Published Date : 13 Jan 2023
The global stroke diagnostic and therapeutic market size is forecasted to earn USD 67.25 billion By 2032 from USD 31.3 billion in 2022 growing at a CAGR of 8% from 2022 to 2030.
The development of continuous research and development in the healthcare industry for stroke-related technologies can open up profitable growth potential for the major players in the worldwide market. Due to the availability of sophisticated healthcare infrastructure, healthcare treatment and service expenses are comparatively high in industrialized nations like the U.S. and Canada. Every day, all across the world, extremely complex tools and apps are employed as a result of the continual improvements in healthcare technology.
More effective techniques for disease prevention and recovery are made possible by scientific and technological advancements. Even if distinct technology developments have benefited many medical specialties, it is not surprising that these developments frequently cause waves in the field of stroke care.
The market for stroke management will expand primarily due to the growing elderly population and the rising prevalence of cardiovascular illnesses. Over 70 years old made up 56% of patients in Europe who had aortic valve stenosis diagnosed. Additionally, a number of government agencies have launched awareness campaigns to lower the prevalence of strokes among the senior population.
The Patient Protection and Affordable Care Act (ACA), for instance, provides health coverage to more than 20 million Americans, including the elderly. The market's growth will be aided by improvements in stroke management technology and a rise in the need for heart surgery. The creation of innovative stroke therapy solutions is a focus for several of the major industry participants.
Stroke Diagnostic And Therapeutic Market Report Scope
|Market Size in 2023||USD 33.64 Billion|
|Market Size by 2032||USD 67.25 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8%|
|Forecast Period||2023 to 2032|
|Segments Covered||By Type and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Why North America held the largest revenue share in the stroke diagnostic and therapeutic market?
Geographically, however, North America still holds a dominant position in the stroke diagnostic and therapeutic market due to the region's expanding stroke patient populations in the U.S. and Canada, the presence of key market players, the availability of advanced healthcare infrastructure, and government initiatives that make it easier for residents of the region to access advanced power tools for the treatment of strokes.
Why Asia Pacific is growing fasters in the stroke diagnostic and therapeutic market?
Over the course of the forecast period, the Asia Pacific market for stroke diagnostics and treatments is expected to expand at a CAGR of 8.4%. Growing health consciousness among people in emerging economies is anticipated to contribute to the expansion of the global market in the Asia Pacific region.
Type Insight: Diagnostics and therapeutics types are the two main categories into which the worldwide market is divided based on type. In 2020, the diagnostics section held a substantial market share and dominated. However, the therapeutics kind is anticipated to support industry growth globally in the near future.
Application Insight: The global market is divided into hemorrhagic and ischemic strokes based on application. In 2022, the ischemic stroke category is anticipated to account for more than 80% of the global market. The most frequent type of stroke is an ischemic stroke, which is brought on when a blood clot stops a blood vessel in the brain.
Through 2027, the stroke management market's diagnostic instruments sector is expected to increase at a 5.9% CAGR. The diagnostic instrument with the biggest revenue share in 2020 was the computed tomography scan (CT scan). Early disease diagnosis is made possible by CT scanning. Therefore, it is anticipated that segment expansion will be aided by ongoing developments in CT scanners for better visualization during the forecast period.
Both IT and mobile health apps offer helpful resources to address the problems that arise in this field, in addition to describing and recognizing the signs of this condition. Medical professionals can monitor patients' heart health without requiring complicated procedures because to technology. Additionally, modern technology helps with recuperation, diagnosis, and prevention. Also contributing to the creation of growth opportunities in the development of emerging economies.
The pandemic has had a minor negative impact on the stroke management market. Due to hospital avoidance of stroke patients and appeals to stay at home, emergency department visits for stroke management in Italy declined by about 28% in March 2020.
More than 80% of the market share for stroke management in 2020 belonged to the ischemic sector. Around 60% of new ischemic stroke incidents worldwide, according to the World Stroke Organization, occur in people under the age of 70. The development of gadgets to treat ischemic stroke is also supported by a number of industry titans. A revascularization tool for the treatment of acute ischemic stroke, Solitaire X, was introduced by Medtronic.
Major Key Players
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