables and leads for medical equipment expanded at close to 3 percent CAGR.
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.
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 billion 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.
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.
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 and development.
The U.S. market was valued at around $1.2 billion 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 and development by both, governments and international companies. For instance, LOROM, an international player, has invested significantly in RandD in the United States 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.
By 2031, China is expected to have a market of roughly $1.3 billion. 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.
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.
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 percent 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.
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.
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 and 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.
Key players operating in the cables and leads for medical equipment market are Boston Scientific Corporation, 3M Company, Abbott Laboratories, Cables Unlimited, ConMed Corporation, Flexible Wire and Cable Inc., Schiller Americas Inc., Curbell Medical Products Inc., Medtronic plc, Nihon Kohden Corporation, Sorin Group Cardiac Rhythm Management, Spacelabs Healthcare Inc., and GE Healthcare.
As per Fact.MR, a market research and competitive intelligence provider, over the last five years, the global market for cables and leads for medical equipment expanded at close to 3 percent CAGR.
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.
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 billion 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.
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.
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 and development.
The U.S. market was valued at around $1.2 billion 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 and development by both, governments and international companies. For instance, LOROM, an international player, has invested significantly in RandD in the United States 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.
By 2031, China is expected to have a market of roughly $1.3 billion. 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.
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.
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 percent 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.
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.
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 and 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.
Key players operating in the cables and leads for medical equipment market are Boston Scientific Corporation, 3M Company, Abbott Laboratories, Cables Unlimited, ConMed Corporation, Flexible Wire and Cable Inc., Schiller Americas Inc., Curbell Medical Products Inc., Medtronic plc, Nihon Kohden Corporation, Sorin Group Cardiac Rhythm Management, Spacelabs Healthcare Inc., and GE Healthcare.