New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Advanced Medical Stopcock Market Size, Share, Growth and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Low-Pressure Stopcock, Medium-Pressure Stopcock, and High-Pressure Stopcock), End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Homecare) and Geography” the global advanced medical stopcock market size is estimated to register a CAGR of 4.6% from 2022 to 2028; it is expected to grow from USD 0.941 billion in 2022 to USD 1.23 billion by 2028.
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Global Advanced Medical Stopcock Market – Report Scope:
| Market Size Value in | USD 0.941 Billion in 2022 |
| Market Size Value by | USD 1.23 Billion by 2028 |
| Growth rate | CAGR of 4.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 163 |
| No. of Tables | 57 |
| No. of Charts & Figures | 67 |
| Historical data available | Yes |
| Segments covered | Type, and End User |
Global Advanced Medical Stopcock Market: Competitive Landscape and Key Developments
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 a few of the key companies operating in the advanced medical stopcock market. The advanced medical stopcock market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
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 August 2019, Smiths Medical, a leading global medical device manufacturer, announced that it partnered with Medline Industries for the distribution of the Portex acapella choice vibratory PEP therapy device. This partnership will be focused on non-acute and home care channels.
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US is the largest advanced medical stopcock market in the world, owing to the rising use of stopcock in intravenous (IV) therapies across the country. The market in the US is experiencing significant growth due to the increasing number of patients taking infusion therapy and IV therapy and rising awareness about the benefits of using advanced medical stopcocks. Furthermore, IV therapy is used in administering drugs for disease treatment and administering minerals, vitamins, and amino acids in serum concentrations. The current lifestyle and unhealthy habits are a few factors leading to vitamin and mineral deficiencies among people. The US government is taking many initiatives to boost enteral nutrition in the population. For instance, The Feeding Tube Awareness Foundation is creating awareness about feeding tube adoption. The foundation has celebrated the annual Feeding Tube Awareness Week from February 4 to February 8, 2019. More than 500,000 children and adults in the US depend on enteral feeding for nutrition, and the number is expected to increase during the forecast period, which is likely to influence the advanced medical stopcock market growth.
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. Moreover, the medical device market in the Middle East will remain dependent upon crude oil export growth due to the composition of government revenues and the predominant reliance on oil and gas.
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Growing Medical Device Industry to Boost Global Advanced Medical Stopcock Market Growth:
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. 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 developing innovative medical products and devices every day. The medical device industry in the country 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.
Thus, the growing medical device industry is expected to increase the adoption of various medical devices, including advanced medical stopcock, which will drive the global advanced medical stopcock market growth in the coming years.
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