The market for advanced medical stopcock in the Asia Pacific is expected to reach US$ 201.5 Mn in 2027 from US$ 137.9 Mn in 2018. The growth rate of the market in the region is estimated to be 4.5% during the forecast period.
The growth of the market is majorly contributed by the rising prevalence of the infectious disease across the region which is resulting into the higher demand for medical stopcocks. In addition, the rise in the initiatives by the government of India and Australia are likely to enhance the growth of the market for the advanced medical stopcock.
According to World Economic Forum estimated that NCDs (which include cardiovascular diseases, cancer, diabetes and chronic respiratory disorders) claim 40 million lives every year, 17 million of whom are people under the age of 70 and 8.5 million of whom are in Asia. Habits such as use of tobacco, alcohol consumption, poor nutrition and lack of physical activity are the leading factors for such diseases. Therefore, the cases of chronic diseases is increasing these days. Also, it is projected to increase by 15% deaths caused by NCDs between 2010 and 2020 (to 44 million deaths) with the highest numbers predicted in the Western Pacific (12.3 million deaths) and South-East Asia (10.4 million deaths).
In 2018, Asia pacific advanced medical stopcock market held a market share of 16.30% of the global advanced medical stopcock market. The low-pressure stopcocks segment expected to dominate its market share and was valued at US$ 75.2 Mn in 2018 and is anticipated to reach US$ 114.1 Mn by 2027. On the other hand, low-pressure stopcocks segment is also anticipated to witness the fastest growth rate of 4.9% during the forecast period, 2019 to 2027.
Similarly, in 2018 medium-pressure stopcocks segment was valued at US$ 38.3 Mn in 2018 and is anticipated to reach US$ 54.1 Mn by 2027 and is also expected to grow at the fastest growth rate of 4.1% during the forecast period.
Furthermore, the hospitals & clinics segment held a largest market share of 41.9% of the advanced medical stopcock market, in 2018. This segment is also expected to dominate the market in 2027 as it is the primary care center for most of the population.
Some of the major primary and secondary sources for advanced medical stopcock included in the report are, World Economic Forum, Asia Pacific Observatory on Health Systems and Policies (the APO), United Nations Population Fund, HelpAge India and etc.