ALBANY, New York, June 17, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Intracranial Pressure Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023", the global intracranial pressure monitors market was valued at US$ 0.94 Bn in 2014 and is projected to reach US$ 1.63 Bn in 2023 at a CAGR of 6.3% from 2015 to 2023.
Intracranial pressure (ICP) monitors are devices that help measure the pressure inside the skull. This monitoring consequently assists in treating severe traumatic brain injury. ICP monitoring help doctors to determine brain swelling and drain the cerebrospinal fluid to an extent that prevents oxygen deprivation. Catheter-tip pressure transducer is the most preferred device to record intracranial pressure.
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Major growth drivers of the intracranial pressure monitors market include rising prevalence of neurological disorders and traumatic injuries. According to the World Heart Federation, sudden rise in the cardiovascular diseases has led to increased incidence of stroke across the world. Around 1.3 million people suffer from stroke each year in China alone. Developing regions such as Latin America, the Middle East, and Sub-Saharan Africa where stroke mortality is set to triple in the next few years are expected to witness increased hospitalization and permanently disabled individuals each year. This has fueled demand for technologically advanced intracranial pressure monitors. According to the World Health Organization, high blood pressure is responsible for more than 12.7 million strokes across the world every year. Road accidents and violence are the most common causes of cranial injuries and head traumas besides slips, falls, and industrial accidents.
The Centers for Medicare & Medicaid Services revealed that health care spending in the U.S. increased by 5% in 2014 as compared to 3.6% in 2013. This acts as evidence that government expenditure for better health care services and technological advancements have increased significantly to bring out an evolution in treatment methods for cerebrovascular diseases, which led to increased life expectancy and cost of treatment. Developing countries such as India and China have started catching up to provide better health care services to their large population base.
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Based on device type, external ventricular drainage systems was the largest segment of the intracranial pressure monitors market, accounting for a share of 52.4% in 2014, as these systems are easy to operate, inexpensive, and reliable, and are preferred by neurosurgeons. However, the micro transducer ICP monitoring devices segment is expected to expand at a higher growth rate during the forecast period due to accurate measurements and lowest zero drift characteristics.
In terms of application, the traumatic brain injury segment held the largest share of the intracranial pressure monitors market in 2014. The segment is expected to continue its dominance due to global elevation in the incidence of traumatic brain injuries.
Increasing number of critically ill patients and availability of trained health care experts is driving demand for trauma centers for intracranial pressure monitoring during the forecast period. The global intracranial pressure monitors market exhibits intense competition among existing players as the market shifts from invasive pressure monitors to non-invasive pressure monitors. Key players in the global intracranial pressure monitors markets are CAS Medical Systems, Inc., Codman & Shurtleff, Inc., Haiying Medical, HeadSense Medical, Inc., Integra LifeSciences Corporation, Medtronic plc, Raumedic AG, SOPHYSA, and Spiegelberg GmbH & Co. KG.
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The global intracranial pressure monitors market has been segmented as follows:
Intracranial Pressure Monitors Market, by Type
- External Ventricular Drainage System
- Lumbar Drainage System
Microtransducer ICP Monitoring Devices
- Fiber Optic Devices
- Strain Gauge Devices
- Pneumatic Sensors
Non-invasive ICP Monitoring System
Intracranial Pressure Monitors Market, by Application
- Traumatic Brain Injury
- Intracerebral Hemorrhage
- Subarachnoid Hemorrhage
Global Intracranial Pressure Monitors Market, by End-user
- Trauma Centers
Global Intracranial Pressure Monitors Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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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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