NEW YORK, Oct. 3, 2016 /PRNewswire/ -- The global non-invasive brain trauma monitoring devices market is expected to reach USD 15.12 billion by 2024, according to a new report by Grand View Research, Inc. The rising burden of Traumatic Brain Injuries (TBI) is a leading cause of neurodegenerative disorders such as Alzheimer's and Parkinson's disease. As a result, there are numerous initiatives taken at the regional and global levels to create awareness, which facilitated a heavy diagnosis rate, thus governing the growth of non-invasive brain trauma monitoring devices.
Technological advancements in this field are connected with accuracy, portability, and affordability, which are supporting the industry growth. For instance, recently available non-invasive intracranial pressure monitors, such as Transcranial Doppler (TCD), are accurate in positioning and creating a better pressure gradient and also bringing in more accuracy in the treatment.
The Minimally Invasive Surgeries (MIS) are less traumatic to patients and facilitate faster recovery with minimum complications. In minimally invasive neurological surgeries, non-invasive brain trauma monitoring devices play a critical role. Thus, the increasing volume of MIS is driving the industry's growth.
The key target population in this industry includes people above 60 years. This section of the population is at a greater risk for TBIs and their co-morbidities. The global geriatric population is on arise and is a vital driver for this industry.
Further key findings from the study suggest:
Monitoring devices that include intracranial pressure monitors, MRI scanners, CT scanners, PET scanners, EEG, and MEG held a substantial share of around 60.0% in 2015. The high costs associated with this equipment and the increasing usage of these devices governed the growth of this segment.
The consumables sub-segment in the product segment is anticipated to witness lucrative growth over the forecast period. The repeat purchase of consumables and regular maintenance activities are expected to spur the demand for these products.
The market on the basis of end-use is segmented into hospitals, neurological centers, and other settings. The hospital segment dominated the end-use segment with over 75.0% of the revenue. The greater volume of surgeries performed in hospitals contributed to its growth.
On the contrary, neurological centers are expected to grow at a sturdy rate over the forecast period. The availability of specialized staff and advanced methodologies are likely to boost the demand for this segment.
North America dominated the non-invasive brain trauma monitoring devices market in 2015. The advanced healthcare system, high awareness level, and well-planned reimbursement policies helped this market to grow in this region. However, Asia Pacific is anticipated to witness significant growth over the forecast period.
Some key players operating in this industry include Natus Medical, Inc., Nihon Kohden Corporation, Philips Healthcare, GE Healthcare, Advanced Brain Monitoring, CAS Medical Systems, Inc., Siemens, Compumedics Ltd., Medtronic Plc., and Integra LifeSciences. New product launches, co-developments, and acquisitions are the key initiatives in this industry.
For instance, in January 2013, Natus Medical acquired Astro-Med's products included in monitoring and neurodiagnostic products. This acquisition helped the company to widen the portfolio of EEG systems.
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