North America Medical Cable Assemblies Market size is forecast to reach $3.8 billion by 2026, growing at a CAGR of 4.3% during the forecast period 2021-2026. Medical cable assemblies are used to link medical and laboratory devices and equipment. They transport power and/or data and often feature an abrasion-resistant jacket that provides relatively low surface friction and mechanical durability. Many are made with a high degree of flexibility to minimize kinking and a high degree of thermal resistance to endure autoclave treatment. Medical cables, on the other hand, often adhere to application-specific safety and regulatory requirements, such as ISO 10993-1 for the biological assessment of medical devices. In healthcare sector, medical cable assemblies are used for diagnostic imaging equipment, medical instrumentation, surgical devices, dental devices, and patient monitoring units to healthcare IT applications, pulse oximeters, electroencephalography (EEG), electrocardiogram (ECG/EKG), and even ambulance cots. The increasing frequency of cardiovascular disorders, as well as the growing elderly population, are the primary drivers driving market growth. Increasing technical improvement in medical cable assembly in this region is set to further enhance the overall market development of the North America Medical Cable Assemblies Market for the period 2021-2026.
North America Medical Cable Assemblies Market Segment Analysis – By Product Type
ECG Cables held the largest share in the North America Medical Cable Assemblies Market in 2020 and is estimated to grow at a CAGR 5.4% during the forecast period 2021-2026. ECG Cable is used in electrocardiography, that record electrical activity of the heart with the help of electrodes which are placed on chest of the patient. It is mainly used to precisely send the electronic signal to a diagnostic tool. These electrodes detect the electrical activity of heart muscles. ECG records the indication such as myocardial infarction, cardiac murmur, cardiac stress testing and fainting. ECG Cables are estimated to register the higher CAGR over the period 2021-2026.
North America Medical Cable Assemblies Market Segment Analysis – By Application
Patient Monitoring held the largest share in the North America Medical Cable Assemblies Market in 2020 and is estimated to grow at a CAGR 4.9% during the forecast period 2021-2026. Medical cable assemblies are widely used in patient monitoring as they record respiration, heart activity, and other vital indicators virtually simultaneously. They alert a surgeon if a patient is stable and a nurse if someone is in distress. Medical cable assemblies also help to keep patients and caregivers safe. Patient Monitoring are estimated to register the higher CAGR over the period 2021-2026.
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North America Medical Cable Assemblies Market Segment Analysis – By Geography
U.S. dominated the North America Medical Cable Assemblies Market with a major share of 71.1% in 2020. This is attributed to increasing prevalence of cardiovascular diseases in this country. According to American Heart Association (AHA), cardiovascular diseases is the leading cause in the America and nearly half of the U.S. adults suffer from cardiovascular diseases which drives North America Medical Cable Assemblies Market.
North America Medical Cable Assemblies Market Drivers
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases is increasing the growth of the North America Medical Cable Assemblies Market. According to World Health Organization (WHO), cardiovascular diseases are the leading cause of death in globally, and cause around 17.9 million deaths annually in worldwide. Furthermore, growing geriatric population in this region. Thus, increasing the growth of the North America Medical Cable Assemblies Market during the forecast period 2021-2026.
Growing Technological Advancement
Growing advancement in technology in healthcare sector coupled with rising government support towards medical cable is rising the growth of the North America Medical Cable Assemblies Market. Rising expenditure on healthcare owing to rise in disposable income of the people. Thus, increasing the growth of the North America Medical Cable Assemblies Market during the forecast period 2021-2026.
North America Medical Cable Assemblies Market Challenges
High Cost of Medical Cable Assemblies
Some of the factors that are set to impede the growth of the North America Medical Cable Assemblies Market are high cost of Medical Cable Assemblies and limited availability. Untouched emerging of market and lack of compensation is also set to hinder the growth of the market.
North America Medical Cable Assemblies Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the North America Medical Cable Assemblies Market. In 2020, the North America Medical Cable Assemblies Market share is consolidated by the top ten players present in the market. The North America Medical Cable Assemblies Market, top 10 companies are Carrio Cabling Corporation, Omega Leads, Inc., Carr Manufacturing Company, Inc., Axon' Cable, Y.C. Cable, Jem Electronics, Inc., NAI Group, LLC, Novo Precision LLC., Supreme Cable Technology, Inc., and Interconnect Solutions Company (ISC).
Key Takeaways
U.S. dominated the North America Medical Cable Assemblies Market in 2020 owing to rising prevalence of cardiovascular diseases. The North America Medical Cable Assemblies Market scope for different regions will be provided in the final report.
Rising advancement in technology which are driving the growth of North America Medical Cable Assemblies Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the North America Medical Cable Assemblies Market report.
High price of Medical Cable Assemblies is poised to create the hurdles for the North America Medical Cable Assemblies Market.
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