Upswing in Brain injuries Demands Increased Application of Intracranial Pressure Monitors
The increased prevalence of traumatic
injuries and strokes has laid the ground for the immense rise of the
global intracranial pressure monitors market. The upswing in the cases
of brain injuries in children as well as adults has also boosted the
demand for intracranial pressure monitoring remarkably across the world.
However, the biggest influence on this market, which stood at US$0.94
bn in 2014, has been accredited to the substantial shift from invasive
pressure monitors to non-invasive pressure monitors. This trend is
expected to have an enduring effect on the dynamics of demand and supply
of these monitors.
Transparency Market Research expects this
market to rise at a CAGR of 6.30% between 2015 and 2023, with business
opportunity reaching US$1.63 bn by the end of 2023. Untapped developing
countries are anticipated to present opportunity-rich market for
participants in the global market for intracranial pressure monitors.
A significant growth can be witnessed in
the demand for intracranial pressure monitors with their increasing
application in the detection and management of various cerebrovascular
disorders such as meningitis, traumatic brain injury, brain tumor, and
intracerebral hemorrhage.
In 2013, the traumatic brain injury
segment accounted for the biggest share in the demand for intracranial
pressure monitors. TMR projects this segment to rise at a rapid CAGR of
7.70% between 2015 and 2023. The increase in violence, rising industrial
as well as road accidents, and rising number of reports related to head
injuries due to sports and recreational activities are the prime
reasons behind the growing prevalence of traumatic brain injuries.
Growing Prevalence of Traumatic Injuries Fuels Demand for Intracranial Pressure Monitors in North America
The market for intracranial pressure
monitors stretches across North America, Europe, Asia Pacific, and the
Rest of the World. North America has surfaced as the biggest contributor
to the intracranial monitor consumption since the past few years. The
increasing prevalence of neurological disorders and traumatic injuries
have amplified the application of these monitors in this region.
Additionally, technical advancements in the field of pressure monitoring
are expected to influence the sales volume of these monitors
considerably in North America over the coming years.
Although North America will remain the
leading regional market for intracranial pressure monitors during the
forecast period, Asia Pacific will offer the most profitable
opportunities to market players, on account of the presence of a large
number of untapped markets.
Apart from this, the augmenting incidence
of cerebrovascular disorders, fuelled by the increasing base of
geriatric population, and the rising expenditure on healthcare, owing to
surging disposable income, are also projected to boost the demand for
these monitors in the near future. Europe holds the second position in
the worldwide intracranial pressure monitors market.
Integra LifeSciences Corp., Medtronic
Inc., and Codman & Shurtleff Inc. are leading the global
intracranial pressure monitors market. The collective share of these
three companies in the overall market is 53.4%. Other prominent
manufacturers of intracranial pressure monitors are Haiying Medical,
HeadSense Medical Inc., Raumedic AG, Spiegelberg GmbH & Co. KG., and
SOPHYSA.
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