Concussion Market Estimated to Grow at a CAGR of 3.7% during 2021-2028

According to our new research study on "Concussion Market Forecast to 2028 - COVID-19 Impact and Analysis - by Type and End User," the market is expected to grow from US$ 7,211.89 million in 2021 to US$ 9,272.03 million by 2028. It is estimated to grow at a CAGR of 3.7% during 2021-2028.

According to the Centers for Disease Control and Prevention (CDC), a concussion is a type of traumatic brain injury-or TBI caused by a bump, blow, or jolt to the head or a hit to the body, causing the head and brain to move rapidly back and forth. The American Association of Neurological Surgeons report states that concussion symptoms can affect people in various ways, including vision, balance, and even mood. The growth of the concussion market is due to the rising road accidents and sports injuries and technological advancement. However, challenges and lack of awareness associated with treatment is expected to restrict the concussion market growth during the forecast period.

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Leading Concussion Market market Players:

Nihon Koden Corporation; BrainScope Company, Inc.; Abbott; Compumedics Limited; InfraScan, Inc.; Novasignal Corporation; Elekta AB; Integra Lifesciences; NanoDiagnostics, Inc.; and Medtronic are the leading companies operating in the global concussion market.

Impact of COVID-19 Pandemic on Concussion Market

The global economies are severely affected due to the exponential growth of COVID-19 cases in the region. The COVID-19 pandemic is expected to impact the market negatively. The COVID-19 pandemic and the subsequent economic downturn have detrimental effects on people's mental wellness and built new barriers for those who already have a mental illness or behavioral disorders. For instance, it is estimated that 1.5 to 2.0 million concussions occur alone in the United States. During the pandemic, it is likely that when concussions occur, patients wait longer to seek specialty care due to SARS-CoV-2 exposure concerns. For instance, there was approximately a 39.5% decrease in concussion-related visits to a specialty clinic during the onset of the pandemic as compared to the previous 12 months.

Additionally, it was witnessed by the Journal of Neurotrauma that there was a significant decline in sport-related concussions during the pandemic with a proportional increase in non-sport concussions from recreational injuries, auto accidents, and falls. The patients waited to seek care for their concussions during the pandemic as before the pandemic. They were 1.4 times more likely to be treated within seven days of the injury.

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Segmentations:

Based on the type, the concussion market is segmented into treatment and diagnosis (magnetic resonance imaging, computed tomography scan, x-rays, and others). The diagnosis segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period. The diagnosis is critical in identifying concussions in patients. the segment is further segmented into Magnetic Resonance Imaging (MRI), Computed Tomography (CT) Scan, X-Ray, and others. The healthcare providers adopt these methods of diagnosis based on the requirement and level of concussion. End users utilize relevant devices and equipment to diagnose the indications. Various regional and international players in the market are offering related products and services.

Type-Based Insights

The concussion market is segmented into treatment and diagnosis in terms of type. The diagnosis market is further segmented into magnetic resonance imaging, computed tomography scan, x-rays, and others. The diagnosis segment held the largest concussion market share in 2021 and is anticipated to register the highest CAGR during the forecast period. The MRI segment holds the largest market share in diagnosis segment as the global leader in manufacturing MRI machines Fujifilm Holdings, GE Healthcare, Siemens Healthcare, Philips Healthcare, and others offer a wide range of products and services. Large product availability of MRI and related products and services is expected to support the segmental market during the forecast period.

Product launches are the most commonly adopted strategy by companies to expand their footprints and product portfolios in the concussion market. Moreover, the companies have implemented various inorganic strategies such as mergers and acquisitions, and partnerships. For instance, in April 2021, NovaSignal Corp. launched the NovaGuide 2 Platform that empowers clinical teams with critical, real-time information about cerebral blood flow to guide diagnosis and improve patient outcomes. The platform includes NovaGuide 2 Intelligent Ultrasound, which autonomously captures blood flow data to identify brain illnesses and disease, and NovaGuide View provides secure, cloud-based access to dynamic exam data thus driving the concussion market growth.

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Concussion Market Segmented by Region/Country: North America, Europe, AsiaPacific, Middle East & Africa, and Central & South America

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This release was published on openPR.