High prevalence of chronic diseases to aid stroke management market growth between 2019 to 2025
In recent times, stroke management market has witnessed robust growth owing to the rise in incidences of chronic diseases and increasing awareness among people regarding stroke management. The latest research report compiled by Global Market Insights, Inc. claims that stroke management market is forecast to surpass a market valuation of USD 44.5 billion by 2025.
U.S. Stroke Management Market, By Type, 2018 & 2025 (USD Million)
Several government initiatives are increasing awareness regarding stroke management among masses. For example, the Government of India celebrates October 29 as World Stroke Day to raise awareness and build commitment to reduce stroke cases at global, regional, and local level. According to a survey carried out by the Government, stroke is a leading cause of death, and over 80 million individuals globally have a stroke. Surging awareness pertaining to stroke causes and prevention will further propel stroke management market size.
Several pharmaceutical giants have introduced innovative stroke management devices to meet the evolving needs of patients. For example, Abbott, an American health care company, has recently introduced ‘Confirm Rx Insertable Cardiac Monitor’, a micro device that monitors cardiac activity round the clock, tracks issues like bloodhound, and syncs with a smartphone. Such technical advancements allow easy detection of any unforeseen chronic disorders making them highly reliable to consumers, thereby positively influencing stroke management market trends.
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Transient ischemic attack stroke management market size had a valuation of US $440 million in 2018, and is slated to witness commendable growth prospects in the years ahead. Ischemic being the most common type of stroke occurs due to fatty material deposit, called atherosclerosis, in the arteries that supply blood to the brain. This type of stroke requires specialized small mechanical devices that break the clot, hence impelling stroke management market outlook.
Hemorrhagic stroke is another leading market growth driver and is anticipated to amass substantial gains in the coming years. Hemorrhagic stroke which is either a weakened blood vessel leak or a brain aneurysm. Surging instances of obstetric hemorrhage disease will add to the demand for advanced stroke management devices, thus increasing revenue flow. According to National Stroke Association, a hemorrhagic stroke claims approximately 40% of all stroke deaths.
North America stroke management market share is anticipated to observe immense growth in the coming years. High prevalence of ischemic stroke, aneurysm, and stenosis in the region will fuel stroke management market share. According to a report by Centers for Disease Control and Prevention, more than 7,95,000 people in the Unites States have a stroke, out of which 6,10,000 of these have been recorded as first or new strokes. Improving healthcare infrastructure, burgeoning healthcare spending, and rising demand for efficient stroke management will further propel regional market size.
High prevalence of lifestyle related diseases, increasing urbanization, unhealthy dietary profile, and poor healthcare system in developing countries has urged the governing bodies introduce improved and advanced healthcare facilities. An increase in government support along with noteworthy healthcare reforms in nations such as India and China will further drive stroke management industry size in the ensuing years.
Stroke management market, in essence, is driven by the need to have established medical standards due to the increase in diseases irrespective of the age of citizens. Changing lifestyles and increasing dependency on packaged & ready-to-eat foods has increased the risk of strokes in people from all walks of life and geographical areas. The stroke management market is extremely dynamic and constantly upgrades itself with the changing medical requirements. Stroke management devices are extensively used across a slew of end-users including hospitals, diagnostic centers, and ambulatory surgical centers.
Author Name : Shreshtha Dhatrak