by Tissue plasminogen activators (TPAs) are enzymatic proteins produced naturally in the body or synthetically in laboratories that are used for dissolving clots effectively and quickly. They help to treat conditions caused by blood clots such as deep vein thrombosis, pulmonary embolism and myocardial infarction. With the rising prevalence of cardiovascular diseases, coronary heart attacks and strokes, there is an increasing demand for TPAs worldwide. 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 key trends:
The growing awareness regarding tissue plasminogen activators for dissolving life threatening blood clots in emergency situations is a major factor fueling the market growth. Technological advancements aiding in development of longer acting recombinant tissue plasminogen activators with reduced risk of hemorrhage are further propelling the demand. Additionally, rising focus on expanding indications of approved TPAs as a frontline treatment for acute ischemic stroke is anticipated to present substantial opportunities. Continuous research and development activities to develop more efficacious variants for expanding target patient pool will further accentuate the market expansion over the forecast period.
Segment Analysis
The global tissue plasminogen activator market is dominated by intravenous tissue-type plasminogen activator (tPA) sub-segment, which holds around 80% share of the overall market. tPA is the most preferred choice for treatment of strokes as it has shown high efficacy when administered within 4.5 hours of stroke onset. This sub-segment is also growing at a faster pace owing to increasing adoption.
Key Takeaways
The Global Tissue Plasminogen Activator Market is expected to witness high growth over the forecast period of 2023 to 2030. It is projected to grow at a CAGR of around 15% during this period. By 2030, the market size is expected to reach over US$ 6 Bn.
Regional analysis
North America currently dominates the global market driven by early approval and adoption of tPA drugs for treatment of strokes as well as presence of major market players in the US. However, Asia Pacific is expected to witness fastest growth during the forecast period supported by rapidly growing elderly population suffering from strokes and emergence of healthcare infrastructure in the region.
Key players
Key players operating in the tissue plasminogen activator market are Novocure, Boston Scientific Corporation, Magstim, Brainsway, OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, and Cerbomed. Novocure and Boston Scientific Corporation collectively account for over 40% share of the global market owing to their diverse product portfolios and strong geographical presence.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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