The global vertebrobasilar artery syndrome treatment market size is estimated to reach ~USD 58 Billion by the end of 2035 by growing at a CAGR of ~2% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of vertebrobasilar artery syndrome treatment was ~USD 45 Billion. The primary factor for the global market is the rising cases of vertebrobasilar insufficiency among the global population owing to the increasing number of diseases and illnesses. The increasing cases of vertebrobasilar insufficiency are generating the need for vertebrobasilar artery syndrome treatment and helping in the expansion of the market size. According to the recent statistics conducted by researchers in 2021, it was found that the prevalence of vertebrobasilar arteries was prevalent in 21% of the elderly worldwide. Furthermore, the mortality rate of vertebrobasilar insufficiency falls under 75% - 85%.
Vertebrobasilar artery syndrome is a medical condition that has increased in the past few years. In this condition, there is a temporary decrease in blood flow in the posterior circulation of the brain. The blockage of basilar arteries occurs over time through a process called atherosclerosis, or the build-up of plaque. The most common symptoms are vertigo, dizziness, headaches, vomiting, ataxia, and weakness in the body. Furthermore, the vertebrobasilar artery could also lead to arterial hypertension, obesity, and smoking. The main factors for the expansion of the global vertebrobasilar artery syndrome market are the rising prevalence of artery disorders, lifestyle illnesses, and other genetic problems.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~2% |
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Base Year Market Size (2022) |
~ USD 45 Billion |
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Forecast Year Market Size (2035) |
~ USD 59 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The global vertebrobasilar artery syndrome treatment market is segmented and analyzed for demand and supply by diagnosis into magnetic resonance angiography (MRA), MRI, Echocardiogram (ECG), and others. Out of these segments, the MRI segment is estimated to gain the largest market share of about ~38% in the year 2035. One of the major factors of the segment growth is the rising use of MRI in various applications in the healthcare industry owing to its various advantages. According to recent statistics, it has been calculated that U.S. medical professionals perform approximately 30 million MRI scans every year. Furthermore, it has been estimated that the workforce of MRI technologists is estimated to grow by 9% between 2018 and 2028. Furthermore, the ease of analyzing the arteries for any blockage through MRI technologies is also estimated to fuel segment growth.
The global market is also segmented and analyzed for demand and supply by distribution channel into hospitals, specialty clinics, pharmacies, and others. Amongst these segments, the hospital segment is expected to garner a significant share of around ~46% in the year 2035. The growth of the segment can be accredited to the large number of patients requiring advanced care and hospitalized for surgery or treatment of chronic conditions such as vertebrobasilar artery syndrome. The hospital also has the equipment and staff necessary for vertebrobasilar artery syndrome treatment. For instance, by the year 2022, there were noted to be approximately 6,100 hospitals in the United States. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice which helps in vertebrobasilar artery syndrome treatment. All these factors couple up to bring lucrative opportunities for segment growth during the forecast period.
Our in-depth analysis of the global vertebrobasilar artery syndrome treatment market includes the following segments:
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By Diagnosis |
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By Treatment |
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By Drug Class |
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By Distribution Channel |
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The market share of vertebrobasilar artery syndrome treatment in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The market in the 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 North American market is estimated to be the second largest, registering a share of about ~24% by the end of 2035, 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. Further, the presence of a strong healthcare network in the region, along with the availability of supportive policies by the regulatory bodies are also anticipated to contribute to the market growth in the region. In addition, the region's expanding healthcare industry and rising commercialization of medical products are also anticipated to boost market growth during the forecast period.
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market in this region can be attributed to the presence of key players in this region. Hence, owing to these key players Europe plays an important role in vertebrobasilar artery syndrome treatment as compared to other regions. These key players are further boosting their production in order to satisfy the demands of various organizations.
Author Credits: Radhika Gupta, Shivam Bhutani
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