Advanced Medical Stopcock Market Forecast (2024-2031
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.
Advanced Medical Stopcock Market Analysis
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.
Advanced Medical Stopcock Market Overview
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.
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Advanced Medical Stopcock Market: Strategic Insights
Market Size Value in US$ 941.95 Million in 2022 Market Size Value by US$ 1,230.60 Million by 2028 Growth rate CAGR of 4.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Advanced Medical Stopcock Market: Strategic Insights
| Market Size Value in | US$ 941.95 Million in 2022 |
| Market Size Value by | US$ 1,230.60 Million by 2028 |
| Growth rate | CAGR of 4.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Advanced Medical Stopcock Market Drivers and Opportunities
Increasing Number of Surgical Procedures Boosting Demand for Advanced Medical Stopcock
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.
Growing Medical Device Industry – An Opportunity in Advanced Medical Stopcock Market
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.
Advanced Medical Stopcock Market Report Segmentation Analysis
Key segments that contributed to the derivation of the advanced medical stopcock market analysis are type, technology ,end user, and geography
- Based on type, the advanced medical stopcock market is divided Low-Pressure Stopcock, Medium-Pressure Stopcock, and High-Pressure Stopcock. The Low-Pressure Stopcock segment held a higher market share in 2023.
- Based on end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, and homecare.
Advanced Medical Stopcock Market Share Analysis by 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
Advanced Medical Stopcock Market Report Scope
Advanced Medical Stopcock Market News and Recent Developments
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:
- In January 2022, The Haemodialysis Concentrate Factory, which has a construction footprint of around 4000m2 and an initial investment of USD 5 million, will enable B. Braun Vietnam to serve the local and international markets with more than 2.5 million units of 10-litre canisters of haemodialysis concentrate per year. The factory will also help create further capabilities and jobs for over 160 employees. It will also enable B. Braun Vietnam to continuously serve the markets and help to protect and improve the health of thousands of patients every day in Vietnam and around the world. (Source: B. Braun Company Press Release)
Advanced Medical Stopcock Market Report Coverage and Deliverables
The “Advanced Medical Stopcock Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Advanced Medical Stopcock Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Advanced Medical Stopcock Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Advanced Medical Stopcock market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Advanced Medical Stopcock Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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