The global acute ischemic stroke treatment and diagnosis market is highly consolidated, with few leading players accounting for the majority of the market share. The top four players – Covidien plc, Johnson and Johnson, Stryker Corporation and Abbott Laboratories, accounted for around 85% of the market in 2012. These key players are investing extensively in R&D to achieve technological advancements. The threat of new entrants is likely to be medium owing to the existence of strict environmental regulations set by the FDA and the established market shares by existing players, states a new report by Transparency Market Research (TMR). The threat of substitute is also expected to be medium on account of low-cost alternative therapies, which are available.
According to the report, the global acute ischemic stroke treatment and diagnosis market is expected to be worth US$1,869.7 mn by 2020. By diagnostics type, the market is expected to be led by the computed tomography (CT) segment, which will be worth US$1,231.2 by 2020. On the basis of surgery, the Carotid Endarterectomy segment will lead and be worth US$957.3 mn in 2020. On the basis of geography, North America, followed by Europe will lead the market. The North America acute ischemic stroke treatment and diagnosis market is expected to be worth US$817 by 2020. On the other hand, Asia Pacific is expected to expand at a significantly high CAGR from 2012 to 2020.
Rising Number of Acute Stroke Patients Aiding Growth of Market
“Rising incidences of cardiovascular diseases have led to a corresponding increase in the number of patients suffering from stroke, which is benefitting the global acute ischemic stroke treatment and diagnosis market,” says a TMR analyst. According to the Centers for Disease Control and Prevention (CDC), stroke claims one life every 40 seconds in the U.S. and about 795,000 people become victims of stroke. As such, there is a high demand for acute ischemic stroke treatment and diagnosis. Another factor driving the market is the increased investments in R&D by players, which in turn leading to the development of products that are low in price, yet high in terms of efficiency.
Cheap and Alternative Treatment Options to Pose Challenge for Market
Medication is widely used as an alternative treatment for acute ischemic stroke across the globe. For example, oral anticoagulation with vitamin K antagonists (VKAs) such as warfarin is widely used as standard therapy for long-term acute stroke prevention in most parts of the world. Similarly, tissue plasminogen activator (tPA) is an approved and widely used an alternative treatment for acute ischemic stroke caused primarily due to a blood clot. These alternative treatments are cheaper in comparing and thus, pose a grave threat to the acute ischemic stroke treatment and diagnosis market.
Manufacturers to Explore Potential Markets in APAC to Meet Unmet Treatment Needs
Emerging economies in Asia Pacific is expected to hold promising growth in the coming years and will aid the growth of the acute ischemic stroke treatment and diagnosis market. This is because the increasing population with acute ischemic stroke and the presence of high unmet medical needs will prove to emerge as a lucrative opportunity for players in the market.
For instance, in 2013, the Journal of Stroke (Japan) stated that several countries in East Asia and Southeast Asia have a higher mortality rate from stroke as compared to western countries. As such, the demand for acute ischemic stroke treatment and diagnosis will rise in APAC in the coming years. Moreover, uncertainties in the economic situation in the U.S. and Europe have also induced manufacturers to explore the potential emerging markets in APAC through acquisitions and collaborations.
This information is based on the findings of a report published by Transparency Market Research titled “Acute Ischemic Stroke Diagnosis and Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global acute ischemic stroke treatment and diagnosis market is segmented as follows:
Acute Ischemic Stroke Diagnosis and Treatment Market, by Diagnostic Type
- Computed Tomography
- Magnetic Resonance Imaging
- Cerebral Angiography
- Nuclear Imaging
Acute Ischemic Stroke Diagnosis and Treatment Market, by Surgery Type
- Carotid Endarterectomy
- Endovascular Mechanical Thrombectomy
Acute Ischemic Stroke Diagnosis and Treatment Market, by Geography
- North America
- Rest of the World
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