Stroke Management Market To See Record Break Revenue $36.75 billion By 2023 | Bristol-Myers Squibb, Medtronic Plc.

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.

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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.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

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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.

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.

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The Major Key Players Are:

• Abbott Laboratories
• B Braun Melsungen AG
• Boston Scientific Corp.
• Bristol-Myers Squibb
• Medtronic Plc.
• Cardinal Health
• GE Healthcare
• Siemens Healthcare
• Glaxosmithkline Plc.
• Merck & Company

The Other Prominent Players Are:

• Mizuho America Inc.
• Koninklijke Philips N.V.
• Genentech Inc.
• Stryker Corporation
• ZOLL Medical Corporation

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