The Advanced Medical Stopcock market size is projected to reach US$ 1.4 billion by 2031 from US$ 0.97 billion in 2023. The market is expected to register a CAGR of 6.8% in 2023–2031. Key factors driving the market growth includes growing incidence of chronic diseases such as heart disease, cancer, diabetes, stroke, and arthritis and increasing geriatric population. However, the safety concerns related to advanced medical stopcock is expected to hamper the market growth during the forecast period.
Stopcocks are devices which is used to direct the flow of fluid through an infusion system that allows the clinician to choose the specific fluid or medication to flow at a given time. Standard must meet many requirements of industry standards, such as flow rate, high- or low-pressure resistance, chemical resistance to lipid based solutions, sterilization compatibility, dead space, and handle-rotating torque.
The growing consumption of alcohol and tobacco, lack of physical activity, poor nutrition, are the leading cause of chronic diseases such as chronic lung disease, cancer, heart disease, diabetes, stroke, Alzheimer’s disease, and chronic kidney disease. Rapid unplanned urbanization, the aging of the population, and globalization of unhealthy lifestyles are a few other factors that are increasing the risk of chronic diseases. According to the recent statistics (2022) of the World Health Organization (WHO), chronic diseases contribute to approximately 74% of all deaths, accounting for ~41 million deaths each year.
In addition, according to the WHO, the growing elderly population is increasing the incidence of chronic obstructive pulmonary disease, multiple chronic conditions, hypertension, diabetes, depression, and various other diseases. Furthermore, according to data from United Nations World Population Prospects: the 2019 Revision, by 2050, 1 in every 6 people in the world will be aged above 65, i.e., 16%, up from 9% in 2019. Similarly, as per the WHO, people aged 80 years or older are expected to triple between 2020 and 2050. It is also reported that by 2050, two-thirds of the world’s population over 60 years will live in low- and middle-income countries.
Furthermore, the majority of chronic diseases are treatable and avoidable; in the early stages of a chronic illness, several preventive actions can reduce the severity of the condition. Medication, IV therapy, or surgical procedures are used to treat chronic disorders. Infusion therapy is used to treat the majority of chronic conditions, and infusion pumps are necessary. An IV infusion set of infusion pumps is connected to a medical stopcock. An infusion pump is a medical equipment that precisely administers fluids, including nutrients and drugs, into a patient's body.
Moreover, diabetes is a chronic illness that poses a serious risk to life and has no effective treatment. Diabetes raises the chance of premature death overall and can cause a variety of problems in different body sections. The main consequences linked to diabetes are nerve damage, kidney failure, leg amputation, heart attack, and stroke. The International Diabetes Federation (IDF) estimates that 537 million persons globally had diabetes in 2021. By 2030, there will be 643 million, and by 2045, there will be 783 million. Thus, the worldwide advanced medical stopcock market is expanding due to the aging population and the increased incidence of chronic illnesses.
The main causes of chronic illnesses include heart disease, chronic lung disease, cancer, stroke, Alzheimer's disease, diabetes, and chronic kidney disease are increased alcohol and cigarette use, poor diet, and inactivity. A few other reasons that are raising the risk of chronic diseases include the aging of the population, rapid unplanned urbanization, and the globalization of unhealthy lifestyles. The World Health Organization (WHO) has released statistics for 2022 that show that chronic diseases account for nearly 74% of all deaths, or around 41 million deaths annually. The WHO also reports that the incidence of many chronic disorders, depression, diabetes, hypertension, and chronic obstructive pulmonary disease is rising due to the aging population.
Furthermore, by 2050, 1 in 6 persons worldwide will be over 65, or 16% of the population, up from 9% in 2019 according to data from the United Nations World Population Prospects: the 2019 Revision. In a similar vein, the WHO projects that the number of adults 80 years of age and above will treble between 2020 and 2050. Additionally, it is predicted that two thirds of people over 60 in the world would reside in low- and middle-income nations by 2050. Furthermore, the majority of chronic diseases are treatable and avoidable; in the early stages of a chronic illness, several preventive actions can reduce the severity of the condition. Medication, IV therapy, or surgical procedures are used to treat chronic disorders.
Infusion therapy is used to treat the majority of chronic conditions, and infusion pumps are necessary. An IV infusion set of infusion pumps is connected to a medical stopcock. An infusion pump is a medical equipment that precisely administers fluids, including nutrients and drugs, into a patient's body. Moreover, diabetes is a chronic illness that poses a serious risk to life and has no effective treatment. Diabetes raises the chance of premature death overall and can cause a variety of problems in different body sections. The main consequences linked to diabetes are nerve damage, kidney failure, leg amputation, heart attack, and stroke. The International Diabetes Federation (IDF) estimates that 537 million persons globally had diabetes in 2021. The number is anticipated to increase to 643 million by 2030 and ~783 million by 2045. Thus, the growing geriatric population and higher prevalence of chronic diseases is driving the growth of the global advanced medical stopcock market. By producing well-paying manufacturing jobs and exporting medical products to other nations, the industry propels the nation's economic expansion. Furthermore, the European medical device market accounted for around 27.3% of the global market in 2021, according to MedTech Europe. After the US, it is the second-largest market for medical devices. Many disorders can be successfully treated with the use of medical technology. The medical device business in Europe is mostly focused on in vitro diagnostics (IVD), with cardiology and diagnostic imaging following closely behind.
The medical equipment market continues to be a profitable investment area in Asia Pacific. As per APACMed, the medical device industry in Asia Pacific is propelled by several factors such as elevated healthcare expenses, an aging population, an increasing chronic illnesses, and a growth in the count of healthcare consumers who are highly selective. As a result, the medical device market in Asia Pacific is expected to grow at an unprecedented rate due to the region's healthcare sector. Furthermore, because of the makeup of government revenue and the region's predominate reliance on gas and oil, the Middle Eastern medical equipment market will continue to be dependent on the rise of crude oil exports.
The expanding number of major medical device makers, the increasing frequency of chronic diseases, the growing digitalization of medical devices, the growing emphasis on improving treatment results, and the rising adoption of innovative medical device technologies are all contributing factors to the growth of the medical device business. According to AdvaMed, the US has the largest medical device market globally, making up over 40% of the total MedTech market. Every day, more than 6,500 small and medium-sized businesses (SMEs) in the US develop cutting-edge medical technologies and solutions. The United States' medical device sector provides extremely effective medical systems that aid in early disease identification and successful treatment.
Key segments that contributed to the derivation of the advanced medical stopcock market analysis are type, technology ,end user, and geography
The geographic scope of the advanced medical stopcock market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The North American advanced medical stopcock market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American advanced medical stopcock market in 2021. In North America, the higher demand for IV therapy and infusion therapy aided by economic prosperity has boosted the production of advanced medical stopcocks.
The US holds the largest share of the advanced medical stopcock market owing to the high use of stopcock in intravenous (IV) therapies across the country. The market in the US is experiencing significant growth due to the increasing number of patients taking infusion therapy and IV therapy and the rising awareness about the benefits of advanced medical stopcocks.
IV therapy is widely used in treating many diseases, including cancer, dehydration, gastrointestinal diseases, congestive heart failure, Crohn’s disease, hemophilia, immune deficiencies, multiple sclerosis, and rheumatoid arthritis. These diseases require long-term treatments, and patients are eventually treated at their homes. Technological advancements have enhanced the safe and effective management of IV or infusion therapies at home. Moreover, reimbursement policies for homecare and other healthcare settings are gaining popularity. Government health plans such as TRICARE, Medicaid, and the Federal Employees Health Benefits Program reimburse home infusion and intravenous therapies.
IV therapy also helps in treating infection, chronic fatigue, anxiety, depression, and neurological conditions. Therefore, an increase in demand for IV therapy and infusion therapy drives the market growth in the US
The regional trends and factors influencing the Advanced Medical Stopcock Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Advanced Medical Stopcock Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 0.97 Billion |
| Market Size by 2031 | US$ 1.45 Billion |
| Global CAGR (2023 - 2031) | 6.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Implementation Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Advanced Medical Stopcock Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Advanced Medical Stopcock Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The advanced medical stopcock market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Advanced Medical Stopcock Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
North America region dominated the advanced medical stopcock market in 2023
Key factors that are driving growth of the market are increasing number of surgical procedures.
Growing usage of IV therapy are the current trend witnessed in the target market.
B. Braun SE, Smiths Medical Inc, Nipro Corp., Elcam Medical Group Co., Merit Medical Systems Inc., CODAN US Corp., Nordson Corp, Cook Medical LLC, JCM MED SaRL, Utah Medical Products Inc.
The market is expected to register a CAGR of 6.8% during 2023–2031.