Market Overview:
Global Intra-cranial Pressure (ICP) Monitor market, although in its embryonic stage, is still witnessing an outstanding growth over the past couple of years. This growth attributes to the ability of these monitors in the field of neurosurgery in processes such as the external ventricular draining, CSF circulation, and CSF functions among others.
Furthermore, traumatic brain injuries and diseases that are impacting the brain health such as intra-cerebral hemorrhage, meningitis, and neurological damages among others are fostering the market growth to an extent. The neurology sector has been witnessing the emergence of many advent devices over the past few years which is increasing the market size with the huge demand for ICP monitors, increasing applications of these monitors. Resultantly, the ICP monitor market is escalating on the global platform.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report giving asserts that the global intra-cranial pressure monitor market gaining further prominence will register a spectacular growth by 2022, growing at an impressive CAGR during the review period (2016 – 2022).
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Additional factors substantiating the market growth include increasing government funding and programs primarily in the developing regions to support the R&D activities undertaken to bring more advancements and inventions in these monitors. Technological advancements in the field of telehealth, telemetric monitoring, and in smart and connected devices along with penetration of ubiquitous technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) are fostering the market growth of ICP monitors.
Furthermore, factors such as the increasing prevalence of neurological diseases and disorders of the nervous system such as Schizophrenia, Parkinson’s disease, and Cerebral Palsy alongside the changing lifestyle led by the growing urbanization and industrialization are fostering the market growth. Undoubtedly, improving economic conditions are supporting the market growth enabling access to quality care and improved healthcare worldwide
To respond to the growing demand for futuristic monitors, manufacturers are developing devices with advanced technologies. To identify the unmet clinical needs, some caregiving facilities are aiming to have high-quality screening (monitoring) available in their facilities.
On the flip side, factors such as high costs of ICP monitors along with the low or no awareness among consumers towards the availability and advantages of these monitors are obstructing the market growth. Nevertheless, new product development alongside services made available in the developing and developed countries by the matured market players are some of the factors expected to support the market growth during the anticipated period, filling up the demand and supply gap.
Global Intra-cranial Pressure Monitor Market – Competitive Analysis
Global intra-cranial pressure monitor market appears to be competitive & fragmented owing to the several small & big players accounting for a substantial market share. Through strategic initiatives such as partnership, acquisition, collaboration, expansion, product & technology launch, these players try to gain the competitive advantage in the market.
Key Players:
Some of the eminent leaders of the market include Compumedics Limited (Australia), Covidien Plc. (Ireland), Natus Medical Incorporated (US), Codman & Shurtleff, Inc. (US), Integra LifeSciences Corporation (US), Raumedic (USA), and Vittamed.
Industry/Innovation/Related News:
October 04, 2018 – IRRAS AB (Sweden), a medical technology company involved in development and commercialization of innovative brain surgery solutions announced that it has completed its initial review of the IRRAS recertification application for its Notified Body, LNE/G-MED, associated with the CE Mark of the IRRAflow catheter.
May 31, 2018 – Branchpoint Technologies (US), a company dedicated to providing accurate, reliable and cost-effective mobile solutions for ICP monitoring announced receiving of FDA approval its AURA™ ICP Monitoring System, including a completely implantable and wireless ICP sensor that enables truly mobile ICP monitoring in brain-injured patients. The AURA™ ICP Monitoring System also enables reliable telemetric monitoring of parenchymal ICP such as continuous ICP waveforms, weaving off the need to have additional capital equipment investments.
Global Intra-cranial Pressure Monitor Market – Segmentations
MRFR has segmented its analysis into four key dynamics for enhanced understanding.
By Techniques : Invasive and Non-Invasive among others.
By Methods : Intra-Ventricular Catheter, Subdural Screw, and Epidural Sensor among others.
By Applications : Traumatic Brain Injury, Intra-Cerebral Hemorrhage, and Meningitis among others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
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Global Intra-cranial Pressure Monitor Market – Geographical Analysis
Globally, North America is dominating the global Intra-cranial pressure monitor market. Furthermore, factors such as extensive demand and uptake of technologically advanced monitoring devices in medical, increasing public & private organizations’ support for R&D activities and high healthcare expenditures substantiate the market growth include. With the growing prevalence of neurological disorders, the North American ICP monitor market is expected to evaluate phenomenally by 2022.
The European region is another lucrative market for ICP monitors. Increasing focus on the development of advent monitors alongside rising government support for R&D activities is contributing to the market growth. Also, the increasing numbers of specialty services offered by various healthcare providers foster the growth of the market in Europe.
The Asia Pacific region is rapidly emerging as a promising market for ICP monitor, growing rapidly. Increasing incidents of neurological disorders are fuelling the market growth. Moreover, factors such as the augmenting demand for quality equipment and proliferating healthcare technology are projected to provide impetus to the market growth, leading to the increasing the uptake of ICP monitors.
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