The Future of North America and Europe Stroke Diagnostics….. COVID-19 & Its Impa
Posted by mrudulaGVR on May 15th, 2020
The North America and Europe stroke diagnostics market size is expected to reach USD 2.35 billion by 2024, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.2% over the forecast period. Rising geriatric population in countries like U.S. and Germany has led to high growth of the market. Geriatric population in U.S. is anticipated to rise to around 98 million by 2060.
The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor.
Unhealthy lifestyle is another significant factor driving demand for stroke diagnostic products. Unhealthy lifestyles and physical inactivity are attributed to rising cases of diabetes, obesity, and other such health conditions. According to the Centers for Disease Control and Prevention (CDC) 2017 statistics, over 36% of U.S. population is obese. Diabetes is also one of the prevalent health conditions in Europe. Thus, increasing incidence of such disease conditions has propelled the market for stroke diagnostics.
Rise in awareness among people pertaining to stroke diagnosis and treatment is also expected to foster market growth. In 2011, the Department of Health and Human Services in U.S. started the Million Hearts program as an initiative to avert strokes by 2017. Building on the experience of the first five years the program is committed to work towards prevention of 1 million strokes. The program aims at taking steps to prevent cardiovascular diseases, such as strokes and improving overall public health. Such awareness programs undertaken by government are likely to boost the market growth.
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Further key findings from the study suggest:
The North America and Europe stroke diagnostics market size was valued at USD 1.46 billion in 2016. It is anticipated to witness a CAGR of 6.2% during the forecast period. Stroke is considered as one of the leading causes of mortality and physical disability in North America and Europe. Growing geriatric population is anticipated to propel need for rapid disease diagnosis. According to the Unite Nations (UN) data from 2015, 27% population in Germany is over 60 years of age. This number is projected to grow by 39% by 2050.
Unhealthy lifestyle habits have doubled the risk of stroke. Most notable causes are obesity, physical inactivity, increased pressure at work and in life, and excessive consumption of alcohol and tobacco. Unhealthy diet containing saturated fats, trans-fats, and cholesterol are the noxious factors that can lead to stroke. Prevalence of unhealthy lifestyle is likely to lead to such diseases, which in turn, is expected to fuel market growth in near future.
Increased awareness regarding early manifestations of stroke and its causes is anticipated to positively influence market development over the forecast period. Implementation of smoking cessation by U.S. government and other such initiatives are anticipated to boost demand for stroke diagnostics in near future.
Prevalence of stroke is declining sharply in regions like U.S. France has reported the lowest number of deaths caused by stroke among all the European nations, representing 5.7%, compared to Germany at 6.5% and Italy at 9.7%, in 2013. This drop is also attributed to smoking cessation and availability of better treatment methods for hypertension.
Grand View Research has segmented the North America and Europe stroke diagnostics market on the basis of technology:
North America and Europe Stroke Diagnostics Technology Outlook (Revenue, USD Million, 2013 - 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Also See: Stroke Diagnostics, North America, Europe Stroke, Forecast Period, Stroke, North, Market
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