A solenoid valve is an electromechanically controlled valve, which control the rate of flow of fluid in systems. These devices convert electrical energy to mechanical energy, using a magnetic reaction, which occurs when an electric current passes through the wire in the solenoid.
Usage of solenoid valves in the medical devices industry is increasing at a significant pace. Use of solenoid valves in the medical devices industry provides benefits such as efficiency, effective temperature control, improve product lifespan, and miniaturize components.
The global solenoid valves market in medical device industry is primarily driven by the increase in demand for reliable and cost-effective miniature valves with low leak rates. Furthermore, technological advancements and the trend of miniaturization of components are likely to drive the global market in the next few years. However, technical failures of solenoid valves such as presence of dirt particles, inaccurate flow and pressure, burning of coil, damaged seals, and product recalls are likely to hamper the global market during the forecast period. Increasing investment in R&D by major players and strategic alliances by leading companies are expected to create lucrative opportunities in the global market.
In terms of valve type, the global solenoid valves market in medical device industry can be segmented into two-way, three-way, four-way, and others. The three-way segment held a dominant share of the global market in 2017, followed by the two-way segment. Based on material type, the global market can be categorized into plastic, stainless steel, and others. The stainless steel segment constituted a major share of the market in 2017 due to higher demand of stainless steel for manufacturing solenoid valves. In terms of application, the global solenoid valves market in medical devices industry can be classified into anesthesia machines, respiratory devices, dialysis machines, drug delivery machines, pressure relieving devices, intensive care unit devices, dental chairs, and others (including massage equipment and hair removal devices). Based on end-user, the global solenoid valves market in medical device industry can be divided into medical device manufacturers, contract research organizations, and others.
In terms of region, the global solenoid valves market in medical device industry can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe held large share of the global market in 2017 owing to strong research & development infrastructure, well-established health care system, presence of major players, and technological advancements in these regions. China and Japan held large share of the solenoid valves market in medical device industry in Asia Pacific in 2017. The market in India is estimated to expand at a significant CAGR during the forecast period owing to the presence of well-established domestic players. An underdeveloped health care industry and lower technological progress are likely to hamper the market in Latin America and Middle East & Africa during the forecast period.
Key manufacturers operating in the global solenoid valves market in medical device industry include Peter Paul Electronics Co., Inc., Parker Hannifin Corp, ASCO Valve, Inc., Fim Valvole s.r.l., Emerson, LISK IRELAND LIMITED, Kendrion, Humphrey Products Corporation, Bürkert Fluid Control Systems, and NSF Controls Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.