advanced medical stopcock Market

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 grow at a CAGR of 4.6% from 2022 to 2028.

The rising number of surgical procedures is fueling the overall advanced medical stopcock market growth.

Medical stopcocks are used with infusion pumps to administer medications through the catheter to a specific part of the body during or after surgical procedures. Infusion therapy is used when other methods are less effective or when the patient needs medication for the long term. Stopcocks are used after surgeries to provide medicines in fluid forms when the patient is under observation. The number of surgical procedures such as cesarean sections is growing globally. According to the latest research by the World Healthcare Organization (WHO), in 2021, the preference for cesarean section continues to rise globally, accounting for more than 21% of all childbirths. It is expected to increase over the coming decade, with approximately 29% of all births to occur by cesarean section by 2030. Moreover, as per American Heart Association, Heart Disease & Stroke Statistical Update Fact Sheet 2022 (Global Burden of Disease), in 2020, approximately 19.1 million deaths were caused due to cardiovascular disease (CVD). The age-adjusted death rate per 100,000 population was 239.8. Further, the age-adjusted prevalence rate was 7,354.1 per 100,000. Thus, the rising CVD patient population is increasing the number of angiography or angioplasty procedures. These procedures require high-pressure stopcocks; as a result, the demand for advanced medical stopcocks is increasing. Thus, the surge in surgical procedures is driving the global advanced medical stopcock market.

Advanced Medical Stopcock Market: Segmental Overview

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.

Based on end user, the 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.

Advanced Medical Stopcock Market: Geographical Overview

North America holds the largest share of the global advanced medical stopcock market, whereas Asia Pacific is the fastest-growing region. The market in North America is expected to grow during the forecast period owing to the rising demand for IV therapy and infusion therapy aided by economic prosperity, which is likely to boost the production of advanced medical stopcocks.

Asia Pacific is likely to register the highest CAGR in the global advanced medical stopcock market during the forecast period. The Asia Pacific market is expected to grow due to the increasing prevalence of chronic diseases, the rising geriatric population, and the rising demand for IV therapies. Moreover, expansion and product launch strategies implemented by market players are expected to contribute to the growth of the advanced medical stopcock market in the region in the coming years. Therefore, the region holds huge potential for the advanced medical stopcock market players to grow during the forecast period.

Market Opportunities of Advanced Medical Stopcock Market

The medical devices industry is growing due to the rising adoption of advanced medical devices such as medical stopcocks, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes, growing number of major medical device manufacturers, and rising prevalence of chronic diseases. As per AdvaMed, the US is the largest medical device industry globally; it accounts for more than 40% of the global MedTech industry. Over 6,500 small- and medium-sized enterprises (SMEs) in the US are creating innovative medical products and devices every day. The medical device industry in the US offers highly efficient medical systems that help in early disease diagnosis and effective therapies. The industry drives the country's economic growth by creating high-paying manufacturing jobs and exporting medical devices to other countries across the globe. However, South & Central America mostly rely on the imports from other nations such the US and Canada. Further, according to MedTech Europe, in 2021, the Europe medical device market accounted for ~27.3% of the world market. It is the second-largest medical device market after the US. Medical technology is helpful in the treatment of many diseases. Moreover, in vitro diagnostics (IVD) is the largest sector in the Europe medical device industry, followed by cardiology and diagnostic imaging. In Asia Pacific, the medical device industry remains a lucrative investment sector. According to APACMed, the medical device industry in the region is driven by high healthcare costs, an aging demographic, a rise in the prevalence of chronic diseases, and a surge in the population of ever-discerning healthcare consumers. Thus, the healthcare sector in Asia Pacific is likely to achieve unprecedented growth, which will boost the medical device market in the region. Additionally, the medical device market in the Middle East & Africa will remain dependent upon crude oil export growth due to the composition of government revenues and the predominant reliance on oil and gas. Thus, the growth of medical device industry is expected to provide lucrative opportunities for advanced medical stopcock market.

The World Health Organization (WHO), World Bank Data, United Nations Population Fund (UNFP), National Health Service (NHS), National Library of Medicine (NLM), and Organization for Economic Co-operation and Development (OECD) are a few secondary sources referred to while preparing the report on the global advanced medical stopcock market.