SEATTLE, May 13, 2021, (MEDGADGET) — Overview:
Patients have been undergoing infusion therapy via intravenous stopcocks for decades. This device controls the flow of fluid into an infusion system while also allowing several fluids to be associated. The system is made up of three main parts: the body, the handle, and the fixed or rotating luer-locking collar. The implementation of new technology and a growing focus on patient safety are driving demand for safety products like intravenous stopcocks. Key players are actively engaged in research activities to implement different product designs in response to increasing demand for such safety products. For instance, Mediplus India Ltd., provides a three-way stopcock with extension tube that can be used with a variety of infusion devices to allow for medical device attachment.
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Intravenous stopcocks have been used to administer infusion therapy to patients of all ages for decades, according to a report published in the National Library of Medicine in 2018. This medical system is used in a variety of environments in the healthcare industry. The Infusion Nursing Standards of Practice reported in 2011 that the use of stopcocks was not recommended earlier due to the risk of infection. Moreover, Infusion Therapy Standards of Practice, published in 2016, recommended that it be avoided in the same way, with the exception that a stopcock with an integrated NC (Needleless Connector) should be preferred to reduce stopcock contamination.
To retain a strong market place, numerous companies in the Asia Pacific region are employing both organic and inorganic strategies. Brand launches and alliances are some of the initiatives that businesses have pursued to stimulate business growth. For instance, Merit Medical Systems, Inc. unveiled its Prelude Ideal in December 2018, which is specifically designed for radial access procedures. To minimise the risk of radial artery spasm, this product uses a hydrophilic coating on the tip of the sheath tubing.
Due to the COVID-19 virus outbreak, the intravenous stopcock demand is steadily growing. This is due to the fact that intravenous stopcocks are low-cost medical devices that are gaining popularity among healthcare professionals and patients because they are used in infusion systems.
Intravenous stopcocks are expected to play a significant role following the pandemic tension, assisting the demand to expand rapidly during the forecast era.
COVID-19’s effect and expected improvements on the industry’s future outlook will be included in the detailed version of the study, which will take into account social, economic, political, and technical parameters.
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Major players involved in product development, mergers and acquisitions, collaborations and partnerships to strengthen their position in the market is expected to fuel the growth of the intravenous stopcock market during the forecast period. For instance, ICU Medical Inc. completed the acquisition of Hospira Infusion Systems (HIS) in February 2017. ICU Medical is one of the leading global infusion therapy companies thanks to the Hospira Infusion Systems group, which includes intravenous (IV) pumps and solutions, as well as equipment.
Moreover, the industry players are interested in the introduction of new patient safety initiatives. For instance, in April 2019, Becton, Dickson and Company (BD) launched PRIME, a new patient safety initiative for hospitals (Preventing Risks of Infections and Medication Errors in IV Therapy). PRIME was created in collaboration with the Joint Commission International (JCI) for patient safety and is designed to resolve the problems of medical safety and infection prevention in a hospital environment.
Growth in sale of alternative products is expected to hinder the growth of the intravenous stopcock market. When using a stopcock, there is a risk of contamination. As a result, healthcare facilities have been advised to adhere to strict use guidelines and use needle-free connectors to reduce the risk.
Another cause for the slowed down growth of the intravenous stopcock market is a lack of qualified practitioners in developing economies such as the Middle East and Africa and Asia Pacific. Furthermore, drug leakage from stopcocks is expected to limit the intravenous stopcock market’s growth during the forecast period.
The intravenous stopcock market is estimated to be valued at US$ 338.62 million in 2020 and is expected to exhibit a CAGR of 7.73% during the forecast period (2020-2027).
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Intravenous Stopcock Market, by Type, is segmented into:
- Four-way Stopcock
- Three-way Stopcock
- Pressure Monitoring
- Infusion Therapy
By End User:
- Specialty Clinics
- Ambulatory Surgical Centers
- North America
- Latin America
- Asia Pacific
- Middle East
North America is expected to witness significant growth in the intravenous stopcock market new product introductions couples with increasing demand for advanced medical treatment. Moreover, increasing cases of chronic diseases is also expected to boost the growth of the intravenous stopcock market in this region. For instance, chronic diseases impact approximately 133 million Americans per year, according to the National Health Council (NHC), with that figure expected to rise to 157 million by the end of 2020. In addition, industry players are using tactics like joint ventures and acquisitions to boost their positions in the global market.
Europe is also expected to witness significant growth in the global intravenous stopcock market, owing to the increasing concern given to the patient’s safety and developments by major industries. Furthermore, Key players are applying organic development strategies on a large scale, which is assisting in the growth of the market. For instance, Elcam Medical unveiled the Marvelous (MRLVS) stopcock in February 2016, which is a three-way stopcock made of Makrolon, a high-performance plastic by Covetsro.
Major players involved in the intravenous stopcock market include Terumo Medical Corporation, ARGON MEDICAL, Baxter, Bound Tree Medical, Mediprim, Fresenius Kabi, BD, Global Medikit Limited, Nordson Corporation, SCW Medicath Ltd., Fresenius Kabi AG, Smith’s Medical, Braun Medical Inc., Neotec Medical Industries, and ICU Medical.
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