The global vertebrobasilar artery syndrome treatment market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the degrading lifestyle practices amongst the global population, such as, smoking, lack of physical activities, high-cholesterol diet and others. Vertebrobasilar arteries are the arteries located at the back of the brain, which supply oxygen to the posterior of the brain. These arteries get blocked due to cholesterol buildup, which limits or blocks the blood supply to the brain, causing vertebrobasilar artery syndrome. This can be treated and controlled by changing lifestyle, combined with medications. However, bypass surgery is required for serious cases. Age plays a major role in vertebrobasilar artery syndrome owing to the degenerative conditions of the body, and it is common in individual above the age of 50 years. Rising geriatric population of the world is estimated to boost the market growth. According to the data by the World Bank, the global population above 64 years crossed 722.133 million in 2020.
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The market is bifurcated by treatment into surgery and medication, out of which, the medication segment is anticipated to hold the leading revenue share in the global vertebrobasilar artery syndrome treatment market over the forecast period as drugs are preferred by doctors to treat the vertebrobasilar artery syndrome, owing to the less risk, lower cost, and easy administration of medicines over surgery.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global vertebrobasilar artery syndrome treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is forecasted to witness substantial growth during the forecast period on the back of emergent healthcare infrastructure and improvement in medical facilities in developing nations, such as, India, China, Bangladesh, Singapore, and Indonesia, among others. In addition to this, the high geriatric population in the APAC region is estimated to boost the market growth. According to the data by the World Bank, 6.574% of the total population of India aged above 65 years, in 2020, while the same value for China is 11.96% of the total population. Moreover, favorable market policies in these countries, attracting international investment, along with the growing disposable income are estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of high healthcare expenditure, presence of major pharmaceutical companies, and increasing expenditure in R&D activities. According to the statistics by the World Bank, in 2018, North America spent USD 10,050.516 for the healthcare of every individual. The total healthcare expenditure accounted for 16.415% of the total GDP of North America.
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The global vertebrobasilar artery syndrome treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global vertebrobasilar artery syndrome treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Lifestyle diseases and poor healthcare habits, especially amongst the younger generation, is estimated to drive the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Lack of health awareness amongst people is estimated to hamper the market growth.
The North America region is estimated to gain the largest market share owing to the high investment in R&D activities, along with presence of major market players in the region.
The major players in the market are Merck & Co., Inc., Siemens Healthcare GmbH, Boehringer Ingelheim International GmbH, Johnson & Johnson Services, Inc., Novartis AG, Sanofi-aventis Groupe, AbbVie Inc., and Pfizer Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by diagnosis, treatment, distribution channel, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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