Stroke Management Market worth over $47bn by 2026
Published Date: September 25, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Stroke Management Market size is set to surpass USD 47 bn by 2026, according to a new research report by Global Market Insights, Inc.
Technological improvement in stroke management devices is expected to propel the market growth during the forecast period. Industry players are focusing on R&D activities for development of innovative technologies. For instance, in May 2019, Boston Scientific’s VICI VENOUS STENT System has been approved by the U.S. FDA, designed for the treatment of iliofemoral venous obstructive disease.
Surging preference for minimally invasive procedures will act as a foremost market growth driver
Rising inclination towards minimally invasive procedures across developed and developing economies will fuel the demand for stroke management devices. Minimally invasive surgery creates a minimal hole or incision to access the body cavity. This approach is extensively used in different stroke associated surgeries as surgeons make small incisions rather than one large opening. Also, numerous medical facilities now prefer minimally invasive surgeries that further provides improved and secured patient care that will boost the market value.
Several benefits including minimum stroke rate and reduced perioperative pain are few factors proving beneficial for stroke management. However, high cost of stroke management procedures in developing and under-developed economies may hinder the industry growth.
Rising incidence of ischemic stroke will spur the market demand
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The ischemic segment in the stroke management market will witness growth of around 6.5% till 2026, owing to rising prevalence of ischemic stroke in geriatric as well as adult population base. According to the Centers for Disease Control and Prevention (CDC), about 87% of all strokes are ischemic strokes. Hence, rising incidences will increase the demand for stroke management devices for better and timely treatment that will eventually prove beneficial for the market expansion. Moreover, rising investment in the R&D activities coupled with focus of key companies on development of novel technologies will augment the market revenue.
Browse key industry insights spread across 230 pages with 304 market data tables & 09 figures & charts from the report, “Stroke Management Market Size By Type (Ischemic, Hemorrhagic, Transient Ischemic Attack), By Diagnostics (Magnetic Resonance Imaging, Computed Tomography Scan, Electrocardiography, Carotid Ultrasound, Cerebral Angiography), By Therapeutic Devices (Stent Retriever, Surgical Clipping, Embolic Coils, Flow Diverters, Aspiration Catheters), By End-use (Hospitals, Ambulatory Surgery Centers, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Differentiating characteristics of magnetic resonance imaging (MRI) will offer lucrative growth prospects
Magnetic resonance imaging segment accounted for over 23% market share in 2019, as MRI is widely utilized in patients with cardiovascular diseases to aid accurate diagnosis. Market demand is poised to surge over the forecast timeframe due to the technological advancement in MRI, including expanding parameters of 3D and 4D, high processing speed and automating workflow. Furthermore, growing demand for MRI as an effective diagnostic tool will fuel the segment size.
Increasing usage of stent retriever will boost the market share
The stent retriever segment valuation was more than USD 7 billion in 2019 led by rising implementation of stent retrievers by medical specialists to retrieve thrombo-embolus and restore blood flow. Procedures using stent retrievers ensure higher and faster rates of recanalization for intracranial major vessel occlusion, thus enabling early stroke management. Similarly, increasing adoption of retrievers by physicians in the treatment of acute stroke management will augment the segment demand.
Diagnostic centers segment is projected to showcase a lucrative growth arc
Diagnostic centers end-use segment is estimated to attain a CAGR of 6.3% through 2026. These centers provide preliminary care to patients with neurovascular disorders such as aneurysms, hemorrhagic strokes and arteriovenous malformations. Also, immediate care to patients suffering from stroke with best-offered services for efficient disease diagnosis and patient management.
Developed healthcare infrastructure in the European region will accelerate the market expansion
Europe stroke management market size is predicted to hold 29% of revenue share between 2020 and 2026 on account of growing prevalence of cardiac disorders, trauma and obesity coupled with rising population inclined towards the sedentary lifestyle. Increasing investment in R&D activities and strong foothold of notable industry players in Europe coupled with high adoption of new technologies will accelerate the overall market growth. Availability of advanced treatment facilities with better healthcare infrastructure coupled with strong encouragement by the government for effective patient care will influence the market size.
Adoption of organic and in-organic strategies by market players will drive the business growth
Some of the companies operating in the market are Abbott, Asahi Intecc, B. Braun, Boston Scientific, GE Healthcare, Integer, Johnson & Johnson, Medtronic, and others. The industry leaders are involved into various strategic agreements to garner significant revenue shares in stroke management business. For instance, in March 2019, Abbott received FDA approval for secondary mitral regurgitation treatment. This helped the company to promote and expand their product and simultaneously generate revenues for the company.
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