Global Intravenous Stopcock Market, by Type (Four-way Stopcock and Three-way Stopcock), by Application (Pressure Monitoring and Infusion Therapy), by End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 338.6 million in 2020 and is expected to exhibit a CAGR of 7.73% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Players in the market are focused on the development of technologically advanced and novel intravenous stopcocks for different indications. Companies are concentrating on adopting acquisition and product launch strategies, which are expected to drive growth of the intravenous stopcock market.
For instance, in 2017, ICU Medical Inc. acquired Hospira Infusion Systems (HIS) business. The Hospira Infusion Systems business includes intravenous (IV) pumps and solutions, and also devices that enables ICU Medical lead the global leading infusion therapy market.
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 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.
Intravenous Stopcock Market - Impact Analysis of COVID-19
The outbreak of COVID-19 virus has impacted the intravenous stopcock market in a positive way. This is majorly owing to the cost-effective nature of intravenous stopcocks, which is gaining attention among patients and healthcare professionals, as it is used as a component of infusion systems. An intravenous stopcock is used in treatment of many active COVID-19 patients. It is projected that the intravenous stopcocks will play a vital role post the pandemic crisis, which will aid the market to grow significantly during the forecast period.
Browse 24 Market Data Tables and 26 Figures spread through 156 Pages and in-depth TOC on Intravenous Stopcock Market, By Type (Four-way Stopcock and Three-way Stopcock), By Application (Pressure Monitoring and Infusion Therapy), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027”
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Key players in the market are shifting their focus towards product development and patient safety, and are widely adopting organic development strategies to expand their market in different countries. For instance, in February 2016, a three-way stopcock made of high performance plastic, Makrolon, was launched by Elcam Medical in Europe. The product name is Marvelous (MRLVS) stopcock and was designed by Covetsro.
Key Takeaways of the Intravenous Stopcock Market: