Report : Europe Advanced Medical Stopcock Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Low-Pressure Stopcock, Medium-Pressure Stopcock, and High-Pressure Stopcock) and End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Homecare)
At 4.3% CAGR, the Europe Advanced Medical Stopcock Market is speculated to be worth US$ 338.05 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe advanced medical stopcock market was valued at US$ 262.80 million in 2022 and is expected to reach US$ 338.05 million by 2028, registering a CAGR of 4.3% from 2022 to 2028. Rising incidence of chronic diseases and increasing geriatric population and upsurge in number of surgical procedures are the critical factors attributed to the Europe advanced medical stopcock market expansion.
The medical devices industry is growing due to the rising adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes, growing number of major medical device manufacturers, and rising prevalence of chronic diseases. The industry drives the country's economic growth by creating high-paying manufacturing jobs and exporting medical devices to other countries across the Europe.
Further, according to MedTech Europe, in 2021, the European medical device market accounted for ~27.3% of the world market. Medical technology is helpful in the treatment of many diseases. In vitro diagnostics (IVD) is the largest sector in the Europe medical device industry, followed by cardiology and diagnostic imaging.
Thus, the growing medical device industry is expected to increase the adoption of various medical devices, including advanced medical stopcock, which will drive the Europe advanced medical stopcock market growth in the coming years.
On the contrary, security concerns regarding stopcocks hurdles the growth of Europe advanced medical stopcock market.
Based on type, the Europe advanced medical stopcock market is categorized into low-pressure stopcock, medium-pressure stopcock, and high-pressure stopcock. The low-pressure stopcock segment held 55.9% market share in 2022, amassing US$ 146.90 million. It is projected to garner US$ 193.62 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on end user, the Europe advanced medical stopcock market is categorized into hospitals & clinics, ambulatory surgical centers, and homecare. The hospitals & clinics segment held 47.6% market share in 2022, amassing US$ 124.99 million. It is projected to garner US$ 166.32 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on country, the Europe advanced medical stopcock market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 27.0% market share in 2022. It was assessed at US$ 70.96 million in 2022 and is likely to hit US$ 93.30 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating the Europe advanced medical stopcock market are 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 among others.
- In June 2020, B. Nordson acquired plastic extrusion manufacturer.
- In Feb 2020, Cook Medical launches a new Customer Portal to enhance customer experience.
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