Rise in technological advancement, increase in stroke cases, surge in the adoption of new stroke management solutions, and rise in geriatric population drive the growth of the stroke management market.
PORTLAND, Ore., Nov. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Stroke Management Market By Type (Diagnostics, Therapeutics, and Software), By Application (Ischemic Stroke and Hemorrhagic Stroke): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, stroke management industry was valued at $36.1 billion in 2022, and is anticipated to reach $74 billion by 2032, registering a CAGR of 7.4% from 2023 to 2033.
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Prime determinants of growth
Rise in stroke cases, technological advancement in stroke management solutions, and rise in stroke awareness drive the growth of the stroke management market. However, high cost of stroke diagnostics and treatment is hampering the market growth. On the contrary, the integration of artificial intelligence and machine learning for stroke diagnosis and monitoring is expected to offer remunerative opportunities for the expansion of the stroke management market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $35.9 billion |
Market Size in 2032 | $73.8 billion |
CAGR | 7.4 % |
No. of Pages in Report | 270 |
Segments covered | Type, Application, and Region |
Drivers | Rise in the incidences of stroke Technological development in stroke management Significant increase in stroke awareness |
Opportunity | Artificial intelligence and machine learning revolutionizing stroke management |
Restraint | High cost of stroke diagnostics and treatment |
Economic Downturn Analysis: Impact of Recession in 2023 on the Stroke Management Market
- In the economic recession, the stroke management market is driven by technological advancements in stroke management solutions, rise in prevalence of stroke, and rise in new product approvals.
- However, increased manufacturing and operating costs, and fluctuations and adverse movement in shipping costs impacted the stroke management market growth during the recession.
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The diagnostic segment to maintain its leadership status throughout the forecast period
Based on type, the diagnostic segment held the highest market share in 2022, accounting for more than two-thirds of the stroke management market revenue, owing to increase in awareness and stroke diagnosis and technological advancement in diagnostic imaging. However, the software segment is expected to witness the fastest CAGR of 9.4% from 2023 to 2032, owing to development of new software and increase in the use of software platforms for continuous stroke management.
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The ischemic stroke segment to maintain its leadership status throughout the forecast period
Based on application, the ischemic stroke segment held the highest market share in 2022, accounting for four-fifths of the stroke management market revenue, owing to high prevalence of ischemic stroke as compared to hemorrhagic stroke. However, the hemorrhagic stroke segment is expected to witness the fastest CAGR of 7.9% from 2023 to 2032, owing to rise in the early detection of stroke and rise in the prevalence of hemorrhagic stroke.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global stroke management market revenue, owing to high prevalence of stroke, presence of well-developed healthcare infrastructure, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.8% from 2023 to 2032, owing to development of the pharmaceutical and medical technology industry, rise in the geriatric population in this region, and the high adoption of new technologies.
Leading Market Players:
- Abbott Laboratories
- Boston Scientific Corporation
- Bristol-Myers Squibb Company
- Cardinal Health
- General Electric Company
- Medtronic
- Siemens AG
- Aidoc
- Brainomix
- VasSol Inc.
- Qure.ai
- Viz.ai, Inc.
- METHINKS
- B Braun SE
- iSchemaView, Inc.
- NeuraSignal, Inc.
- Deepnoid Co., Ltd.
- Heuron Co., Ltd.
- JLK
- Koninklijke Philips N.V.
- Merck & Co. Inc.
The report provides a detailed analysis of the key players in the stroke management market. These players have adopted strategies such as, product launch, acquisition, product approval, and partnership to increase their market share and maintain dominant shares in the different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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