The global advanced medical stopcock market is expected to reach US$ 1,167.6 Mn in 2027 from US$ 841.3 Mn in 2018. The advanced medical stopcock market is estimated to grow with a CAGR of 4.1% from 2019-2027.
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The market is driven by the factors such as, growing incidence of chronic diseases, rapidly growing number of surgical procedures and growing geriatric population. However, the market is likely to face challenge such as safety concern while using stopcocks, which is likely to impact the market minutely.
For the geriatric population the advanced medical stopcock are used along with the infusion pumps. As the infusion pumps are used for the administration of medication/ hormone/ nutrition and others. Elderly population is defined as group of people aged 65 and over. Population ageing is poised to become one of the most significant social transformations of the twenty-first century. According to the report of United Nations, in 2017, there were approximately 962 million people aged 60 or over across the globe, that consists of 13% of the global population. The population aged 60 or above is growing at a rate of about 3 per cent per year. Across the globe, the number of persons aged 80 or above is projected to triple by 2050. The approximate population is around 137 million in 2017 which will reach up to 425 million in 2050. The value is expected to increase to 909 million in 2100, around seven times its value in 2017.
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The elderly people are more likely to have cancer, cardiovascular diseases, organ failure, diabetes and more. With increase in the number of geriatric population, the prevalence of the chronic diseases has increased. The treatment procedures become more complicated in the elder population than younger people, and the effect of the disease on quality of life is particularly deep in this population. The elder group of people also require enteral feeding for their daily nutrition, thus the usage of the medical stopcocks are required in more quantity. Thus, owing to the above mentioned factors the market for the advanced medical stopcocks is likely to grow during the forecast period.
Global advanced medical stopcock market was segmented by type, and end user. The type segment was classified as low-pressure stopcocks, medium-pressure stopcocks and high-pressure stopcocks. And on the basis of the end user the market is classified as hospitals & clinics, ambulatory surgery centers, and homecare.
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Some of the major primary and secondary sources included in the report for the advanced medical stopcock market are World Health Organization, American Australian Influenza Surveillance Report, Centers for Disease Control and Prevention, Dubai Health Authority, Indian Council of Medical Research, Institute for Health Metrics and Evaluation, International Society of Aesthetic Plastic Surgery and others.
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