Surge in Technological Advancements is projected to drive the Demand for Stroke Diagnostics Market

Throughout the world, there are highly advanced gadgets and devices for stroke diagnosis that the healthcare professionals are using. Medical advances in stroke treatment and diagnosis offer patients a better care to have a healthy life. Technology benefits the healthcare providers and patients monitor their cardiac health without complicated procedures. Advanced devices also help prevent, detect, and rehabilitate stroke and other heart conditions. For instance, Lutheran Medical Center has one of the most sophisticated, high-resolution imaging technologies for cardiac and stroke care, which is a biplane angiography system that uses two cameras to provide simultaneous imaging to produce highly detailed, real-time 3-D images of blood vessels and soft tissue. This technology can help to locate blockages that cause ischemic stroke and identify aneurysms. Technological advancements in stroke diagnostics care have increased investments and research and development activities for developing and producing these devices.

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Data Bridge Market Research analyses that the stroke diagnostics market is expected to grow at a CAGR of 6.9% in the forecast period of 2021 to 2028 and is expected to reach USD 5,465.11 million by 2028. The growing pace of the geriatric population demonstrates the escalation in demand for care, services, and technologies to prevent and treat heart condition such as stroke. The elderly population is more prone to these conditions. Stroke is prevalent in elderly individuals, with 66% of hospitalized cases being people over the age of 65. An estimated rise in the geriatric population is expected to boost the market's growth.

Surge in Incidence of Strokes globally is expected to drive the market's growth rate

Stroke is the second leading cause of death and a significant cause of disability worldwide. The incidence of stroke increases with the increase in the elderly population as the chances of stroke in the elderly people are more. In addition, young people are also affected by stroke in low- and middle-income countries. In recent years, there has been a more than 100 percent increase in the incidence of stroke in low- and middle-income countries. An increase in cardiovascular disease and arrhythmia have increased the incidence and prevalence rate globally. Though the diagnosis and care of stroke patients have improved, the mortality resultant from stroke remains the same. This increase in the incidence of stroke has accelerated the early diagnosis & treatment and have provided manufacturing companies an opportunity to launch more products and equipment. According to the Western Cape Minister of Health, Stroke is the leading cause of disability in South Africa, and more than 400 South Africans suffer from a stroke daily. Many survivors are left chronically disabled and one-third of these survivors are at risk of having a second stroke. Thus, this increase in stroke incidence is driving the market growth with the rise in technological advancement.

Report Scope and Market Segmentation

Segment Analysis:

The global stroke diagnostics market is categorized into six notable segments which are based on the severity, type, application, end user, distribution channel, and stage.

• On the basis of severity, the stroke diagnostics market is segmented into moderate, severe, and mild. In 2021, the moderate segment is expected to dominate the market growing with the highest CAGR of 8.1%in the forecast period of 2021 to 2028 with an increase in the incidence rate of stroke globally.
• On the basis of type, the stroke diagnostics market is segmented into computed tomography (CT Scan), computed tomography angiography (CTA), magnetic resonance imaging (MRI), magnetic resonance angiography (MRA), transcranial Doppler ultrasound, video head impulse test (VHIT), other. In 2021, the computed tomography (CT scan) segment is expected to dominate the stroke diagnostics market, growing with the highest CAGR of 6.4%in the forecast period of 2021 to 2028 with the increasing enhancement in the technology which provides accurate results.
• On the basis of application, the stroke diagnostics market is segmented into an ischemic stroke, hemorrhagic stroke, and transient ischemic attacks (TIAS). In 2021, ischemic stroke is expected to dominate the stroke diagnostics market growing with the highest CAGR of 7.2%

The ischemic stroke is expected to dominate the market growth with the highest CAGR of 7.2%

In 2021, ischemic stroke is expected to dominate the stroke diagnostics market growing with the highest CAGR of 7.2% in the forecast period of 2021 to 2028 with the increasing incidence of ischemic stroke and advancement in technology.

• On the basis of end-users, the stroke diagnostics market is segmented into hospitals, home healthcare, ambulatory surgical centers, and clinics. In 2021, the hospital segment is expected to dominate the stroke diagnostics market growing with the highest CAGR of 8.0%in the forecast period of 2021 to 2028 due to the growing demand for stroke diagnostics.
• On the basis of distribution channel, the stroke diagnostics market is segmented into direct tender, third-party distributor, and others. In 2021, direct tender is expected to dominate the stroke diagnostics market growing with the highest CAGR of 7.1%in the forecast period of 2021 to 2028 due growing healthcare infrastructure.
• On the basis of stage, the stroke diagnostics market is segmented into pre-operative, peri-operative, and post-operative. In 2021, pre-operative is expected to dominate the stroke diagnostics market growing with the highest CAGR of 7.4%in the forecast period of 2021 to 2028 due to the increasing incidence of cardiovascular surgeries.

Major Players

Data Bridge Market Research recognizes the following companies as the major stroke diagnostics market players in stroke diagnostics market are Koninklijke Philips N.V.(Netherlands), General Electric Company (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Germany), FUJIFILM Holdings Corporation (Japan), Canon Inc.(Japan), ALPINION MEDICAL SYSTEMS Co., Ltd (South Korea), Analogic Corporation (U.S.), Aspect Imaging Ltd (Israel), BPL Medical Technologies (India), Carestream Health (U.S.), ESAOTE SPA (Italy), FONAR Corp. (U.S.), Hologic, Inc. (U.S.), IMRIS (U.S.), Deerfield Imaging Inc.(U.S.), Medfield Diagnostics AB (Sweden), MEDTRON AG (Germany), Neusoft Corporation, SAMSUNG (South Korea), Shenzhen Anke High-Tech CO., Ltd. (China), Shimadzu Corporation (China), SIUI (China), SternMed GmbH (Germany) and Stryker (U.S.).

Market Development

• In June 2020, RapidAI announced that they have received FDA clearance for their artificial intelligence algorithms that quickly parse brain CT scans and spot suspected large vessel occlusions, the cause of fatal or debilitating strokes and a separate FDA computer-assisted diagnostic software clearance, known as the CADx category, for a product designed to improve physicians' interpretations of non-contrast CT scans.
• In May 2021, Siemens announced they are launching the new Somatom X.ceed1, a new high-resolution, high-speed CT (computed tomography) scanner engineered specifically for the most challenging clinical areas. It has provided the company with an increase in its product pipeline
• In April 2021, Koninklijke Philips N.V announced its strategic partnership with Ibex Medical Analytics to jointly promote their digital pathology and A.I. solutions to hospitals, health networks, and pathology labs worldwide. It will increase their distribution channel globally
• In April 2021, FDA granted marketing authorization of the Neurolutions IpsiHand Upper Extremity Rehabilitation System by Neurolutions, Inc. The Neurolutions IpsiHand Upper Extremity Rehabilitation System (IpsiHand System) is a Brain-Computer-Interface (BCI) device that assists in rehabilitation for stroke patients with upper extremity-or hand, wrist and arm-disability
• In September 2020, Hyperfine Research, Inc. announced that they had received 510(k) clearance from the US FDA for their category-defining portable MRI technology, the Swoop™ Portable MR imaging device, which is a point-of-care MR imaging device

Regional Analysis

Geographically, the countries covered in the stroke diagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in stroke diagnostics market during the forecast period

North America dominated the stroke diagnostics market owing to the high prevalence of stroke diagnostics. North America will continue to dominate the stroke diagnostics market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the increasing healthcare expenditure.

Asia-Pacific is estimated to be the fastest growing region in stroke diagnostics market

Asia-Pacific is expected to grow during the forecast period due to the rising prevalence of the geriatric population in this region. In addition, advancements in product development for stroke diagnostics and rising disposable income are expected to propel the market's growth rate in this region.

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