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The advanced medical stopcock market is expected to grow from US$ 941.95 million in 2022 to US$ 1,230.60 million by 2028; it is estimated to register a CAGR of 4.6% from 2022 to 2028.
The advanced medical stopcock market is segmented on the basis of type, end user, and geography. The report offers insights and in-depth analysis of the market, emphasizing various parameters such as dynamics, trends, and opportunities of the market and competitive landscape analysis of leading market players across various regions. It also includes the impact analysis of COVID–19 pandemic on the advanced medical stopcock market across the regions.
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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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Growing Incidence of Chronic Diseases and Increasing Geriatric Population
A surge in the consumption of tobacco and alcohol, poor supply of nutrition to the body, and lack of physical activity are the leading cause of chronic diseases such as heart disease, cancer, chronic lung disease, stroke, Alzheimer’s disease, diabetes, and chronic kidney disease. Rapid unplanned urbanization, globalization of unhealthy lifestyles, and aging 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. Further, diabetes is a life-threatening chronic disease with no functional cure. Diabetes can lead to various complications in different body parts and increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. According to the International Diabetes Federation (IDF), in 2021, there were ∼537 million adults living with diabetes worldwide. The number is anticipated to increase to 643 million by 2030 and 783 million by 2045.
Lucrative Regions in Advanced Medical Stopcock Market
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In addition, according to the WHO, the growing geriatric 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. Thus, the growing geriatric population and rising prevalence of chronic diseases are driving the growth of the global advanced medical stopcock market.
Type-Based Insights
Based on type, the advanced medical stopcock market is segmented into low-pressure stopcock, medium-pressure stopcock, and high-pressure stopcock. The low-pressure stopcock held the largest market share in 2022, and it will continue its dominance during the forecasted year. The factor driving the low-pressure stopcock segment is the rising prevalence of chronic health conditions. The low-pressure stopcocks are designed to control the flow of a liquid or gas by using an on/off diverter stopcock. The pressure of the low-pressure stopcock is 200 psi. These stopcocks are used for accuracy, convenience, and flow control as per the requirement. The low-pressure stopcocks are available in one-way, two-way, and three-way configurations.
Advanced Medical Stopcock Market, by Type 2022–2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
End User-Based Insights
Based on end user, the advanced medical stopcock market is segmented into hospitals & clinics, ambulatory surgical centers, and homecare. In 2022, the hospitals & clinics segment accounted for the largest market share, and it is expected to register the highest CAGR from 2022 to 2028. Hospitals provide various diagnostics and treatment facilities that can be reimbursed under insurance claims. Hospitals also focus on introducing technologically advanced equipment and instruments to treat patients. Due to the development of healthcare facilities, hospitals are upgraded with modern equipment. Infusion pumps are being used on a large scale in hospitals and clinics due to the growing number of surgical procedures carried out in hospitals and the additional benefits of the pumps, such as precision, accuracy, and ease of use. These pumps can be used in chemotherapy, pain management, and diabetes treatment. The pumps require stopcocks to control the flow of the drugs. Therefore, the rising demand for infusion pumps in hospitals and clinics is likely to drive the advanced medical stopcock market growth for the hospitals & clinics segment during the forecast period.
The advanced medical stopcock market players adopt organic strategies such as product launch and expansion to grow their footprint and product portfolio worldwide and meet the growing demand. Inorganic growth strategies witnessed in the market are partnerships and collaborations. These growth strategies have allowed the market players to expand their businesses and enhance their geographic presence. Additionally, acquisitions, partnerships, and other growth strategies help strengthen the company’s customer base and increase its product portfolio.
- In October 2022, Nipro Corporation announced that one of its consolidated subsidiaries, Nipro Asia Pte. Ltd. established a medical device sales subsidiary—Nipro Medical Philippines Corp.—in the Republic of the Philippines. Sales are scheduled to begin at this new subsidiary in January 2023.
- In January 2022, The Haemodialysis Concentrate Factory, which has a construction footprint of ~4,000m2 and an initial investment of US$ 5 million, will enable B. Braun Vietnam to serve the local and international markets with more than 2.5 million units of 10L canisters of haemodialysis concentrate per year. The factory will also help create further opportunities and jobs for over 160 employees. It will also enable B. Braun Vietnam to continuously serve the markets and help protect and improve the health of thousands of patients every day in Vietnam and other countries across the world.
- In June 2020, Nordson acquired Fluortek, a plastic extrusion manufacturer that provides custom-dimensioned tubing to the medical device industry. As Nordson Medical continues to expand its diversified product offerings, the acquisition enhances the company's ability to deliver critical components for the innovation of medical devices.
Advanced Medical Stopcock Market - Company Profiles
- 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.
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
Stopcocks are devices used to direct the flow of fluid through an infusion system while allowing multiple fluids to be connected. Turning an exterior handle allows the clinician to choose the specific fluid or medication to flow at a given time. Stopcocks 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 factors driving the growth of advanced medical stopcock are the growing incidence of chronic diseases and increasing geriatric population and surge in number of surgical procedures.
The safety concerns regarding stopcocks is expected to restrict the advanced medical stopcock market growth during the forecast period.
Advanced Medical Stopcock majorly consists of the players, such as 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, and Utah Medical Products Inc.
Based on type, the advanced medical stopcock market is segmented into low-pressure stopcock, medium pressure stopcock and High-pressure stopcock. The low-pressure stopcock holds the largest market share in the year 2022 and will remain same during the forecasted year.
The global advanced medical stopcock based on regions are segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, North America held the largest market share. However, the Asia Pacific region is estimated to grow at the fastest CAGR of 5.1% during the forecast period.
The List of Companies - Advanced Medical Stopcock 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 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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