Market Research Report
Stroke Diagnostics Market, By Technology, By Application, and by Geography - Analysis, Share, Trends, Size, & Forecast from 2020 - 2026
|Published by||AnalystView Market Insights||Product code||930136|
|Published||Content info||192 Pages
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|Stroke Diagnostics Market, By Technology, By Application, and by Geography - Analysis, Share, Trends, Size, & Forecast from 2020 - 2026|
|Published: March 1, 2020||Content info: 192 Pages||
The stroke diagnostics market was valued at USD 24.8 billion by 2019, growing with 7.8% CAGR during the forecast period, 2020 - 2026
Stroke is a type of medical illness that is caused due to lack of adequate blood supply to the brain. As a result of this, the brain cells are devoid of nutrients required to function normally. The lack of sufficient nutrients results in the brain cells to die or degenerate thus leading to a loss of functions such as memory motor functions etc. In extreme cases, it can result in paralysis. In order to stop stroke, it needs to be treated with urgency. The longer the stroke remains untreated the higher the damage it does to the body, which is mostly Irreversible.
As per the data published by the American Stroke Association, in the U.S., stroke is one of the leading causes of death which is ranked fifth in the cause of death or disability. Increasing number of people affected with this condition will stimulate the demand for stroke diagnosis and therapeutics, supporting the industry growth. Furthermore, an increase in awareness has been witnessed. An increase in awareness towards identifying the early signs of stroke is promoted by various government bodies and Institutions. One of the leading causes of stroke is an unhealthy lifestyle. People are increasingly dependent on various vices such as smoking, unhealthy eating habits, junk food, stress and alcohol consumption which can be considered as the key drivers for this industry.
Also, the Centre for Disease Control and Prevention (CDC) stated that the key to recovery from stroke is timely treatment. And yet one in three people never end up calling emergency care when faced with a stroke, which only creates for the complications when eventually admitted. The risk of recurrence of stroke within the first incidence is as high as 17% within the first week. Therefore appropriate diagnostic methods are highly sought after with regards to the treatment of stroke. The major restraining factor for the industry is the growing awareness towards early signs of a stroke, healthier lifestyle which is resulting in a decline in the instances of stroke as compared to historic years.
Depending upon the different technologies, the worldwide stroke diagnostics industry has been categorized into magnetic resonance imaging (MRI), computed tomography (CT) scan, nuclear imaging, carotid ultrasound, cerebral angiography, and electrocardiography carotid ultrasound. The CT scan witnessed the highest growth in the technology segment. The reason for its dominance can be attributed to the fact that it is the primary method of diagnosis that is quick and non-invasive. It provides a highly accurate reading of the exact location of the disturbance and can help in quicker treatment. Another key segment that holds a significant market share is the MRI which is anticipated to grow consistently. However, the carotid ultrasound is projected to be the fastest growing category owing to the portability factor it provides. For patients who are homebound or bedridden, this proves to be a hassle-free solution.
In terms of applications, the stroke diagnostics industry has been categorized into transient ischemic attack, ischemic, cryptogenic, brain stem and haemorrhagic stroke. Haemorrhagic stroke is caused by the blood clot that may occur in the arteries of the brain. There are two types of blood vessels which usually cause this condition are arteriovenous malformations (AVMs) and aneurysms. On the other side, ischemic category is growing with the promising growth rate during the study period. This is caused due to the lack of blood to the brain, which results in narrowing of the arteries. Thus, resulting in a stroke. This type of condition accounts for more than 85% of strokes worldwide.
Regionally, the North American region dominates the stroke diagnostics industry owing to the advancements in the healthcare technology. The U.S. government spends a significant amount of their designated budget on the healthcare sector. As per data published on the 'U.S. Investments in Medical and Health Research and Development- (2013 - 2017)', by Research America, investment in medical research grew by 27% from 2013 to 2017. Therefore, the scope in the growth of innovation and development of new stroke diagnostics tools are significantly higher. The Asia Pacific is projected to witness a swift growth in the region due to its developing healthcare systems and growing awareness regarding the benefits of stroke diagnostic tool.
Key Vendor Takeaway
Companies namely Siemens Healthcare, GE Healthcare, Philips Healthcare, Boston Scientific Corporation, Toshiba Medical Systems Corporation, Hitachi Medical Systems, Cordis Corporation, Neusoft Medical Systems. Key players such as GE, Phillips and Siemens accounted for the significant revenue share. GE Healthcare, a prominent player in the stroke diagnosis market, has partnered with Partners HealthCare to create newer avenues in healthcare by integrating artificial intelligence in the patient data and record.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2015 & 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TECHNOLOGY
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT) Scan
Electrocardiography Carotid Ultrasound
MARKET, BY APPLICATION
Transient Ischemic Attack
Brain Stem Stroke
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA