May 28, 2024
Tissue Plasminogen Activator Market

Tissue Plasminogen Activator Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Strokes

The tissue plasminogen activator market comprises drugs used for thrombolysis or dissolving of clots. Tissue plasminogen activator or tPA is a protein naturally present in our body that helps dissolve blood clots. The introduction of tPA drugs revolutionized the treatment of strokes by facilitating the restoration of blood flow.

The global tissue plasminogen activator market is estimated to be valued at US$ 2.98 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2030.

Market drivers

The rising prevalence of strokes worldwide due to changing lifestyles and growing geriatric population is a major factor accelerating the adoption of tPA drugs. According to the WHO, over 17 million people suffer a stroke annually resulting in over 5 million deaths globally. Strokes can lead to long-term disabilities hence increased focus on developing effective therapeutics is propelling this market growth. Guidelines by healthcare organizations recommending tPA for efficient stroke treatment within 3-4.5 hours of symptoms onset are further augmenting the market demand.

PEST Analysis

Political: The tissue plasminogen activator market is regulated by government bodies in various countries. Regulations regarding the production and approval of tissue plasminogen activator drugs could impact the market growth.

Economic: Changes in the overall economy, such as fluctuations in consumer spending or healthcare budgets, may directly impact the demand for tissue plasminogen activators. The ability of patients to afford treatment affects the market.

Social: Growing awareness about cardiovascular and neurological diseases drives demand for effective therapies. The demand for tissue plasminogen activators increases due to the aging population prone to health issues.

Technological: Developments in thrombectomy devices and gene therapy methods allow faster clot removal and prevention with the help of tissue plasminogen activators. The market also benefits from innovations enabling targeted drug delivery.

The geographical region where the tissue plasminogen activator market is concentrated in terms of value is North America. Major factors contributing to its lead include high healthcare expenditure, presence of key players, advanced medical technology adoption and rising prevalence of target diseases.

Asia Pacific is projected to be the fastest growing regional market during the forecast period due to increasing medical tourism, rising healthcare standards and growing economies allowing more patients to avail expensive treatments.

Key Takeaways

Key players operating in the Tissue Plasminogen Activator Market Demand 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. The growing prevalence of strokes and cardiovascular diseases has opened lucrative opportunities for players in the tPA drugs market. The increasing global geriatric population who are more prone to strokes is also fueling the demand for tPA drugs worldwide.

Key players are investing heavily in R&D to develop improved tPA drugs with higher efficacy and minimal side effects. Market players are also expanding their geographical presence with new product launches and strategic collaborations with hospitals and healthcare institutions globally. The tissue plasminogen activator market is expected to witness high growth in the Asia Pacific region owing to rising healthcare expenditures and growing medical infrastructure in emerging countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it