Ottawa, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global stroke diagnostics and therapeutics market size accounted for USD 36.87 billion in 2024 and is expanding at a CAGR of 7.2% during the forecast period 2023 to 2032.
According to the Centers for Disease Control and Prevention, it is estimated every year, more than 79,5000 people in the US have strokes, and 87% of all strokes are Ischemic Strokes.
A stroke occurs when the normal blood flow to the brain is interrupted due to a blockage or sudden bleeding. The majority of strokes, around 90%, are ischemic strokes resulting from blocked blood vessels, while the remaining cases are hemorrhagic strokes caused by bleeding in the brain. Strokes are considered a medical emergency, carrying the potential for lasting damage, disability, or even fatality. Symptoms vary from weakness and paralysis to sudden severe headaches, vision problems, and speech difficulties. To diagnose a stroke and determine its type and location, medical professionals rely on diagnostic tests such as CT and MRI scans.
Recent advances in AI in MRI are further bringing precision and accuracy to the results. In the United States alone, over 700,000 people experience strokes annually, underscoring the significance of this health concern on a global scale. Ischemic strokes, often triggered by arterial blockage, prevail in occurrence, while hemorrhagic strokes, typically a result of artery or vein rupture, constitute a smaller yet impactful percentage.
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Medical professionals use diagnostic tests to rule out other health issues with similar symptoms. Imaging tests focus on examining the blood vessels in the brain, aiding in determining the type and location of a stroke. The timeliness of these tests is crucial for an accurate diagnosis and effective treatment.
Various imaging techniques are employed for stroke diagnostics:
- Computed tomography (CT): Utilizing X-rays, a brain CT scan captures detailed images, often performed promptly after a suspected stroke. It reveals whether there is bleeding or damage to brain cells.
- Magnetic resonance imaging (MRI): An MRI creates detailed brain images using magnets and radio waves. It can be an alternative or supplementary to CT scans, identifying changes in brain tissue and cell damage.
- Imaging Tests: Additional tests like digital subtraction angiography (DSA) and positron emission tomography (PET) are employed to examine narrowed blood vessels, aneurysms, or arteriovenous malformations (AVMs) in the brain.
As the demand for advanced diagnostic tools and technologies grows, the global market for stroke diagnostics is witnessing an increase. The emphasis on efficient and accurate stroke detection expands this market worldwide. Essential for treatment decisions and prognostication, neurological assessment plays a pivotal role, especially considering that 20-40% of stroke cases may undergo neurological deterioration. With a growing awareness and emphasis on practical solutions for strokes, the global market for stroke diagnostics and treatment is witnessing an upward trend.
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COVID-19 Pandemic Bolstered Stroke Diagnostics and Therapeutics Market Globally
The impact of the COVID-19 pandemic on the global Stroke diagnostic and therapeutic market has been significant, with repercussions observed on both the demand and supply sides of the industry. Recent research highlights that individuals with a history of Stroke are at an elevated risk of contracting COVID-19. Stroke patients, particularly susceptible to developing fever, face heightened vulnerability during the pandemic. Furthermore, studies indicate that COVID-19 infection can lead to blood clotting, increasing the risk of Stroke, particularly among the elderly.
In the United States, the substantial number of severe COVID-19 cases has resulted in a significant mortality toll, particularly affecting counties with metropolitan areas and higher proportions of Black, Hispanic, and economically disadvantaged populations. The cumulative COVID-19 death rate has varied across demographics, emphasizing the disproportionate impact on communities with higher percentages of Black individuals, Hispanic individuals, and those living in poverty. The repercussions of the pandemic extend beyond immediate health concerns, influencing life expectancy in the United States. Estimations reveal a decline in overall life expectancy, notably impacting populations with higher COVID-19 mortality rates. Life expectancy reductions have been observed across gender and racial lines, with the pandemic causing declines in NH Black, Hispanic, and NH White individuals.
As a consequence of the heightened awareness and focus on health issues brought about by the pandemic, there is a noteworthy increase in the global market for stroke diagnostics. The demand for advanced diagnostic tools and treatments for Stroke is rising, reflecting the growing recognition of the importance of addressing health vulnerabilities during the COVID-19 crisis.
The Increasing Prevalence of Stroke Augments the Market Growth
The increasing prevalence rate of stroke globally has notably contributed to the growth of the diagnostics and treatment market. As a leading cause of long-term disability and mortality, strokes have prompted a heightened focus on early detection and effective intervention.
CDC Highlights:
- Cardiovascular Disease Impact in 2021: Stroke accounted for 1 in 6 deaths from cardiovascular disease. Strokes constituted a significant proportion of cardiovascular disease-related fatalities, emphasizing the substantial impact of strokes on mortality within this health category.
- Frequency of Strokes in the United States: Every 40 seconds, an individual in the United States experiences a stroke. Someone dies from a stroke approximately every 3 minutes and 14 seconds.
- Annual Incidence of Strokes in the United States: More than 795,000 people in the United States suffer a stroke each year. Approximately 610,000 of these cases are individuals experiencing their first or new strokes.
- Recurrence of Stroke: Recurrence of strokes is a notable concern, with approximately 185,000 cases, constituting nearly a quarter of all strokes, occurring in individuals who have a history of previous strokes. This highlights the ongoing risk faced by those with a stroke background.
The rising prevalence of stroke can be attributed to several factors, including an ageing population, sedentary lifestyles, and an increase in risk factors such as hypertension, diabetes, and obesity. This surge in stroke cases has driven the demand for comprehensive diagnostic tools and therapeutic interventions. The growing market is not only driven by diagnostics but also by therapeutic advancements. In addition, the rising implementation of quality hospital services further adds to the market growth. Furthermore, pharmaceutical interventions, rehabilitation strategies, and surgical techniques have evolved to address the diverse needs of stroke patients. This includes medications to prevent or dissolve blood clots, rehabilitation therapies for physical and cognitive recovery, and surgical procedures to treat underlying causes like arterial blockages or aneurysms.
Additionally, Increased awareness about the signs and risk factors of stroke has led to more individuals seeking medical attention, contributing to early diagnosis. Public health campaigns and educational initiatives have empowered people to recognize symptoms promptly, emphasizing the importance of timely intervention. Governments and healthcare organizations worldwide are recognizing the economic and societal burden of strokes. Investments in stroke research, public health campaigns, and establishing stroke care networks have fueled market growth.
The stroke diagnostics and therapeutics market has become dynamic, with a surge in research and development activities. This includes exploring novel treatment modalities, personalized medicine approaches, and telehealth solutions to enhance accessibility to stroke care, especially in underserved regions.
The increasing prevalence of strokes, coupled with advancements in diagnostics, therapeutics, and a growing emphasis on awareness and education, has led to a substantial expansion of the stroke diagnostics and therapeutics market. The ongoing efforts in research and innovation are likely to further shape the landscape, offering improved solutions for stroke prevention, diagnosis, and rehabilitation.
Cost of Diagnostic Tools and Treatment for Stroke Creates a Hurdle for Market Growth
The growth of the stroke diagnostic and treatment market faces a substantial hindrance due to the significant costs associated with diagnostic tools and therapeutic interventions. One major factor contributing to this limitation is the high initial investment required for advanced diagnostic tools like MRI and CT scanners. Healthcare facilities, especially in regions with constrained healthcare budgets, find the acquisition and installation costs manageable.
Operational expenses compound the financial challenge, encompassing the costs of maintaining and upgrading diagnostic equipment. Regular maintenance, calibration, and software updates are necessary for ensuring accurate results, deterring healthcare providers from investing in cutting-edge technologies and impeding the widespread availability of diagnostic tools. The expenses related to therapeutic interventions for strokes, including medications, rehabilitation programs, and surgical procedures, present another significant hurdle. The extended and intensive nature of stroke rehabilitation substantially contributes to the overall financial burden, limiting access to comprehensive stroke treatment, particularly for individuals lacking adequate insurance coverage or financial means.
Additionally, Affordability for patients adds another layer to this challenge, with out-of-pocket expenses for stroke diagnosis and treatment posing a significant barrier. Even with insurance coverage, copayments, deductibles, and associated costs may lead to delayed or incomplete treatment, impacting patient outcomes. Global healthcare infrastructure and financial resource disparities exacerbate these challenges, particularly in developing nations. Affording and maintaining advanced diagnostic tools, as well as providing expensive treatments, becomes a struggle, leading to unequal access to quality stroke care.
Furthermore, the research and development costs associated with innovative diagnostic tools and therapeutic approaches indirectly contribute to stroke diagnosis and treatment costs. While essential for advancing stroke care, these costs affect the Affordability and accessibility of these technologies. The financial burden imposed by stroke diagnosis and treatment also contributes to the strain on healthcare systems. Limited resources may result in longer waiting times for diagnostic tests and treatments, potentially compromising the effectiveness of interventions, particularly in urgent cases like acute stroke.
The multifaceted challenge posed by the high costs associated with stroke diagnosis and treatment necessitates a comprehensive approach. This includes increased research investment, improvements in healthcare infrastructure, and implementing policies that promote Affordability and accessibility. Such measures are crucial to ensure that effective stroke care is available to all individuals, regardless of economic circumstances.
Technological Breakthroughs in the Diagnosis and Treatment Opening New Opportunities
Advancements in imaging technologies have revolutionized stroke diagnosis and treatment by providing clinicians with more accurate and timely information. Traditional diagnostic methods, such as CT scans and MRIs, have been complemented by advanced imaging modalities like perfusion and diffusion-weighted imaging. These techniques enable healthcare professionals to visualize the extent and type of brain damage caused by a stroke, aiding in swift and precise diagnosis. Telemedicine has emerged as a crucial component in stroke care, facilitating remote consultations and enabling quicker responses to potential stroke cases. Telestroke services allow neurologists to remotely assess patients, review imaging results, and promptly recommend appropriate treatments. This real-time connectivity enhances accessibility to expert care, particularly in regions with limited access to neurologists, thereby improving outcomes for stroke patients.
For Instance,
- In December 2020, NITI Ayog estimated that over 1 million teleconsultations had taken place through e-Sanjeevani across 550 districts in India. 38 The Inclusion of telemedicine in the NDHM’s digital suite will further help connect patients with doctors and specialists.
Personalized medicine is another significant aspect of the evolving landscape in stroke care. Genetic profiling and biomarker analysis tailor treatments based on individual characteristics. This approach helps optimize therapeutic interventions, minimizing adverse effects and maximizing efficacy. Precision medicine also extends to rehabilitation strategies, allowing personalized rehabilitation plans that consider a patient’s needs, abilities, and recovery goals.
Early diagnosis, enabled by these advancements, is critical in stroke management. Timely intervention can significantly improve outcomes, such as administering clot-dissolving drugs like tissue plasminogen activator (tPA) or performing endovascular procedures. The “time is brain” concept underscores the importance of quick action in minimizing brain damage during a stroke, making early diagnosis a cornerstone in effective stroke care.
The stroke diagnostics and therapeutics market benefits from continuous innovations in imaging technologies, the integration of telemedicine for remote care, and the application of personalized medicine approaches. These advancements collectively contribute to early and precise diagnosis, allowing for tailored therapeutic interventions and ultimately improving the prognosis for individuals affected by strokes.
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Surge in Ischemic Stroke Cases
In 2021, the Centers for Disease Control and Prevention estimated that in the U.S. stroke population, around 87% were Ischemic strokes. The global market for stroke diagnostics and therapeutics has experienced substantial growth, primarily driven by a surge in ischemic stroke cases. This expansion can be attributed to various vital factors. Continuous advancements in medical technology have given rise to more sophisticated diagnostic tools and therapeutic interventions. Notably, improved imaging techniques like C.T. scans and MRI have enabled healthcare professionals to diagnose ischemic strokes with greater accuracy and speed, generating a heightened demand for these advanced technologies on a global scale.
Additionally, the increasing awareness among healthcare professionals and the general public about recognizing early signs of ischemic strokes has resulted in a higher rate of diagnosis. This elevated awareness encourages individuals to seek medical attention promptly, fostering a growing demand for diagnostic services and therapeutic solutions worldwide. Intensive research efforts in the field of stroke management represent another driving force. These endeavours have led to the discovery of novel therapeutic approaches ranging from pharmaceutical interventions to rehabilitation strategies. Ongoing research contributes to a diverse portfolio of treatment options, further fueling the expansion of the stroke diagnostics and therapeutics market.
The global increase in ischemic stroke cases has propelled the market through a combination of technological innovations, a heightened focus on early detection, increased awareness, ongoing research, and collaborative healthcare initiatives. These factors drive the demand for advanced stroke diagnostics and therapeutics solutions worldwide.
Geographical Landscape
In 2021, the North American region, particularly the United States, played a pivotal role in the prominence of the stroke treatment market. The region's dominance is attributed to its advanced healthcare infrastructure, well-equipped hospitals, and widespread availability of point-of-care services, creating a substantial demand for stroke drugs. The United States, with its swift and efficient healthcare system, ensures timely treatment for stroke patients, contributing to a high survival rate.
In 2021, the United States held a significant share of the global market, fueled by factors like quick access to treatment facilities, which is crucial for stroke cases requiring immediate intervention. In 2022, The Centers for Disease Control and Prevention (CDC) reported staggering statistics, indicating that over 795,000 Americans suffer from strokes, with 610,000 new cases emerging annually. Moreover, the frequency of strokes in the U.S. makes it one of the leading causes of death, with a stroke occurring every 40 seconds. The substantial patient base and the accessibility of advanced treatments have propelled the United States to hold a significant share of the global stroke treatment market. As a result, the overall market has witnessed growth due to the substantial contribution of the United States, further emphasizing the country's pivotal role in shaping the dynamics of stroke care globally.
The Asia-Pacific region is poised for significant growth in the forecast period, driven by a heightened awareness of Stroke among the general population. The increasing adoption of stroke management practices is a key factor fueling market expansion in this region. Profitable opportunities abound for key players in the stroke management market in Asia-Pacific, with the fastest growth rate anticipated during the forecast period. This growth is substantiated by the growing disposable income and escalating healthcare expenditure in the region. The surge in awareness about Stroke within the general population and a rising commitment to adopting effective stroke management strategies position the Asia-Pacific market as a lucrative landscape for stakeholders. As disposable incomes increase and healthcare spending rises across the region, key players in the stroke management market are expected to witness substantial opportunities for growth. This regional expansion contributes to the overall global market growth, reflecting the interconnected dynamics of stroke management on a broader scale.
Competitive Landscape
The competitive landscape in the stroke diagnostics and therapeutics market is dynamic, marked by critical players striving for innovation, strategic partnerships, and market expansion. Leading companies invest significantly in research and development to introduce advanced diagnostic tools and therapeutic solutions. Established medical imaging companies play a crucial role in the competitive market, providing advanced imaging technologies for accurate stroke diagnosis. Their focus on developing innovative imaging modalities contributes to the overall market growth. Pharmaceutical firms are actively engaged in the development of drugs for stroke treatment. The competition involves creating more effective and targeted medications to enhance patient outcomes, including clot-dissolving drugs and neuroprotective agents. Companies specializing in telemedicine services are gaining prominence, especially in remote stroke diagnosis and consultation. Their involvement in developing and expanding telestroke programs improves access to timely stroke care.
Additionally, Manufacturers producing medical devices used in stroke interventions, such as stent retrievers and clot retrieval devices, are critical players in the market. Continuous innovation in these devices is essential for advancing endovascular treatments. Academic and research institutions are pivotal in driving stroke diagnosis and treatment advancements. Collaborations between these institutions and industry players contribute to developing new technologies and treatment modalities. As the market evolves, partnerships, mergers, and acquisitions are common strategies among companies to strengthen their positions. The competitive landscape is expected to witness ongoing innovation and collaboration to address the complex challenges of stroke diagnosis and treatment.
Recent Developments
- In 2023, iSchemaView, Inc. will get clearance from the Food and Drug Administration for Rapid NCCT Stroke. It's the 1st approved medical device for detecting suspected intracranial hemorrhage and other conditions.
- In 2023, Medtronic got approval from the Food and Drug Administration for the Leadless Pacemaker.
- In October 2023, Phillips, in partnership with the World Stroke Organization, innovated a solution for the ambulance part, tele-stroke, for diagnosis through CT and MR.
- In 2022, Siemens Healthineers got approval from the Food and Drug Administration for its MAGNETOM Free—a magnetic resonance (MR) scanner designed to help improve patient access to MRI.
Market Players
- Siemens Healthineers
- GE Healthcare
- Philips Healthcare
- Abbott Laboratories
- Roche Diagnostics
- Thermo Fisher Scientific
- Pfizer
- Stryker Corporation
- Bayer
- BrainHQ
Market Segmentation
By Type
- Diagnostics
- Imaging Diagnostics
- Blood Tests
- Others
- Therapeutics
- Acute Stroke Therapies
- Secondary Prevention Therapies
- Neurorehabilitation
By Application
- Haemorrhagic Stroke
- Ischemic Stroke
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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