The global 3-way Stopcock Market is expected to grow at a CAGR of 4.42% to reach a market value of USD 1,196.89 million by 2026 from an initial value of 849.8 in 2019.
Stopcocks are used to control the flow of fluid into the IV set and are frequently manipulated by hospital staff. Continuous manipulation exposes stopcocks to a variety of microorganisms, raising the probability of colonization. In fact, according to the Centers for Disease Control and Prevention (CDC), stopcocks are often contaminated. Contamination is problematic as the open hub of traditional stopcocks provides a port of entry for microorganisms into the IV set. Development in the pharmaceutical industry and growth of valves are driving the growth of the stopcocks in the medical market. Increase in clinical trials and rise in demand for three-way stopcocks are anticipated to provide lucrative opportunities for pharmaceutical industries, thus fueling the medical stopcock market. However, lack of skilled professionals and occurrence of accidents while using three-way stopcocks are hampering the market.
There are a large number of players in the 3-way stopcocks market competing with each other. Some. Of the players include: Elcam Medical Italy SPA, Bio-Rad Laboratories, Inc., B. Braun Melsungen AG, Poly Medicure Limited, Thermo Fisher Scientific Inc., Baxter, BD, Smiths Medical, Nordson, Argon Medical, Disposafe, Denex International, Fresenius Kabi Ireland, Suzhou Health Plastic, Shandong Sinorgmed, Borla, among others.
Market Dynamics
Drivers
- High demand for valves in the infusion therapy
- Rising Incidence of chronic diseases
- Rapidly growing number of surgical procedures
Restraints
- Lack of skilled professionals and occurrence of accidents while using three-way stopcocks
High Demand For Valves In The Infusion Therapy
The demand for stopcocks is increasing in infusion therapy especially for 3-way stopcock. Stopcock is a ball valve, which is used to control the flow of a liquid or gas in laboratories. They are available in different forms, among which three-way stopcock is made of polycarbonate and has numerous channels for multiple infusion therapy. Infusion therapy has become a popular pain relieve treatment method, especially for diseases where oral medication is least effective. In this technique, the drug is usually administered intravenously or subcutaneously. Three-way stopcock can withstand pressure up to 5 bars and contains a smooth and fully rotatable tap. It is mainly used in intensive therapy unit (ITU) and all ward regions with intra-arterial and intra-venous systems. Due to the advancement in various technologies, patients are switching from conventional treatments to specialized infusion therapy treatments as the results are more effective. Hence, the demand for valves is increasing in infusion therapy application which leads to growth of the 3-way stopcock market globally.
Geographical Analysis
The North America segment of 3-Way Stopcock Market is valued at US$ 255.96 Million in 2018 and is estimated to grow at a CAGR of 4.82% over the forecast period to reach US$ YY Million by 2026. The collective revenue of the North America segment is expected to generate US$ YYMillion during 2019-2026. The North America segment holds 30.12% of the market share in 2018, and is expected to be 31.01% by 2026, for the global 3-Way Stopcock market by region. The US is the largest revenue contributor in North America. The huge number of insulin therapy in Canada is driving the North America 3-way stopcocks market. In 2017, of the approximately 2.6 million diabetics in Canada, about 280,000 are type 1 diabetics and about 600,000 are type 2 diabetics on insulin therapy.
The North American region is likely to experience the growth in the 3-way stopcock owing to the increasing number of cosmetic surgeries. For instance, in Mexico the number of cosmetic surgeries is growing rapidly. As the country is in the top five which offers best cosmetic surgeries also the country is also counted among the medical tourism destinations. Under medical tourism the treatments are offered in pocket friendly prices which attracts more of the tourists from across the United States and Canada.
The US is estimated to grow at the fastest growth rate, owing to rising consumption of 3-way stopcock for the intravenous therapies across the country, widely used of stopcock for the different health conditions such as cancer and others, and favorable reimbursements policies.
Hence, considering the above mentioned factors, the growth of the market in the country is likely to contribute the largest share in the North America region during the forecast period. Manufacturers in the United States are also developing new products which leads to growth of the market. For instance,
Qosina , a U.S. based company, expanded its portfolio by adding 12 new stopcocks to its existing selection of bulk, non-sterile components. These new stopcocks are REACH and RoHS compliant, and feature low profiles, low pressure ratings and unique configurations that include build-in styles. With nearly 100 different options from which to choose, Qosina supplies 1-way, 2-way, 3-way, and 4-way stopcocks and stopcock manifolds, with connection options that include male luer locks, female luer locks, male luer slips, barbs and tubing ports.
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