April 14, 2024

Intracranial Pressure Monitoring Devices Market Poised to Reach USD 1.68 Billion by 2024 Owing to Growing Prevalence of Traumatic Brain Injuries

Intracranial pressure monitoring devices are medical devices used to monitor intracranial pressure inside the skull. They help detect potential brain injuries and aid clinical decision making during and after neurological surgeries or trauma. Intracranial pressure monitoring devices play a vital role in managing increased intracranial pressure and preventing secondary brain injuries. The growing prevalence of traumatic brain injuries and rise in neurological disorders have augmented the demand for accurate intracranial pressure monitoring worldwide.

The Global intracranial pressure monitoring devices market is estimated to be valued at US$ 1.68 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the intracranial pressure monitoring devices are Codman & Shurtleff Incorporated, Sophysa, Gaeltec Devices Limited, Integra Lifesciences Co., Raumedic AG, VITTAMED, Orsan Medical Technologies, Haiying Medical, and other. These players are focusing on new product launches and strategic collaborations to gain competitive advantage in the market.

The rising incidences of traumatic brain injuries worldwide presents significant growth opportunities in the intracranial pressure monitoring devices market. According to WHO, road accidents are the leading cause of traumatic brain injuries resulting in nearly 1.35 million deaths each year globally. Furthermore, growing awareness regarding the clinical benefits of intracranial pressure monitoring is creating new opportunities for market players.

Geographically, North America dominates the global intracranial pressure monitoring devices market owing to advanced healthcare infrastructure and rising neurological disorder rates in the region. However, Asia Pacific is expected to witness highest growth during the forecast period due to increasing healthcare spending, growing medical tourism, and expansion of key players in countries like China and India.

Market drivers

The growing prevalence of neurological disorders such as meningitis, encephalitis, brain abscesses is a key driver for intracranial pressure monitoring devices market. Neurological disorders affect nearly 1 billion people worldwide and require constant management of intracranial pressure. Furthermore, rise in elderly population who are more prone to neurological conditions will also augment the demand. Growing research activities for development of noninvasive and precise intracranial pressure monitoring solutions will further fuel the market growth over the forecast period.

PEST Analysis

Political: The healthcare policies and regulations passed by governments impact the growth of this market. Changes in regulations regarding medical devices usage can open new opportunities or pose challenges.

Economic: Shifts in the economy influence healthcare spending. Economic growth leads to higher healthcare budgets allowing for more investments in advanced diagnostic technologies.

Social: Growing aging population and rising incidence of neurological disorders like brain injuries, stroke and cerebral hemorrhage are key social factors driving demand.

Technological: Innovation in sensor miniaturization enabled development of less invasive ICP monitors. Advanced data analytics also assist clinicians. However, high equipment costs are a challenge.

North America is currently the largest market for intracranial pressure monitoring devices in terms of value led by the US due to advanced healthcare infrastructure, availability of reimbursement and high adoption of new technologies.

Asia Pacific region is poised to record the fastest growth in the coming years supported by increasing healthcare expenditures of emerging economies like India and China. Rising incidence of neurological conditions, growing awareness about available treatment options and improving healthcare access will fuel market expansion in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it