The tissue plasminogen activator market involves the commercialization of recombinant forms of the tissue plasminogen activator enzyme. Tissue plasminogen activator is utilized as a thrombolytic drug in the treatment of ischemic strokes and myocardial infarctions. It helps to dissolve blood clots by converting plasminogen to plasmin. The demand for tissue plasminogen activator is increasing globally owing to the rising prevalence of cardiovascular diseases and strokes. According to the Centers for Disease Control and Prevention, every year around 795,000 people have a stroke in the United States. Tissue plasminogen activator has proven effective in dissolving blood clots in patients within 3 to 4.5 hours of a stroke, hence improving patient outcomes.
The global tissue plasminogen activator market is estimated to be valued at US$ 2.98 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period of 2024 to 2030.
Market Drivers
The key driver of the tissue plasminogen activator market is the increasing prevalence of strokes globally. According to estimates by the WHO, every year 15 million people suffer a stroke worldwide. Rising healthcare expenditures and availability of reimbursement for stroke treatment are also fostering market growth.
Market Restrains
High costs associated with tissue plasminogen activator drugs can restrain market growth. As per studies, in the U.S. alone the direct and indirect costs of stroke are estimated to be around $34 billion annually. Adverse effects associated with off-label use of tissue plasminogen activator and stringent regulatory approval procedures also pose challenges.
Segment Analysis
The global Tissue Plasminogen Activator Market Demand is divided into multiple segments based on brand, application, and distribution channel. By brand, Actilyse holds the largest share as it is the first thrombolytic agent approved for treatment of heart attacks, ischemic strokes, and pulmonary embolisms. In application, it dominates the thrombotic treatment segment as it is the preferred treatment for reducing complications associated with blood clots.
Global Analysis
Regionally, North America holds the largest share in the tissue plasminogen activator market and is expected to maintain its dominance during the forecast period. This is attributed to increasing incidence of heart attacks and strokes in the US and Canada combined with rising awareness about treating clots. Additionally, presence of major key players and availability of developed healthcare infrastructure are supporting market growth. Asia Pacific is emerging as the fastest growing region mainly due to growing healthcare expenditure, rising geriatric population, and improving access to modern thrombolytic therapies.
Key Takeaways
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, and Cook Medical LLC.
Key opportunities in the market include increasing healthcare infrastructure and expenditure in emerging economies and growing applications of tissue plasminogen activator such as in catheter-directed thrombolysis and acute ischemic stroke treatment.
Several companies are focusing on expanding their global footprint by strengthening their distribution networks across countries with high unmet needs. For instance, in September 2021, Medtronic received FDA approval to expand the labeling of its Solitaire thrombectomy device to include revascularization in patients experiencing an acute ischemic stroke from large vessel occlusion within 24 hours of symptom onset.
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