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Telestroke Services Market is Anticipated to Witness High Growth Owing to Rising Geriatric Population Globally

Telestroke Services Market

Telestroke services refer to the real-time audio and visual communication between stroke specialists and healthcare professionals at rural hospitals for diagnosing and treating acute stroke patients. The global telestroke services market has been witnessing high demand over the past few years owing to the increase in the prevalence of strokes worldwide. Telestroke plays an important role in enabling timely treatment for stroke patients in remote areas where specialist neurologists are unavailable. With rising geriatric population globally, there has been surge in the risk of strokes among elderly.

The market is estimated to be valued at US$ 1.72 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the telestroke services are ScienceSoft, SEVARO, Teladoc Health, Inc., TeleSpecialists, Alina TeleHealth, RapidAI, American Well, CEP AMERICA, LLC, GlobalMedia Group, LLC, DispatchHealth, Eagle Telemedicine, Providence, Lakewood Health System, VeeOne Health, and swyMe. These players are focusing on expanding their service offerings and geographic presence through mergers & acquisitions.

The key opportunities in the telestroke services market include growing demand for telehealth and telemedicine, increasing focus on patient-centered care, and shortage of stroke neurologists globally. The rising burden of strokes and lack of specialist neurologists, especially in rural areas, provides lucrative growth opportunities.

The Telestroke Services Market Growth is expected to witness high expansion opportunites over the forecast period. The major players are focusing on penetrating developing regions such as Asia Pacific, Latin America, and Middle East & Africa in order to tap unmet medical needs. Countries like India, China, Brazil are projected to offer high growth potential during the forecast period.

Market Drivers

Rising geriatric population: With rapidly aging population globally, there is a surge in prevalence of strokes among elderly people. As per data, around 80% of all strokes occur in people above age of 65. This is a key growth driver.

Need for improving access and reducing time to treatment: Telestroke services help in bridging the gap between time of stroke onset and treatment. It enables faster treatment initiation to minimize health impacts. This drives their adoption.

Market Restrain

Lack of reimbursement: Unavailability of adequate healthcare coverage and insurance reimbursement for telestroke services poses as a major bottleneck to their widespread adoption. This acts as a key market restrain.

High installation and maintenance costs: The installation of telestroke infrastructure including equipment, software, and networking requires huge investment which increases upfront costs. Also, maintenance & repairs add to operational expenses. This restrains the market growth.

Segment Analysis

The telestroke services market is dominated by the ischemic stroke sub-segment. Ischemic stroke accounts for over 80% of total stroke cases globally. The key factor contributing to the larger share of the ischemic stroke sub-segment is its higher prevalence as compared to hemorrhagic stroke. Furthermore, remote treatment options are more effective in case of ischemic stroke and thus it attracts higher demand for telestroke services.

The hospitals sub-segment accounts for the largest share in the telestroke services market. The higher preference for hospitals is mainly due to the availability of necessary infrastructure as well as skilled staff to effectively utilize telestroke services. In addition, hospitals offer round the clock access to neurologists which allows them to cater to emergency stroke cases on time. However, the demand from other segments such as specialty clinics and home healthcare is expected to witness faster growth during the forecast period.

Global Analysis

The North America region currently dominates the global telestroke services market and is projected to continue its dominance during the forecast period. Favorable government initiatives towards the adoption of telehealth and telemedicine services along with a strong healthcare infrastructure are some of the major factors driving the North America telestroke services market. On the other hand, the Asia Pacific region is expected to witness the highest growth rate during the forecast period owing to increasing incidence of stroke, growing medical tourism, and emergence of regional telehealth platforms in several APAC countries.

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