Portland, OR -- (SBWIRE) -- 12/06/2017 -- According to a new report published by Allied Market Research, titled, Stroke Management Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global stroke management market was valued at $22,581 million in 2016, and is estimated to reach $36,756 million by 2023, growing at a CAGR of 7.1% from 2017 to 2023. The diagnostics segment held more than five-seventh share of the total market in 2016.
Stroke is the condition that occurs when the clot is formed in the artery and the oxygen supply to the brain is cut off, brain cells get deprived of oxygen and starts to die. Stroke can be thrombotic or embolic. Thrombotic stroke occurs when a blood clot is formed in the arteries that supply blood to the brain. Embolic stroke forms away from brain mainly due to the blood clot or deposition of debris in the heart and narrows the brain arteries. The increase in geriatric population and diseases associated with the old age is the major factor driving the market growth. In addition, rise in incidences of chronic diseases, diabetes, tobacco consumption, and constant technological developments for stroke management fuels the market growth. However, stringent government regulations, lack of skilled professions for the diagnosis, and treatment of stroke is expected to restrain the market growth during the forecast period.
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Based on the type, the diagnostics segment held the highest market share in 2016, owing to increased number of diagnostics procedures for pre detection of strokes when any signs or symptoms are noticed.
Based on application, the ischemic stroke segment contributed the highest market share in 2016, owing to the increase in incidence of ischemic stroke.
North America accounted for 39.8% market share in 2016, and is expected to dominate the market throughout the forecast period and is attributed to rise in expenditure to upgrade healthcare systems and growing demand for technologically advanced devices for rapid & accurate distribution of medicines. In addition, lucrative growth opportunities in the economic emerging countries is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure and growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.
Key Findings of the Stroke Management Market:
- By type, the diagnostics segment dominated the market in 2016, and is projected to grow at the highest CAGR of 8.1%
- By application, the ischemic stroke segment accounted for the highest share of in 2016.
- The U.S. was the major shareholder in the North America stroke management market in 2016.
- Asia-Pacific is expected to show the highest growth rate during the analysis period.
- China is expected to grow at the highest CAGR in the Asia-Pacific market.
Major companies operating in this market adopt product launch as their key development strategy. Companies profiled in this market include, Abbott Laboratories, B Braun Melsungen AG, Boston Scientific Corp., Bristol-Myers Squibb, Medtronic Plc., Cardinal Health, GE Healthcare, Siemens Healthcare, Glaxosmithkline Plc., and Merck & Company
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Other prominent players in the value chain include Mizuho America Inc., Koninklijke Philips N.V., Genentech Inc., Stryker Corporation, ZOLL Medical Corporation, and others.