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ECG cable, ECG lead wires, lead wires, and cables are surging due to increased demand from end-users. Also, the demand for monitoring devices and equipments is surging due to the rise in multi-specialty hospitals and clinics worldwide. This market's growth would be relatively high for the next ten years in Asia Pacific, North America, and Europe.
The global cables and medical equipment market have witnessed growth in past years. Further, it is expected to grow substantially due to increased healthcare expenditure and government healthcare programs such as Medicare and Medicaid. This factor will have a positive demand on the growth of this market. There is 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 incidences of chronic diseases such as cardiac arrest, cancer, ophthalmic ailments, gynaecological 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 between 65 and above are expected to reach nearly 1.5 billion by 2050 across the world. Moreover, the 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 lead in the medical equipment market over the coming years.
However, the growing development of wireless healthcare devices will restrict the demand for cables and lead in the medical industry and negatively affect the market. Also, the high cost of disposable cables and leads will hamper the growth of this market.
Rapidly developing nations such as the Asian countries have witnessed high growth in this market. Most of the demand is from the 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 during the last two decades. As a result of this, the number of hospitals has also increased drastically in China. There is also increased spending in healthcare by middle-income countries. Thus, there is a vast demand for cables and leads in developing nations' medical equipment market.
The major drivers of this market are the increased chronic disorders and the rise in the elderly population. As the Asia Pacific has a high number of elderly populations, it is a lucrative market for cables and leads in the medical equipments industry. Japan has the most aged population in Asia; thus, the growth opportunities are quite high in this region.
Another lucrative region for leads and cables in the medical equipments industry is North America. This region's growth is due to high investment in research and development by both government and international agencies. In United States, many of companies have invested in developing superior cables that pose minimum or zero harm to the environment.
Apart from the Asia Pacific and North America, Europe has a significant share in the global cables and leads in the medical equipments market. The key drivers in Europe for this market are the increased healthcare initiatives. For example, the European Health Information Initiative (EHII) looks to improve the information that governs the healthcare policies in Europe. 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 cable and lead the medical equipments 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.
Many players are manufacturing innovative cables and lead in this market. They are also working to enhance their product portfolios and global footprints. Mergers and Acquisitions, collaborations, and partnerships are the key strategies adopted to facilitate this. Due to the surge in the number of patients, the demand for cables and leads in the medical equipments markets is quite high. ECS and ECG equipments have increased due to an increase in cardiovascular diseases and disorders. Thus, there is increased demand for cables and leads. The use of these cables and wires in single-use or disposable equipment has increased as they reduce cross-contamination and also limit the risk of harmful and deadly pathogens. In the Asia Pacific, India, Australia, and South Korea are predicted to be key markets for the cable and leads in the medical equipments industry. The demand for monitoring devices and medical equipment has a considerable impact on the cable and leads in the medical equipments market.
Key Market Players
The key market players in cables and leads for medical equipment markets are:
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