Hospitals & Clinics Medical Stopcock Segment to Register Highest CAGR in Advanced Medical Stopcock Market During 2022-2028

According to our latest study on "Advanced Medical Stopcock Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and End User," the market is projected to reach US$ 1,230.60 million by 2028 from US$ 941.95 million in 2022; it is expected to register a CAGR of 4.6% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments in the advanced medical stopcock market.

Several containment measures were enacted by governments of various countries to mitigate the spread of COVID-19, which changed the pattern of healthcare service delivery in the US. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices. However, the rising number of COVID-19 patients led to a positive impact on the market. In 2021, the US FDA authorized an emergency use authorization (EUA) of monoclonal antibody IV therapy for COVID-19 patients. Monoclonal antibody therapy is for COVID-19 patients showing mild to moderate symptoms. Intravenous (IV) therapy delivers medicines directly into patient's bloodstream. Monoclonal antibodies block viral attachment and entry into human cells to neutralize the virus. Also, in November 2020, the FDA approved a EUA for casirivimab and imdevimab to be administered together for the treatment of mild to moderate COVID-19 in adults and pediatric patients. Also, IV vitamin drips were administered to COVID-19 patients for recovery. Thus, growing FDA approvals for infusion therapy and IV drips for COVID-19 patients are supporting the advanced medical stopcock market growth.

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 segment held the largest market share in 2022, and it is also anticipated to register the highest CAGR during the forecast period. Based on end user, the global advanced medical stopcock market is segmented into hospital & clinics, ambulatory surgical center, and homecare. The hospitals & clinics segment held the largest market share in 2022, and it is expected to grow at the highest CAGR during the forecast period. The hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period as it focuses on introducing technologically advanced equipment and instruments to treat patients. Hospitals are upgraded with modern equipment owing to the development of healthcare facilities.

Chronic diseases are mostly preventable and treatable; at the initial stage of being diagnosed with a chronic disease, the severity can be avoided by taking a few preventive measures. The treatment for chronic diseases includes medication, intravenous therapies, or surgical procedures. Most chronic diseases are treated with infusion therapy, requiring infusion pumps. An infusion pump is a medical device that delivers fluids, such as nutrients and medications, into a patient's body in precise amounts, and the medical stopcock is connected to an IV infusion set of an infusion pump.

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. In addition, advanced medical stopcocks are widely used during the procedure of chemotherapy as it requires controlling the dosage of the intravenous medicines for the patients. According to the National Cancer Institute (National Institutes of Health), cancer is increasingly a global health issue. In 2020, there were 19.3 million new cancer cases, resulting in ~10 million cancer-related deaths worldwide. The WHO projects that there could be 28.9 million new cancer cases globally by 2040 and ?16.2 million cancer-related deaths yearly. Thus, the rising prevalence of chronic diseases is driving the growth of the global 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, and Utah Medical Products Inc are among the leading companies operating in the advanced medical stopcock market.

Based on geography, the advanced medical stopcock market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The advanced medical stopcock market in North America is further segmented into the US, Canada, and Mexico. The Europe advanced medical stopcock market is sub segmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The advanced medical stopcock market in APAC is segmented into Japan, China, India, Australia, South Korea, and the Rest of APAC. The advanced medical stopcock market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. The advanced medical stopcock market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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