Acute Care Needleless Connector Market Segmentation by Mechanism Type (Positive fluid displacement, Negative fluid displacement, Neutral fluid displacement); by Connector Type (Simple Needleless Connectors, Complex Needleless Connectors) and by End-user Industry (Hospitals, Speciality Hospitals, Clinics, Ambulatory Surgical Centres and Others) – Global Demand Analysis and Opportunity Outlook 2021-2029
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The acute care needleless connector market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. An increase in research and development costs to develop innovative connector solutions catering to the dynamic customer demands and improving healthcare practices towards eliminating the causes of needle-stick injuries and infections are anticipated to drive the growth of the acute care needleless connectors market during the forecast period. The advantages offered by needleless systems over conventional intravenous systems are expected to provide significant growth opportunities in the market in the coming years. The market is also gaining from the increasing disposable income of people in emerging economies, which has enabled them to spend comfortably on expensive treatments and afford costly medication and medical devices. According to the data collected from the World Data Bank, in 2019, the global GDP per capita was estimated to be USD 11,433 compared to USD 11,385 in 2018 and USD 10,827 in 2017.
The market is segmented on connector type into simple needleless connectors, complex needleless connectors, out of which, the complex needleless connectors segment is anticipated to grab the most significant share by the end of 2021 on account of its high convenience for drug delivery and blood collection, rising prevalence of catheter-based injuries and better efficiency for intravenous medicine administrations and blood withdrawal. Moreover, simple needleless connectors are less expensive and have fewer parts as compared to complex needleless connectors. Simple needleless connectors have no internal mechanism. They are widely being used as an alternative for emergency visits alongside complex needleless connectors, which is also projected to contribute to the segment's growth during the forecast period.
Based on the end-user industry, the global acute care needleless connector market's hospital segment is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that due to the increasing number of emergency visits in hospitals, the demand for these connectors has increased overall. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific is expected to grow at a lucrative rate over the forecast period due to the increasing prevalence of chronic diseases, favorable government initiatives on the development of healthcare infrastructure, and rapid economic consequences in Asian countries such as Japan, China India. Furthermore, in 2021, North America has emerged as one of the highest revenue-generating regions due to rising awareness levels among healthcare practitioners pertaining to the advantages of needleless connectors, improved healthcare infrastructure, and rapid growth in the geriatric population. According to the Centers for Disease Control and Prevention (CDC), the number of emergency department visits resulting in hospital admission was 16.2 million in 2016. Hence, with the increasing number of emergency department visits, the acute care needleless connectors market growth in the United States is expected to increase.
The global acute care needleless connector market is further classified on the basis of region as follows:
Our in-depth analysis of the global acute care needleless connector market includes the following segments:
Ans: Technological advancements in needleless connectors increasing emergency visits in hospitals increasing geriatric population in the world are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Inadequate staff training and lack of technicians are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide growth due to favourable government initiatives pertaining to the development of healthcare infrastructure, and rapid economic developments in Asian countries such as Japan, China, and India.
Ans: The major players dominating the acute care needleless connector market are Becton Dickinson and Company, Cardinal Health, Nexus Medical, B. Braun Melsungen AG, Baxter International Inc. among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by mechanism type, connector type end-use industry and region.
Ans: With respect to application, the speciality hospitals segment is anticipated to hold the largest market share owing to the increasing number of emergency visits to the hospitals.
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