Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Intravenous stopcocks are being used for decades to deliver infusion therapy in patients. This device is used to direct the fluid flow through an infusion system while allowing multiple fluids to be connected. The device is featured with three important components, namely body, handle, and luer-locking collar, which is fixed or rotating. Growing attention to patient safety and introduction to new technologies are driving demand for safety products such as intravenous stopcock. Due to rising demand for such safety products, key players are actively involved in research activities to introduce different product designs. For instance, Mediplus India Ltd. offers three way stopcock with extension tube that can be used with various infusion devices in order to allow for attachment with medical device.
According to a study published in the National Library of Medicine in 2018, intravenous stopcocks are being used to deliver infusion therapy in all age patients for decades. This medical device is used in all healthcare settings. In 2011, it was stated by the Infusion Nursing Standards of Practice that the use of stopcocks was not recommended earlier because of the risk of infection. Furthermore, in 2016, Infusion Therapy Standards of Practice called for similar avoidance of its use, except added that a stopcock with an integral NC (Needleless Connector) should be chosen to lessen stopcock contamination.
Various companies in the Asia Pacific region are adopting organic as well as inorganic strategies to hold a strong market position. Some of the activities undertaken by the companies, which have promoted the market growth, include product launches and partnerships. For instance, in December 2018, Merit Medical Systems, Inc. launched its Prelude Ideal, which is specially designed for use in radial access procedures. This product utilizes hydrophilic coating to the tip of the sheath tubing to reduce the risk of radial artery spasm.
Intravenous Stopcock Market - Impact Analysis of COVID-19
The intravenous stopcock market is witnessing progressive growth due to the outbreak of the COVID-19 virus. This is mainly because the intravenous stopcocks are cost-effective medical devices, which are gaining attention among healthcare professionals and patients, as it is used as a component of infusion systems. It is estimated that the intravenous stopcocks will play a major role post the pandemic stress, which will aid the market to grow exponentially during the forecast period.
The comprehensive version of the report will include COVID-19’s impact and the projected changes on the future outlook of the industry, by taking into account the social, economical, political, and technological parameters.
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).
Figure 1: Intravenous Stopcock Market Share (%) Analysis, By Type, 2020
The development of novel products and mergers & acquisitions by industry players are expected to drive growth of the intravenous stopcock market.
Key players in the market are involved in developing novel products and mergers & acquisitions, collaborations, joint ventures, and partnerships to strengthen their position in the market. Strategic collaborations among key players is expected to considerably drive the market growth and create growth opportunities for the intravenous stopcock market during the forecast period.
For instance, in February 2017, ICU Medical Inc. completed the acquisition of Hospira Infusion Systems (HIS) business. The Hospira Infusion Systems business includes intravenous (IV) pumps and solutions, and also devices that makes ICU Medical one of the leading global infusion therapy company.
Furthermore, the market players are involved in launching new programs for patient safety. For instance, in April 2019, Becton, Dickson and Company (BD) launched a new program for patient safety in hospitals, called as PRIME (Preventing Risks of Infections and Medication Errors in IV Therapy). PRIME is developed in partnership with the Joint Commission International (JCI) for patient safety and aimed to address the challenges in a hospital setting regarding medical safety and infection prevention.
Intravenous Stopcock Market Report Coverage
||Market Size in 2019:
||US$ 338.6 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 570.4 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Type: Three-way Stopcock, Four-way Intravenous Stopcock.
- By Application: Pressure Monitoring, Infusion Therapy.
- By End User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Others.
|Companies covered (8):
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
- Growing attention to patient safety
- Introduction to new technologies
|Restraints & Challenges:
- Risk of contamination during product usage
Intravenous Stopcock Market - Restraints
Stopcocks possess a risk of contamination during its usage. This has cautioned healthcare facilities to follow strict usage guidelines and mitigate the risk through use of needle-free connectors. These alternative products are expected to hamper growth of the intravenous stopcock market. Lack of skilled professionals in emerging economies such as the Middle East & Africa and the Asia Pacific is projected to be another reason for the slow growth of intravenous stopcock market. Moreover, leakage of drugs from the stopcocks is also expected to restrict growth of the intravenous stopcock market during the forecast period.
Intravenous Stopcock Market - Regional Analysis
North America region accounted for the largest share in the intravenous stopcock market in 2019, owing to the new product introductions coupled with rising demand for advanced medical treatment. In addition, rising prevalence of chronic diseases will fuel the regional market growth to a great extent. 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. Moreover, industry players are adopting strategies such as joint ventures and acquisitions to strengthen their position in the global market. This is also contributing to growth of the market in North America region.
Europe is also expected to witness significant growth in the global intravenous stopcock market, owing to rising attention towards patient safety and developments by key industry players in the region. Moreover, industry players are implementing organic development strategies widely, which is aiding in significant growth of the market. For instance, in February 2016, Marvelous (MRLVS) stopcock was launched by Elcam Medical, which is a three-way stopcock made by Makrolon, a high-performance plastic by Covetsro.
Figure 2: Intravenous Stopcock Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Intravenous Stopcock Market - Competitive Landscape
Key players operating in the intravenous stopcock market include 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.