SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global intravenous stopcock market is estimated to be valued at US$ 338.6 million in 2020 and is expected to rise at a CAGR of 7.73% during the forecast period (2020-2027).
Key Trends and Analysis:
The global intravenous stopcock market is expected to witness growth, mainly in the emerging economies, owing to product launches and mergers & acquisitions by key players. Healthcare facilities in the emerging economies of Asia Pacific, Africa, and Latin America regions still prefer using the traditional equipment and medical devices for routine fluid/drug administration. Need for multi-channel stopcocks is also critical for delivery of different fluids/drugs. However, usage of intravenous stopcocks is essential to avoid any risk of infections. The Infusions Therapy Standards of Practice recommends replacing stopcock with needle-less connector as soon as the clinical need arises. It also recommends use of needle-less connectors to reduce the risk of infection.
Furthermore, in April 2019, Becton, Dickson and Company (BD) launched PRIME (Preventing Risks of Infections and Medication Errors in IV Therapy), which is a new program for patient safety in hospitals. PRIME is developed by Joint Commission International (JCI) for patient safety, which is aimed at addressing the two major challenges in a hospital setting – medical safety and infection prevention.
Key industry players are widely adopting organic development strategies, which is aiding in growth of the market. For instance, in February 2016, Elcam Medical announced the launch of its Marvelous (MRLVS) stopcock, which is a three-way stopcock made by a high-performance plastic Makrolon.
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Key Market Takeaways:
The global intravenous stopcock market is expected to exhibit a CAGR of 7.73% during the forecast period (2020-2027), owing to the strategic collaborations by key players for market expansion coupled with new product developments
North America region is projected to be the most lucrative region in the global intravenous stopcock market, owing to the rising prevalence of chronic diseases. According to the National Health Council (NHC), around 133 million Americans are affected by chronic diseases every year and this number is estimated to increase to 157 million by the end of 2020.
Key players operating in the global intravenous stopcock market—
BD, Global Medikit Limited, Nordson Corporation, SCW Medicath Ltd., Fresenius Kabi AG, Smith’s Medical, Braun Medical Inc., Terumo Medical Corporation, ARGON MEDICAL, Baxter, Bound Tree Medical, Mediprim, Fresenius Kabi, Neotec Medical Industries, and ICU Medical.
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Market Segmentation:
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Global Intravenous Stopcock Market, By Type:
- Three-way Stopcock
- Four-way Stopcock
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Global Intravenous Stopcock Market, By Application:
- Pressure Monitoring
- Infusion Therapy
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Global Intravenous Stopcock Market, By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Others
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Global Intravenous Stopcock Market, By Region:
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North America
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By Country:
- U.S.
- Canada
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By Country:
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Europe
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By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
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By Country:
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Asia Pacific
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By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
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By Country:
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Latin America
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By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
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By Country:
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Middle East
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By Country:
- GCC
- Israel
- Rest of Middle East
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By Country:
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Africa
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By Country/Region:
- South Africa
- Central Africa
- North Africa
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By Country/Region:
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North America
Related Market Intelligence Report:
U.S. Intravenous Solutions Market, By Solution Type (Saline (Normal Saline (0.9% NaCl) and Hypertonic Saline), Dextran, Lactated Ringer’s, Amino Acid, Vitamins & Minerals, Heparin and Trace Elements, and Mixed Solutions), By Bag Type (Large Volume Bags (greater than 250ml) and Small Volume Bags (less than 250ml)), By Application (Basic IV Solution, Nutritional IV Solution, Blood IV Solution, Drug IV Solution, and Irrigation IV Solution), By End-user (Hospitals, Clinics, Ambulatory Surgery Centers, and Home Care Settings) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
