Advanced Medical Stopcock Market is expected to reach US$ 1,230.60 million by 2028
The advanced medical stopcock market is expected to reach $1,230.60 million by 2028, growing at a CAGR of 4.6% from 2022 to 2028, according to a new research study by The Insight Partners. The report highlights that the low-pressure stopcock segment is expected to account for the largest share in the advanced medical stopcock market during the forecast period. The rising prevalence of chronic health conditions is driving the growth of this segment. The report also segments the market by end-user and finds that hospitals will account for the largest market share and highest growth rate from 2022 to 2028. Factors such as the growing prevalence of chronic diseases, increasing geriatric population, and rising number of surgical procedures are driving the market growth. However, safety risks associated with advanced medical stopcocks are hindering the market growth.
The market was negatively impacted by the COVID-19 pandemic in the first quarter of 2020 due to lockdowns and limited access to healthcare settings, but has since seen a high demand for advanced medical stopcocks. Key players in the market include B. Braun SE, Smiths Medical Inc, Nipro Corp, Elcam Medical Group Co, Merit Medical Systems Inc, and more. Companies are adopting organic and inorganic strategies to expand their businesses and enhance their market presence.