Global Intracranial Pressure Monitors Market to reach US$ 1.63 Bn in 2023: Transparency Market Research

Transparency Market Research has published a new market report titled, Intracranial Pressure Monitors Market: [Type – External Ventricular Drainage System, Lumbar Drainage System, Microtransducer ICP Monitoring Devices, Fiber Optic Devices, Strain Gauge Devices, Pneumatic Sensors, and Non-invasive ICP Monitoring Devices; Application – Traumatic Brain Injury, Intracerebral Hemorrhage, Meningitis, Subarachnoid Hemorrhage, Brain Tumors, and Cerebral Venous Sinus Thrombosis; End-user – Trauma Centers and Hospitals] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023. According to the report, the global intracranial pressure monitors market was valued at US$ 0.94 Bn in 2014 and is anticipated to expand at a CAGR of 6.3% from 2015 to 2023 to reach US$ 1.63 Bn in 2023.

Intracranial pressure monitors operate with the aid of a device placed inside the human head in order to monitor pressure in the skull. The monitor senses the pressure inside the skull and sends signals to a recording device. Continuous intracranial pressure monitoring is vital to assess the efficacy of therapeutic measures and to map the progression of brain injury. The intracranial pressure monitors market is growing rapidly due to increasing incidence of head trauma, intracranial tumor, hydrocephalus, and cerebral edema across the globe. Increasing incidence of cranial and trauma injuries is one of the key factors driving the intracranial pressure monitors market. Road accidents and violence are the most common causes of cranial injuries and head trauma in addition to slips, falls, and industrial accidents. However, risk of infection due to the invasive nature of intracranial pressure monitors could hamper market growth during the forecast period.

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Geographically, the intracranial pressure monitors market has been categorized into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounted for the largest share of the global intracranial pressure monitors market in 2014 primarily due to increasing prevalence of cerebrovascular diseases, neurological problems, and implementation of technological platforms. Moreover, intense governmental regulations related to public health issues, increase in the incidence of cerebrovascular disorders, technological developments related to intracranial pressure monitors, and appropriate insurance coverage are expected to propel the market. Increase in the geriatric population also plays a major role in North America as the percentage of the population diagnosed with neurological diseases usually increases with age.

Europe was the second largest market for intracranial pressure monitors in 2014. Primary factors driving the market in Europe include growing geriatric population and rising incidence of fall injuries, traffic-related injuries, sports injuries, and occupational injuries. According to the European Commission (EC), over 20% of the population of Europe is likely to be 65 or above by 2025. This rise in the geriatric population is anticipated to boost demand for intracranial pressure monitors.

Asia Pacific is expected to be the fastest growing market due rise in the geriatric population, increase in the larger population base leading to high patient enrollment rate, rising health care expenditure, and standard regulatory requirements in the region. Other factors driving the market in the region are several medical device companies conducting research and development studies and rising incidence of traumatic brain injuries due to traffic and industrial accidents. Moreover, an alarming number of traumatic brain injury cases have been reported in countries such as Thailand, India, Australia, China, and Malaysia.

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RoW includes countries in Latin America and Middle East & Africa. Growth of the market in these regions is attributed to significant infrastructural improvements and augmented initiatives adopted by governments for the provision of better health care services. Brazil and Mexico are the largest consumers of medical products in the region due to large population and growing economies. These factors indicate the possibility of strong growth of the intracranial pressure monitors market in these countries during the forecast period. However, factors such as lack of favorable reimbursement policies and advanced processing technologies used in manufacturing of these monitors in countries such as Chile and Argentina could lead to low acceptance of intracranial pressure monitors in these countries.

Codman & Shurtleff, Inc., Haiying Medical, HeadSense Medical, Inc., Integra LifeSciences Corporation, Medtronic plc, Raumedic AG, SOPHYSA, and Spiegelberg GmbH & Co. KG are the major players operating in the global intracranial pressure monitors market.

The global intracranial pressure monitors market has been segmented as follows:

Global Intracranial Pressure Monitors Market, by Type

External Ventricular Drainage System
Lumbar Drainage System
Microtransducer ICP Monitoring Devices
Non Invasive ICP Monitoring System
Global Intracranial Pressure Monitors Market, by Application

Traumatic Brain Injury
Intracerebral Hemorrhage
Meningitis
Subarachnoid Hemorrhage
Others (brain tumors, cerebral venous sinus thrombosis, etc.)
Global Intracranial Pressure Monitors Market, by End-user

Trauma Centers
Hospitals
Global Intracranial Pressure Monitors Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
Rest of Europe
Asia Pacific
China
India
Rest of Asia Pacific
Rest of the World (RoW)
Latin America
Middle East & Africa

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.