Telestroke Services Market: Current Analysis and Forecast (2022-2030)

Report Description

The Telestroke services market was valued at USD 1,546 million in 2022 & is expected to grow at a CAGR of 8% from 2023-2030 The telestroke services market refers to the provision of remote stroke care and consultation services through telecommunication and digital technologies. It involves the use of telemedicine platforms and real-time communication tools to connect stroke specialists with patients in remote locations or underserved areas. The primary objective of telestroke services is to improve access to timely and specialized stroke care, particularly in areas lacking immediate access to stroke expertise. In the telestroke services market, healthcare providers leverage teleconferencing, videoconferencing, and secure data transmission to enable remote consultations between stroke specialists and patients or local healthcare providers. Through these virtual encounters, stroke specialists can assess patients’ symptoms, review medical images such as CT scans, and provide expert guidance to local healthcare providers on diagnosis, treatment decisions, and management of acute stroke cases. The growing demand for telestroke services can be attributed to the rising incidence of strokes around the globe. For instance, according to CDC, every 3 minutes and 14 seconds, someone dies of a stroke. Every year, more than 795,000 people in the United States have a stroke. About 610,000 of these are first or new strokes. About 185,000 strokes—nearly 1 in 4—are in people who have had a previous stroke. Owing to the glaring statistics Strokes are a leading cause of disability and mortality, and the demand for specialized stroke care is growing across the globe would contribute to the growth of the market in the forthcoming period as well. Furthermore, the telestroke services market is anticipated to grow on account of the telestroke services bridging this gap by providing remote consultations and expert guidance to local healthcare providers. This expands access to specialized stroke care and ensures that patients receive appropriate treatment regardless of their location. Moreover, the advancements in telecommunication infrastructure, high-speed internet, and digital health technologies have significantly contributed to the growth of the telestroke services market. However, some of the restraints in the market including infrastructure limitations and reimbursement and financial barriers are impeding the growth of this market all over the world.

Some of the major players operating in the market include Providence Health & Services, Nebraska Medicine, Lakewood Health System, Medical University of South Carolina, Granville Health System, Vidyo, Inc., Eagle Telemedicine, Avizia, Partners Telestroke Center, Blue Sky Telehealth. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst products, the hemorrhagic segment held a significant share of the market in 2021.”

Based on product, the market is segmented into ischemic and hemorrhagic. Among them, the hemorrhagic segment captured a significant share of the market in 2021. Hemorrhagic stroke, which occurs due to bleeding in the brain, accounts for a significant portion of all strokes. The incidence of hemorrhagic stroke has been increasing globally, driven by factors such as hypertension, aging population, and lifestyle changes. This increasing prevalence contributes to the growing demand for specialized care and interventions for hemorrhagic stroke patients.

“Amongst end-user, the telehospitals/teleclinics segment held the higher CAGR in the market in 2021.”

Based on the end-user, the telestroke services market has been classified into telehospitals/teleclinics, telehome, and others. Among them, the telehospitals/teleclinics category grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Telehospitals and teleclinics provide a platform for remote access to specialized stroke care. These virtual healthcare settings enable patients in underserved areas or those with limited mobility to connect with stroke specialists and receive expert consultation and treatment without the need to travel to distant hospitals. This improved access to specialized stroke care is a key driver of the growth in the telehospitals/teleclinics segment.

“North America dominated the Telestroke services market in 2021.”

North America, particularly the United States, is a hub for biotechnology and pharmaceutical research. The incidence of stroke in North America has been steadily increasing, primarily due to factors such as an aging population, sedentary lifestyles, and the prevalence of risk factors like hypertension and diabetes. The rising stroke incidence drives the demand for telestroke services to provide timely and specialized care. Moreover, Certain regions in North America face a shortage of stroke specialists, particularly in rural or underserved areas. Telestroke services help address this shortage by connecting local healthcare providers with remote stroke specialists, enabling patients to receive timely expert consultation and treatment guidance. North America benefits from robust telecommunication infrastructure and advancements in digital health technologies. High-speed internet connectivity, secure video conferencing platforms, and telemedicine applications have facilitated the growth of telestroke services, enabling efficient and reliable remote consultations. For instance, In 2021, InTouch Health, a leading telemedicine company, merged with Teladoc Health, a prominent telehealth provider. The merger brought together their expertise in telemedicine and telestroke services, expanding access to specialized stroke care across North America.

 Telestroke services Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Telestroke services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Telestroke Services Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Telestroke services market were the three major steps undertaken to create and analyze the adoption of Telestroke services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Telestroke services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Telestroke services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Telestroke services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Telestroke services market. Further, we conducted factor analysis using dependent and independent variables such as product and end-user of the telestroke services market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Telestroke services market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Telestroke services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Telestroke services market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Telestroke services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global telestroke services market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and end-user in the global Telestroke services market.

The main objective of the Global Telestroke services Market Study

The current & future market trends of the global Telestroke services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Telestroke services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product and end-user
• Define and analysis of the regulatory framework for the Telestroke services industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Telestroke services market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Telestroke services market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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