Report : North America 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 4.8% CAGR, the North America Advanced Medical Stopcock Market is speculated to be worth US$ 464.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America advanced medical stopcock market was valued at US$ 350.22 million in 2022 and is expected to reach US$ 464.43 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Growing incidence of chronic diseases and increasing geriatric population and surge in number of surgical procedures are the critical factors attributed to the North America advanced medical stopcock market expansion.
The growing consumption of tobacco and alcohol, poor nutrition, 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 the aging of the population are a few other factors that are increasing the risk of chronic diseases.
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.
Moreover, chronic diseases are mostly preventable and treatable; at the initial stage of 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 with IV infusion set of 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. 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.
Thus, the growing geriatric population and rising prevalence of chronic diseases is driving the growth of the North America advanced medical stopcock market.
On the contrary, safety concerns regarding stopcocks hurdles the growth of North America advanced medical stopcock market.
Based on type, the North America advanced medical stopcock market is categorized into low-pressure stopcock, medium-pressure stopcock, and high-pressure stopcock. The low-pressure stopcock segment held 56.6% share of North America advanced medical stopcock market in 2022, amassing US$ 198.24 million. It is projected to garner US$ 268.89 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on end user, the North America advanced medical stopcock market is categorized into hospitals & clinics, ambulatory surgical centers, and homecare. The hospitals & clinics segment held 43.0% share of North America advanced medical stopcock market in 2022, amassing US$ 150.62 million. It is projected to garner US$ 205.03 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on country, the North America advanced medical stopcock market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.3% share of North America advanced medical stopcock market in 2022. It was assessed at US$ 239.29 million in 2022 and is likely to hit US$ 322.20 million by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the North America 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; and Utah Medical Products Inc among others.
- In Jan 2022, B. Braun expands footprint in Vietnam with ground-breaking of new factory.
- In Aug 2019, Smiths Medical announces partnership with Medline Industries, Inc.
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