Tissue plasminogen activator (tPA) is a thrombolytic drug used to treat ischemic strokes by dissolving blood clots. It is administered by intravenous route, within 3-4.5 hours after onset of stroke symptoms. tPA can significantly improve the chances of recovery if administered within this golden hour window period. Strokes remain a major cause of long-term disability and the fifth leading cause of death worldwide. As per the World Health Organization, over 15 million people suffer a stroke globally each year. With increasing risk factors such as sedentary lifestyle, obesity and unhealthy diets leading to rise in cardiovascular diseases, incidences of stroke are on the rise. This is expected to drive the demand for tPA drugs over the forecast period.
The global Tissue Plasminogen Activator Market is estimated to be valued at US$ 2.58 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing incidences of stroke presents a major market opportunity for tissue plasminogen activator drugs. With advanced age being the strongest risk factor for stroke and average life expectancy rising globally, the elderly population susceptible to strokes is expanding rapidly. According to the World Health Organization, by 2050 over 2 in every 5 people will be aged over 60 years. This demographic transition will further fuel the demand for tPA drugs. With growing awareness, improved diagnostic capabilities and focus on minimizing time to treatment, more patients are likely to benefit from tPA therapy in coming years. The manufacturers should focus on efforts to increase awareness among public and healthcare providers to promote adherence to treatment guidelines and maximize benefits of tPA administration within the therapeutic window period.
Porter's Analysis
Threat of new entrants: The biotechnology and pharmaceutical industries require significant investment in R&D which poses a high barrier for new entrants. However, possibilities of partnership and acquisition provide opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has some established names. However, potential for substitutes limits buyers' power.
Bargaining power of suppliers: Major suppliers have specialized ingredients and manufacturing capabilities which gives them bargaining power over pharmaceutical companies.
Threat of new substitutes: Potential threat from alternative technologies for thromboembolic disorders and stroke treatment.
Competitive rivalry: Intense competition among established players to gain market share through new product launches and strategic collaborations.
SWOT Analysis
Strength: Established brands, patents and regulatory approvals provide first-mover advantage. Large players have robust R&D and production capabilities.
Weakness: High cost of product development limits small players. Heavy dependence on reimbursement policies.
Opportunity: Rising incidence of cardiovascular and neurovascular diseases drives product demand. Emerging markets provide high growth prospects.
Threats: Stringent regulatory norms increase compliance costs. Reimbursement issues and patent expiries impact revenue stream.
Key Takeaways
The Global Tissue Plasminogen Activator Market Demand is expected to witness high growth over the forecast period. The global Tissue Plasminogen Activator Market is estimated to be valued at US$ 2.58 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to presence of major players, favorable reimbursement scenarios and rise in target patient population. Asia Pacific is poised to grow at fastest pace due to improvements in healthcare infrastructure, rise in medical tourism and growing health awareness.
Key players operating in the Tissue Plasminogen Activator market are Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Shimadzu Corporation, Hitachi, Ltd., Carestream Health, Inc., Medtronic plc, Stryker Corporation, Terumo Corporation, Boston Scientific Corporation, AngioDynamics, Inc., Penumbra, Inc., MicroPort Scientific Corporation, Cook Medical LLC. Major players are focusing on new product approvals and technical advancements to enhance their market share.
Get more insights on this topic: https://www.ukwebwire.com/tissue-plasminogen-activator-market-trends-size-and-share-analysis/
Comments
0 comment