The telestroke services market size is projected to reach US$ 6.54 billion by 2031 from US$ 2.06 billion in 2023. The market is expected to register a CAGR of 15.50% during 2023–2031. The emergence of technologically advanced products will likely remain a key trend in the market.
Telestroke Services Market Analysis
The market is expanding as a result of both the number of cardiovascular patients leaving and the rising global incidence of stroke cases. The market is expected to grow due to the growing incidence of cardiovascular diseases and strokes and the growing use of telemedicine, cutting-edge technology, and telestroke services. Supportive reimbursement policies and a high telemedicine and telestroke services adoption rate are expected to propel the telestroke services market. The Asia Pacific region is anticipated to overgrow due to increased product launches, improved healthcare infrastructure, and technological advancements.
Telestroke Services Market Overview
One of the leading causes of death and disability in the world is stroke. Stroke was the second most common cause of death, as per the World Health Organization (WHO) in 2016. Stroke is a significant public health concern that harms society and the economy. In the upcoming decades, the burden of stroke on public health will rise as a result of shifting demographics, especially in developing nations. Thus, the rising number of stroke cases will increase the acceptance of telemedicine solutions, thereby driving the market's growth.
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Telestroke Services Market: Strategic Insights
Market Size Value in US$ 1,546.79 Million in 2022 Market Size Value by US$ 4,672.23 Million by 2028 Growth rate CAGR of 20.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Telestroke Services Market: Strategic Insights
| Market Size Value in | US$ 1,546.79 Million in 2022 |
| Market Size Value by | US$ 4,672.23 Million by 2028 |
| Growth rate | CAGR of 20.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Telestroke Services Market Drivers and Opportunities
An increase in the Number of Patients Suffering from Cardiac Disorders Favors the Market Growth
Globally, cardiovascular diseases (CVDs) rank among the top causes of death. The World Health Organization estimates that 17.9 million deaths worldwide in 2019 were related to CVDs or 32% of all deaths. Moreover, heart attacks and strokes were the cause of 85% of these fatalities. Low- and middle-income nations account for at least 75% of cardiovascular disease-related deaths worldwide.
Furthermore, compared to the general population, cardiac patients have a markedly increased risk of heart disease and stroke. The most significant predisposing risk factor for acute ischemic stroke (AIS) is thought to be CVD. In patients with coronary artery disease, the occurrence of AIS doubles, and in patients with atrial fibrillation, it multiplies fivefold. Furthermore, stroke patients are particularly susceptible to severe cardiac adverse events because brain damage can change the autonomic and neurohormonal pathways that regulate heart function. Specifically, cerebral autoregulation may be compromised by AIS, resulting in cerebral blood flow being reliant on heart function. Physicians specializing in cardiology and stroke work closely with industry partners to develop tools, resources, and treatments that can help reduce treatment times and improve efficiency. The market is growing due to the augmented demand and uptake of telestroke services brought on by the increased frequency of these CVD cases.
Increasing Usage of Telemedicine
Medical services handle illnesses and complicated clinical issues efficiently and promptly. However, as the population gets older and the prevalence of chronic illnesses rises, there is an increasing need for medical services, driving up costs and placing pressure on the healthcare systems. For over thirty years, telemedicine has been utilized by healthcare professionals to treat stroke victims. The technology started as an audio-visual platform, allowing neurologists to observe a patient exhibiting stroke symptoms. Telestroke services, which use connected healthcare channels to increase the diagnosis and treatment of stroke victims, are helping healthcare systems worldwide save lives. The Furthering Access to Stroke Telemedicine (FAST) Act was a part of the Creating High-Quality Results and Outcomes Needed to Improve Chronic (CHRONIC) Care Act of 2017. With the lifting of rural restrictions and the expansion of hospital health insurance to cover telestroke services starting in 2021, this act may enable more stroke patients to receive telehealth services. Thus, the telestroke services market is anticipated to present opportunities in the upcoming years due to the factors above.
Telestroke Services Market Report Segmentation Analysis
Key segments that contributed to the derivation of the telestroke services market analysis are type, and end user.
- Based on type, the telestroke services market is divided into ischemic and hemorrhagic. The ischemic segment held the most significant market share in 2023.
- By end user, the market is segmented into telehospitals/teleclinics, telehome, and others. The telehospitals/teleclinics segment held the largest share of the market in 2023.
Telestroke Services Market Share Analysis by Geography
The geographic scope of the telestroke services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Due to the presence of major market players, the growth of the healthcare and research sectors in the region, and other factors, it is projected that the telestroke services market in the region will experience significant growth over the forecast period. In addition, the region's increasing telemedicine awareness, better healthcare facilities, and suitable reimbursement guidelines are driving up demand for telestroke services in North America. The Asia-Pacific region will have abundant growth opportunities throughout the forecast period because of rising investments, technological advances, and an increase in new product launches.
Telestroke Services Market Report Scope
Telestroke Services Market News and Recent Developments
The telestroke services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the telestroke services market are listed below:
- UPMC has expanded stroke specialty care services at UPMC Cole by offering 24/7, 365 virtual consultation services with world-renowned stroke specialists from UPMC Stroke Institute at UPMC Presbyterian, a certified Comprehensive Stroke Center. (Source: UPMC, Press Release, Janury 2024)
- Lakewood Ranch Medical Center received the American Heart Association/ American Stroke Association's "Get With The Guidelines-Stroke Gold Plus Quality Achievement" award. The award recognizes the hospital's commitment to ensuring stroke patients receives the most appropriate treatment according to nationally recognized, research-based guidelines based on the latest scientific evidence. (Source: Lakewood Ranch Medical Center, Press Release, August 2020)
Telestroke Services Market Report Coverage and Deliverables
The “Telestroke Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Telestroke services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Telestroke services market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Telestroke services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the telestroke services market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the telestroke services market in 2023
Key factors driving the market are the increase in number of patients suffering from cardiac disorders and growing acceptance of telemedicine solutions.
The emergence of technologically advanced products will likely remain a key trend in the market.
Providence Health & Services, Partners Telestroke Center, Medical University of South Carolina, Granville Health System, Lakewood Health System, Vidyo, Inc., Nebraska Medicine, Eagle Telemedicine, Avizia, and Blue Sky Telehealth
The market is expected to register a CAGR of 15.5% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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