by Tissue plasminogen activator (tPA) is a thrombolytic drug used to treat ischemic stroke. Ischemic stroke results due to clots formed in blood vessels that supply oxygen and nutrients to the brain. tPA works by dissolving blood clots thereby restoring blood flow to the part of the brain deprived of oxygen due to clot obstruction. Timely administration of tPA within 4.5 hours of ischemic stroke onset can reduce long-term disability by clearing obstructions.
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 Opportunity:
The opportunity for stroke treatment presents a lucrative opportunity for the tissue plasminogen activator market. Stroke is a leading cause of long-term disabilities and the fifth leading cause of death worldwide. According to WHO, every year 15 million people suffer a stroke globally. Of these, over 5 million die and another 5 million are permanently disabled. With rising ageing population and changing lifestyle leading to higher risk of stroke, the number of stroke cases is expected to increase in the coming years. The need for effective treatment options like tPA administration within the therapeutic window period presents an opportunity for high market potential and revenue growth in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of easy access to distribution channels and raw materials. However, already established key players have strong brand recognition and significant capital requirements act as a deterrent.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can easily switch to alternatives if not satisfied.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like human proteins require specialized manufacturing capabilities.
Threat of new substitutes: The threat of substitutes is moderate as there are limited substitutes available for targeted thrombolysis.
Competitive rivalry: Competition is high among key players to gain more market share.
SWOT Analysis
Strength: The Tissue Plasminogen Activator market is growing due to increasing cases of strokes. It offers targeted thrombolysis with minimal bleeding risks.
Weakness: High costs of treatment limits its adoption. Stringent regulatory approval delays market entry of new products.
Opportunity: Growing healthcare investments in emerging nations present an opportunity. New applications in pulmonary embolism treatment can boost growth.
Threats: Safety issues associated with its use pose a major threat. Alternate non-invasive treatments may reduce dependency.
Key Takeaways
The Global Tissue Plasminogen Activator Market is expected to witness high growth during the forecast period of 2023 to 2030. North America dominates the market currently due to presence of major players and faster adoption of new technologies. However, Asia Pacific is expected to grow at highest CAGR due to growing healthcare spending, raising awareness, and presence of vast patient pool.
Key players operating in the Tissue Plasminogen Activator market are Novocure, Magstim, Boston Scientific Corporation, Brainsway, OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, Cerbomed. Regional manufacturers are focusing on developing affordable products to cater growing needs. Leading players are investing in R&D to develop novel formulations with added benefits. Partnerships with hospitals and clinics have also helped in expanding product reach. The future looks promising with introduction of targeted therapies.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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