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Intracranial Pressure Monitors Market expected to Witness a Sustainable Growth over 2023
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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.
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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.
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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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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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