PUBLISHER: Allied Market Research | PRODUCT CODE: 1414711
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414711
According to a new report published by Allied Market Research, titled, "Stroke Management Market," The stroke management market was valued at $36.1 billion in 2022, and is estimated to reach $74 billion by 2032, growing at a CAGR of 7.4% from 2022 to 2032.
A stroke is a medical condition that occurs when the blood supply to the brain is abruptly cut off due to rupturing of blood vessels or blockage in blood supply to brain. This leads to depletion of oxygen to brain tissues, which results in the rapid death of brain cells. There are mainly three types of strokes namely ischemic stroke, transient ischemic attack, and hemorrhagic stroke. A comprehensive approach to the diagnosis and treatment of people who suffered from stroke is called stroke management. The diagnosis of stroke includes magnetic resonance imaging, carotid ultrasound, cerebral angiography, blood tests, and others. Stoke can be treated with tissue plasminogen activator, anticoagulant, antiplatelet, and antihypertensive medicines.
The stroke management market growth is driven by rising incidence of stroke, technological development in diagnostic imaging, and surge in adoption of telemedicine for stroke management. Factors such as
1) sedentary lifestyle, unhealthy diets, and high stress levels leads to rise in incidences of stroke. For instance, according to the data published by World Health Organization (WHO), on World Stroke Day 2022, reported that stroke is the second leading cause of death across the globe. As per the same source, the lifetime risk of developing a stroke has increased by 50% and currently 1 in 4 people is estimated to have a stroke in their lifetime. This rise in stroke incidences has led to a higher demand for effective treatments and management strategies, which in turn drives the growth of the stroke management market.
In addition, the technological advancement in the diagnostic techniques also drives the market growth. The advanced imaging technologies such as
1) magnetic resonance imaging and angiography systems have improved the diagnosis of stroke and enhanced patient care. For instance, Siemens Healthineers, a global medical technology company has received the Food and Drug Administration (FDA) approval for its ARTIS icono ceiling. ARTIS icono ceiling is an angiography system used for the advanced procedures in the interventional cardiology. Thus, technological advancement in the stroke imaging techniques further boost the market growth.
However, the high cost of stroke diagnosis and treatment limit the growth of stroke management market. The economic burden of stroke is the major factor hampering the market growth. For instance, according to World Stroke Organization (WSO), the Lancet Public Health article estimated treatment, rehabilitation, and indirect costs for stroke is more than $700 billion annually. Thus, high diagnosis and treatment cost negatively impact the growth of stroke management market.
On the other hand, surge in adoption of artificial intelligence for stroke management, increase in awareness about preventive healthcare, and rise in geriatric population in developing countries are expected to create lucrative opportunities for market growth during the forecast period.
The stroke management market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into diagnostics, therapeutics, and software. The diagnostic segment is further categorized into magnetic resonance imaging, carotid ultrasound, cerebral angiography, electrocardiography, echocardiography, and others. The therapeutics segment is further divided into tissue plasminogen activator, anticoagulant, antiplatelet, and antihypertensive. As per application, the market is bifurcated into ischemic stroke and hemorrhagic stroke.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global stroke management market are Abbott Laboratories, Boston Scientific Corporation, Bristol-Myers Squibb Company, Cardinal Health, General Electric Company, Medtronic, Siemens AG, Aidoc, Brainomix, VasSol Inc., Qure.ai, Viz.ai, Inc., METHINKS, B Braun SE, iSchemaView, Inc., NeuraSignal, Inc., Deepnoid Co., Ltd., Heuron Co., Ltd., JLK, Koninklijke Philips N.V., and Merck & Co. Inc. Key players operating in the market have adopted product approval, acquisition, partnership, and product launch as their key strategies to expand their market share and product portfolio.
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