The Tissue Plasminogen Activator Market is Expected to be Flourished by Increasing Incidences of Cardiovascular Diseases
Tissue Plasminogen Activator Market |
Tissue
plasminogen activator (tPA), also known as alteplase, is a thrombolytic agent
or clot buster used to treat heart attacks and ischemic strokes. It works by
breaking down or dissolving blood clots through the activation of plasminogen
to form plasmin. tPA is administered intravenously within hours of the onset of
stroke symptoms in order to minimize brain damage. It is indicated for the
treatment of pulmonary embolism, myocardial infarction and ischemic stroke. The
global tPA market has witnessed moderate growth in recent years, driven by
rising incidences of cardiovascular diseases and strokes due to changing
lifestyles and growing geriatric population.
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 15.% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
Market Dynamics:
The increasing incidences of cardiovascular diseases is one of the major
drivers of the tPA market. Cardiovascular diseases like coronary heart disease,
cerebrovascular disease and peripheral artery disease remain the leading causes
of mortality worldwide. According to the World Health Organization,
cardiovascular diseases accounted for over 17 million deaths in 2015. This
rising disease burden has bolstered the demand for tPA to reduce complications
associated with cardiovascular events like heart attacks and strokes.
Similarly, growing geriatric population is also fueling the market growth as
age is a primary risk factor for cardiovascular conditions. The United Nations
projects that the number of people aged 65 years or above will reach 1.5
billion by 2050 from 703 million in 2019. Their risk of developing age-related
conditions like atherosclerosis is high, thereby necessitating maximum
utilization of tPA.
Segment Analysis
The global tissue plasminogen activator market is dominated by the
cardiovascular segment which holds around 60% share of the overall market.
Cardiovascular diseases such as heart attacks and strokes are the leading cause
of death globally. Tissue plasminogen activators help dissolve blood clots and
restore blood flow to vital organs in cardiovascular conditions. This makes them
the primary treatment option for heart attacks and strokes, driving higher
demand and sales within the cardiovascular segment.
PEST Analysis
Political: Governments across major countries are focusing on expanding
healthcare access and increasing funding for treatment of lifestyle diseases.
This is boosting investments in development of new drugs and therapies for
conditions like heart attacks and strokes.
Economic: Rising incidents of cardiovascular diseases due to changing
lifestyles and aging population is propelling the economic growth of the tissue
plasminogen activator market. The high treatment cost of conditions also
increases the market value.
Social: Growing health awareness among public regarding risks of cardiovascular
ailments is driving early diagnosis. Social media influence has made people
prefer thrombolytic therapies over invasive surgeries.
Technological: Advanced research has enabled development of more targeted
thrombolytic drugs with enhanced specificity, quicker clearance, longer half-life
and reduced risk of bleeding. Novel drug delivery methods are also expanding
the market scope.
Key Takeaways
The Global
Tissue Plasminogen Activator Market is expected to witness high growth
at a CAGR of 15% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the global market and is projected
to retain its position throughout the forecast period. This can be attributed
to established healthcare infrastructure, rising heart disease burden and
growing adoption of new technologies in the region.
Key players: Key players operating in the tissue plasminogen activator market
are Novocure, Boston Scientific Corporation, OTTO Bock, Wandong Medical,
MagVenture, Biomobie and Cerbomed. Novocure holds the leading market share
owning to its wide product portfolio and global sales network.
The demand for thrombolytic drugs is fueled by the growing economic burden of
cardiovascular diseases worldwide. Technological advancements have augmented
the efficacy and safety profile of tissue plasminogen activators. Their
preferential use over surgical treatments in conditions like heart attacks and
ischemic strokes will further support the market expansion during the forecast
period.
Get more insights on this topic: https://www.ukwebwire.com/tissue-plasminogen-activator-market-demand-and-overview/
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