Intracranial Pressure Monitoring Devices is Estimated to Witness High Growth Owing to Opportunity in Improving Clinical Outcomes
Intracranial pressure monitoring devices are medical devices used to monitor pressure inside the skull and brain. These devices play an important role in monitoring, detecting, and managing neurological conditions such as traumatic brain injuries, stroke, hydrocephalus, intracranial hemorrhage, and cerebral edema. The global intracranial pressure monitoring devices market plays a vital role in reducing healthcare costs associated with neurological illnesses by facilitating early clinical interventions and improving overall clinical outcomes.
The global Intracranial Pressure Monitoring Devices Market is estimated to be valued at US$ 1.68 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in improving clinical outcomes is estimated to drive the growth of the Intracranial Pressure Monitoring Devices Market. Precise monitoring and diagnosis of intracranial pressure plays a vital role in improving patient outcomes by enabling timely interventions. Intracranial pressure monitoring devices assist clinicians in detecting neurological conditions at an early stage, expediting treatment procedures and reducing complications. They help improve survival rates and limit the severity of neurological disabilities by allowing for comprehensive management of intracranial conditions. With growing neurological disease burden, intracranial pressure monitoring devices are expected to witness higher adoption in improving patient outcomes.
Porter’s Analysis
Threat of new entrants: Low as there are high cost regulatory barriers and required R&D investments for new entrants. Bargaining power of buyers: Moderate as few key players dominates the market. Bargaining power of suppliers: Low as raw materials are readily available and there are many suppliers. Threat of new substitutes: Low as no major substitute available. Competitive rivalry: High among existing players to gain more market share through product innovations and expansions.
SWOT Analysis
Strengths: Growing prevalence of neurological disorders, increasing demand for continuous monitoring. Weaknesses: Risk of surgical complications, high costs. Opportunities: Development of advanced non-invasive devices, untapped emerging markets. Threats: Reimbursement issues, strict regulatory approvals.
Key Takeaways
The global Intracranial Pressure Monitoring Devices market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is US$ 1.68 Bn and is projected to grow at a CAGR of 7.9% during the forecast years. Regional analysis suggests North America dominates the market currently due to advanced healthcare facilities and high adoption. Asia Pacific is anticipated to be the fastest growing region owing to large patient pool and increasing awareness.
Key players operating in the Intracranial Pressure Monitoring Devices market are Codman & Shurtleff Incorporated, Sophysa, Gaeltec Devices Limited, Integra Lifesciences Co., Raumedic AG, VITTAMED, Orsan Medical Technologies, Haiying Medical, and other. Codman & Shurtleff Incorporated holds a major market share due to its diversified product portfolio. Sophysa and Integra Lifesciences are also prominent players focusing on expansions and new product launches.
