Global Carotid Artery Disease Market Information by Diagnosis (Computed Tomography Angiography, Carotid Ultrasound, & Magnetic Resonance Angiography), Treatment (Medications & Surgical Procedures), & End User (Hospitals & Clinics)—Forecast till 2023
Carotid Artery Disease Market Highlights
The Carotid Artery Disease Market Is Estimated To Be Valued At USD 11,621.6 Million By 2023 And Is Expected To Register A CAGR Of 4.1% During The Forecast Period.
Carotid artery disease occurs when fatty deposits (plaques) clog the blood vessels that deliver blood to the brain and head (carotid arteries). Carotid artery disease develops slowly. The first signs of the disease are having a stroke or a transient ischemic attack (TIA). Factors such as high blood pressure, diabetes, high blood-fat levels, obesity and lack of exercise are increasing the risk of carotid artery disease.
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North America is expected to dominate the market. The market growth in this region is mainly due to the increasing prevalence of related cardiac diseases among the geriatric population and advanced healthcare facilities in this region. The Centers for Disease Control and Prevention (CDC) has released the 2017 Diabetes Statistics Report which has estimated that there are 30.3 million people with diabetes (9.4% of the US population) including 23.1 million people who are diagnosed and 7.2 million people (23.8%) undiagnosed. The increasing cases of diabetes are increasing the chances of having a stroke which might lead to carotid stenosis. According to the WHO, stroke accounts for 17 million deaths across the globe each year. Over 500,000 new cases of stroke are reported in the U.S. each year, and carotid stenosis is estimated to cause 20% to 30% of these. Hence, the demand for early diagnosis and treatment to prevent deaths from stroke is high.
Carotid Artery Disease Market Key Players
The prominent players in the global carotid artery disease market are W. L. Gore & Associates, Inc., Becton, Dickinson and Company, Terumo Corporation, Hitachi, Ltd, Silk Road Medical, Inc., Abbott, Medtronic, Stryker Corporation, Cardinal Health, Boston Scientific Corporation.
Carotid Artery Disease Market Segmentation
The global carotid artery disease market by treatment & diagnosis is segmented into treatment and diagnosis. The treatment is segmented into medications and surgical procedures. The medications are further segmented into cholesterol-lowering statins, antiplatelet drugs, and antihypertensive drugs. The surgical procedures are further segmented into carotid endarterectomy, carotid artery angioplasty & stenting, and carotid artery bypass.
The global carotid artery disease market by end user is segmented into hospital & clinics, ambulatory surgical centers, pharmacies, and others.
Carotid Artery Disease Market Regional Analysis
On the basis of region, the global carotid artery disease market has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. Rise in prevalence of cardiovascular disorders, increase in disorders such as ischemic stroke, peripheral vascular lesions, growth in geriatric population, technological advancement, and a surge in adoption rates of minimally invasive surgeries. However, factors such as complications associated with stents and stringent regulations related to approval processes restrain market growth. Furthermore, the development of biocompatible stents and rise in the emergence of carotid artery stents with new technology drive the market growth during the forecast period.
North America is expected to dominate the market. According to the Healthmetrics Health Organization, stroke is a leading cause of serious long-term disability in the US, and each year, about 795,000 people experience a new or recurrent stroke. Approximately, 610,000 of these are first attacks, and 185,000 are recurrent attacks.
Europe currently holds a significant share in the global carotid artery disease market. According to European Heart Network, each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU).
Asia-Pacific is the fastest growing region in the global carotid artery disease market owing to developing economies of China, India, and South Korea, which are emerging as major destinations for outsourcing clinical trials, drug manufacturing, and pathology testing.
The Middle East and Africa market is projected to hold the least share in the global carotid artery disease market. In this region, the Middle East is anticipated to dominate owing to the presence of countries such as Egypt, Saudi Arabia, and others.
Key Findings of the Study:
- Global carotid artery disease market is projected to reach over 11,621.6 million by 2023 with 4.1% CAGR during the review period of 2018 to 2023
- The Americas accounted for the largest share due to the presence of a huge patient population, rapid development in technology, and the presence of huge opportunities for the development of the market drive the growth of the carotid artery disease market in America.
- The treatment & diagnosis segment by treatment is projected to value 8,899.3 million by 2023.
- Some of the additional players operating in the carotid artery disease market are Johnson & Johnson, MicroPort Scientific Corporation, BIOTRONIK SE & Co. KG, InspireMD, Impulse Dynamics and AstraZeneca PLC.
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