Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Global Intracranial Pressure Monitoring Devices Market: Analysis By Type, By Offerings, By Application, By End User, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Intracranial pressure (ICP) monitoring device market value stood at US$1.68 billion in 2022, and is expected to reach US$2.52 billion by 2028. The market is expected to grow at a CAGR of 7% over the projected period of 2023-2028.
Global intracranial pressure monitoring devices market demonstrated a consistent growth, primarily driven by increasing recognition of the impact of traumatic brain injuries on public health, heightening per capita income, increasing awareness about the importance of monitoring ICP levels among healthcare professionals, rapidly expanding geriatric population, increasing prevalence of neurodegenerative disorders, rising demand of ICP monitoring in intensive care, increasing awareness about the importance of strengthening healthcare infrastructure after COVID-19 pandemic, and rising government initiatives to raise awareness among patients regarding neurological disorders and their early diagnosis for proper management, among others, etc.
North America is the largest region of global intracranial pressure monitoring devices market, as a result of increasing number of trauma cases, region's well-established healthcare infrastructure, larger patient population base, high healthcare expenditure, availability of plethora of product ranges & established suppliers, and increasing availability of technologically advanced devices that enable more accurate and efficient monitoring of intracranial pressure. In addition, supportive government initiatives, including the establishment of the American Society of Craniofacial Surgery (ASCFS), for creating awareness about minimally invasive Craniomaxillofacial (CMF) surgeries are expected to further propel the market growth during the forecast period.
North America ICP monitoring devices market is divided into three regions on the basis of geographical operations, namely, the US, Canada and Mexico, where the US is the largest region within North America ICP monitoring devices market as a result of increase in number of patients suffering from neurological diseases like brain aneurysms, traumatic brain injury, migraine, etc., wide availability of skilled professional, rapid expansion in the healthcare industry, high adoption of advanced ICP monitoring devices, presence of sophisticated healthcare infrastructure, and existence of major players such as Vivonics Inc., Integra LifeSciences Holdings Corporation, Natus Medical Incorporated, etc.
Asia Pacific is the fastest growing region in the global ICP monitoring device market, owing to strong economic growth, region's vast population, increasing awareness and acceptance of ICP monitoring, rising traffic accidents & occupational hazards cases, expanding geriatric population, increasing public healthcare expenditure for improving healthcare facilities, and rising incidence of traumatic brain injuries in Asia Pacific countries such as India, Pakistan, and Bangladesh.
Competitive Landscape:
- The market is moderately fragmented, with many large and medium-sized players competing for market share.
- Companies are using both organic and inorganic strategies to expand their product portfolios and gain a competitive edge.
- Intense competition, technological advancements, and a focus on patient-centric care characterize the competitive landscape.
The key players of the global intracranial pressure monitoring market are:
- Integra LifeSciences Holdings Corporation
- Medtronic PLC
- IRRAS AB
- RAUMEDIC AG
- Vivonics Inc.
- Brain4Care
- Luciole Medical AG (Spiegelberg GmbH & Co. KG)
- TKB Corporation (Sophysa SA)
- ARCHIMED (Natus Medical Incorporated)
Market Segmentation Analysis:
Market Segmentation by Type:
- The market is divided into two segments: invasive and non-invasive. Invasive monitoring is the largest segment due to various factors, including trauma cases, sleep disorders, brain aneurysms, and the adoption of ICP-guided therapy.
- Non-invasive monitoring is the fastest-growing segment, driven by the demand for minimally invasive treatments, patient preferences for non-invasive procedures, and emerging applications in different healthcare settings.
Market Segmentation by Offerings:
- The market is categorized into three segments: products and systems, solutions and platforms, and services.
- Products and systems is the largest segment, driven by the increasing incidence of neurological disorders, the essential nature of monitoring devices, and rising healthcare expenditure.
Market Segmentation by Application:
- The market is segmented into seven applications, with traumatic brain injury being the largest segment.
- Traumatic brain injury's prominence is attributed to increasing cases due to road accidents, the critical role of ICP monitoring in TBI treatment, growing awareness, and ongoing technological advancements.
Market Segmentation by End User:
- End users include hospitals, clinics, ambulatory surgical centers, and others.
- Hospitals are the largest segment due to the increasing prevalence of neurological disorders, the availability of resources for advanced monitoring devices, and the focus on patient safety and care quality.
Market Dynamics - Growth Drivers:
- Factors contributing to market growth include the rising number of traumatic brain injuries, an aging population, demand for minimally invasive surgeries, increasing awareness among healthcare professionals, and the prevalence of neurological diseases.
- Medical societies and organizations emphasize the importance of ICP monitoring in specific clinical scenarios.
Market Dynamics - Challenges:
- Challenges include the high risk and complications associated with invasive ICP monitoring procedures and the high cost of monitoring devices.
- Invasive procedures can lead to complications such as bleeding, infections, malpositioning, and brain hemorrhage, posing risks to patients.
- The cost of ICP monitoring devices can limit their affordability, particularly in developing countries.
Market Trends:
- Trends in the market include the integration of AI and cloud computing technologies, research on non-invasive ICP monitoring devices, technological advancements, and a focus on remote patient monitoring systems.
- Recent innovations in ICP monitoring devices enhance accuracy and reliability, and AI technologies are used for data analysis, pattern recognition, predictive analysis, and personalized treatment plans.
Impact of COVID-19:
- COVID-19 increased the demand for ICP monitoring devices to monitor and treat neurological complications in patients, including those with COVID-19.
- Healthcare facilities needed these devices to provide optimum care to critical patients.
- The pandemic had a significant impact on the intracranial pressure monitoring market.
For more information about this report visit https://www.researchandmarkets.com/r/xx3nuh
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