Carotid arteries are blood vessels in the neck which supply oxygen to the brain. Carotid artery disease (CAD) is a medical condition in which plaques in the blood vessels prevent oxygen supply and cause strokes. Various medicines are used for reducing the plaque amount or surgical techniques are employed by doctors to help restore normal blood flow. The global carotid artery disease market report compiled by analysts at Market Research Future (MRFR) outlines the various drivers, challenges, and opportunities faced by the players during the period of 2017 to 2023.
Carotid Artery Disease Market Overview
The global carotid artery disease market is slated to display a CAGR of 4.1% from 2017 to 2023 (forecast period). It can touch a value of USD 11,621.6 million by 2023. The growing geriatric populace, the rising adoption of unhealthy lifestyles by patients, and sales of over-the-counter (OTC) drugs are main drivers of the market. Efforts by pharmaceutical manufacturers for the production of therapeutic drugs can facilitate market growth.
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The rise of tobacco consumption is likely to warrant the demand in the market till the end of the forecast period. According to the World Health Organization (WHO), strokes accounted for 17 million annually. The demand for preventive diagnosis and treatment methods for CAD can bode well for the market till 2023. Medications prescribed for the treatment of CAD include tissue plasminogen activator (tPA), anticoagulant medications, and antiplatelet medications.
Awareness campaigns by governments and pharma firms for enlightening patients and raising sufficient wherewithal are predicted to bolster the market demand. But high cost of these medications and surgical options are challenges faced by the market.
Carotid Artery Disease Market Segmentation
The global carotid artery disease treatment market is segmented by diagnosis & treatment and end-user.
By diagnosis & treatment, it is segmented into diagnosis and treatment. The treatment segment is divided into medications and surgical procedures. Medications comprise antihypertensive drugs, antiplatelet drugs, and cholesterol-lowering statins. On the other hand, surgical procedures encompass carotid artery bypass, carotid artery angioplasty & stenting, and carotid endarterectomy.
By end-user, it is segmented into hospitals & clinics, pharmacies, ambulatory & surgical centers, and others.
Regional Analysis
Asia Pacific (APAC), the Americas, Europe, and the Middle East & Africa (MEA) are the regions discussed with respect to the market report.
The Americas accounted for 37.8% share of the global carotid artery disease market in 2017. Factors driving the regional market growth include supportive regulations for drug development, rising prevalence of chronic diseases, and rising levels of cholesterol in patients. According to the 2014 report by Surgeon General, close to 400,000 patients with ages of 70 and above suffered from asymptomatic carotid artery stenosis.
The Europe carotid artery disease market is anticipated to expand its share globally due to increased healthcare spending of patients, increased healthcare budget of economies, government funding for research on chronic diseases, and growth in the biopharmaceutical sector. Rising number of diabetics in the region can drive the market growth. This is supported by the rising number of diabetics purported to touch 59.8 million in 2015, as per the report by the World Diabetes Foundation Organization.
The APAC region is expected to expand due to considerable investments by major players, development of new healthcare infrastructure, subsidies given to producers, and the large number of research organizations. India possesses the potential of generating maximum revenue to the region due to the large number of clinical trials. In addition, the mushrooming of contract research organizations to cater to the needs of major pharmaceutical and biopharmaceutical firms can bode well for the market.
Competition Outlook
Silk Road Medical, Inc., Boston Scientific Corporation, Stryker Corporation, Medtronic, Cardinal Health, Terumo Corporation, Hitachi, Ltd, Becton, Dickinson and Company, Abbott, W. L. Gore & Associates, Inc., and others are noteworthy participants of the global carotid artery disease market. Product approvals of latest products by federal agencies can bode well for these players.
Industry News
Carotid artery imaging is a brand new diagnostic procedure as per the new findings in the Journal of Computer-assisted Tomography. The study concluded its efficacy in determining the presence of cardiovascular diseases and preventing the probability of strokes.
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