Global Medical Solenoid Valves Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Medical Solenoid Valves Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The solenoid valve is an electromechanical control valve that can control the flow of fluid in the system. These devices use electromagnetic reactions to convert electrical energy into mechanical energy, which occurs when current passes through a wire in a solenoid. Solenoid valves are electrically controlled valves that utilize an actuator in the form of an electromagnet to change the valve state from closed to open. A coil in the actuator generates a magnetic field that pulls or pushes a plunger which controls the passage of fluid through the valve body. Moreover, medical equipment uses solenoid valve to control the flow, direction and pressure of the fluid. The use of solenoid valves in the medical equipment industry can bring many benefits, such as efficiency, effective temperature control, extended product life and miniaturization of components.

Market Overview:

The latest research study on the global Medical Solenoid Valves market finds that the global Medical Solenoid Valves market reached a value of USD 505.01 million in 2022. It’s expected that the market will achieve USD 728.2 million by 2028, exhibiting a CAGR of 6.29% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

In the specific environment based on the outbreak of COVID-19, the global economy has been significantly affected, resulting in challenges and opportunities for the development status of various industries. The report is based on the impact of COVID-19 and conducts research on the Medical Solenoid Valves industry from different perspectives such as macroeconomics, industrial chains, and regions. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost every country around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease (COVID-19) are already starting to be felt, and will significantly affect the Medical Solenoid Valves market in 2020. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. During the epidemic, the resumption of work, operations, revenue targets, and industry development of the Medical Solenoid Valves industry were all uncertain.

Moreover, the COVID-19 virus outbreak has affected the normal operation of the industry. The impact of COVID-19 on the medical solenoid valves industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, production and demand will not pick up rapidly and substantially, and will require a certain recovery period.

Apart from this, the COVID-19 outbreak has resulted in the closing down of several manufacturing facilities across the globe. The pandemic caused huge revenue losses in end-use industry. The coronavirus lockdown put a brake on the production of several key raw materials in the global market, which, in turn, spiked the prices and lowered the demand for the product. The strict lockdown mandates imposed by governments have restricted cross-border trade between countries, another factor proving to be detrimental for the solenoid valve market share. However, the solenoid valve industry is rapidly returning to normal, mainly due to the increasing use of solenoid valves in the burgeoning medical device sector and surgical tools market. In addition, medical solenoid valves manufacturers are drawing up plans for the international market as a new supply link in the global medical devices industry, as companies look to re-engineer supply chains in the aftermath of COVID-19. Also, it is expected that the product demand in end-user sectors could pick up following the uplift of the lockdown in numerous countries.

Political Factors

Political Factors determine the extent to which a government may influence the economy or a certain industry. The medical device industry is highly regulated, for good reason, which also included medical solenoid valves industry. These regulations exist to protect patients and consumers by ensuring the safety and efficacy of medical devices.
For example, FDA groups medical devices into three classes based on the device’s level of risk. Class I medical devices — such as bandaids and braces — carry the least amount of risk to patients and are therefore subject to fewer regulations. Class II, which represents a slightly higher level of risk, represents the majority of medical devices. Examples include prosthetic’s too diabetes infusion pumps. Finally, Class III devices are the most invasive (think pacemakers and artificial hearts) and subject to the highest degree of scrutiny in the form of regulations. This makes logical sense. If regulations are in place to mitigate a medical device’s risks, then it follows that the riskiest devices would be subject to more regulations. In addition, there are other policy that regulated the medical solenoid valves industry, as follows.

Social Factors

Social Factors have a direct effect on how marketers understand customers and what drives them. The increase in demand has brought opportunities to the development of the industry and has a positive impact on the development of the industry. With the economic growth, scientific and technological progress, and the development of modern society, there is a growing demand for Medical Solenoid Valves. Meanwhile, there is a continuous growth in healthcare spending. With 33% of people who are more than 60 years old in 2050, healthcare systems, centered on the dependent persons, represent an important challenge for the future. So there has been continuous automation in this sector. For instance, the application of optimization, scheduling, simulation, and modeling approaches to improve healthcare systems.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Emerson (ASCO) is one of the major players operating in the Medical Solenoid Valves market, holding a share of 12.92% in 2021.

Emerson (ASCO)

Emerson designs and manufactures electronic and electrical equipment, software, systems, and services. The Company offers its products for industrial, commercial, and consumer markets worldwide through its network power, process management, industrial automation, climate technologies, and commercial and residential solutions divisions.

Parker Hannifin

Parker-Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

Segmentation Overview:

Among different product types, Stainless Steel segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Respiratory Devices segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Medical Solenoid Valves market covered in Chapter 3:

SMC
Peter Paul Electronics
Kendrion
Camozzi Automation
Emerson (ASCO)
Bürkert Fluid Control Systems
CKD Corporation
MAC Valves
Parker Hannifin
Humphrey Products Corporation
Fim Valvole
NSF Controls
IMI Norgren

In Chapter 4 and Chapter 14.2, on the basis of types, the Medical Solenoid Valves market from 2018 to 2029 is primarily split into:

Plastic
Stainless Steel
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Medical Solenoid Valves market from 2018 to 2029 covers:

Anesthesia Machines
Respiratory Devices
Dialysis Machines
Drug Delivery Machines
Pressure Relieving Devices
Intensive Care Unit Devices
Dental Chairs
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)