Rise in incidence of traumatic brain injuries (TBIs), rise in demand for minimally invasive procedures, and increase in geriatric population are the major factors which drive the global market growth
WILMINGTON, Del., Aug. 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Intracranial Pressure (ICP) Monitoring Market by Technique (Invasive and Non-Invasive), Application (Traumatic Brain Injury, Intracerebral Hemorrhage, Meningitis, and Others), and End User (Hospital, Clinics, Private Medical Offices, Trauma Centers and Government and Research Organizations): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the intracranial pressure (ICP) monitoring market was valued at $0.4 billion in 2023, and is estimated to reach $0.6 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
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Prime determinants of growth
Rise in prevalence of traumatic brain injuries (TBIs) , rise in demand for minimally invasive procedures and increase in geriatric population are the major factors that drive the growth of the intracranial pressure monitoring market growth. However, high costs of devices hinder the market growth. Moreover, technological advancements and untapped markets in developing economies offer remunerative opportunities for the expansion of the global intracranial pressure monitoring market.
Report coverage & details
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $0.4 billion |
Market Size in 2033 | $0.6 billion |
CAGR | 5.1 % |
No. of Pages in Report | 216 |
Segments Covered | Technique, Application, End User, and Region |
Drivers | Rise in incidence of traumatic brain injuries (TBIs) |
Rise in demand for minimally invasive procedures | |
Increase in geriatric population | |
Opportunities | Technological advancements |
Untapped markets in developing economies | |
Restraints | High costs of devices |
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Segment Highlights
The non-invasive segment to maintain its leadership status during the forecast period
By technique, the non-invasive segment generated the highest revenue in the intracranial pressure market in 2023. The increasing preference for non-invasive intracranial pressure monitoring devices is driven by their ability to provide accurate measurements without the need for invasive procedures, reducing patient discomfort and complications. These devices offer real-time monitoring capabilities and are often more cost-effective than invasive methods, making them attractive options for healthcare providers seeking safer and more patient-friendly alternatives for intracranial pressure assessment.
The traumatic brain injury segment to maintain its leadership status during the forecast period
By application, the traumatic brain injury segment generated the highest revenue in the intracranial pressure market in 2023. The rise in the prevalence of traumatic brain injury, intracerebral hemorrhage, and meningitis is driving the demand for intracranial pressure monitoring. These conditions can lead to elevated intracranial pressure, which, if left untreated, can result in severe neurological complications and even death. As healthcare providers strive to improve patient outcomes and minimize the risk of secondary brain injuries, there is a growing need for timely and accurate intracranial pressure monitoring to guide treatment decisions and optimize patient care.
The hospitals segment to maintain its leadership status during the forecast period
By end user, the hospitals segment generated the highest revenue in the intracranial pressure market in 2023. Hospitals are the primary users of intracranial pressure monitoring devices due to their role as major healthcare providers, offering comprehensive neurocritical care services and specialized equipment for monitoring and managing patients with traumatic brain injuries, strokes, and other neurological conditions.
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Regional Outlook
In North America, the intracranial pressure monitoring market thrives owing to their sophisticated healthcare systems, high prevalence of chronic diseases, and widespread access to healthcare services. These regions also boast substantial research and development efforts, resulting in continuous advancements in intracranial pressure monitoring technology. Conversely, emerging markets such as Asia-Pacific and LAMEA are witnessing rapid growth in this sector due to escalating healthcare spending and the expansion of pharmaceutical industries.
Key Players
- AMETEK
- Elekta AB
- Koninklijke Philips N.V.
- Smiths Medical
- Sick AG
- Teleflex Incorporated
- GE Healthcare
- Integra LifeSciences
- Natus Medical Incorporated
- BrainLAB.
The report provides a detailed analysis of these key players in the global intracranial pressure monitoring market. These players have adopted different strategies such as clinical trials, product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development
- In March 2021, Longeviti Neuro Solutions, a MedTech company developing innovative solutions for complex brain surgery, announced the launch of the Longeviti ClearFit Cover. The first-of-its-kind sonolucent ClearFit Cover is used to replace excised cranial bone following a neurosurgical procedure, enabling neurosurgeons to use ultrasound imaging to view neuroanatomy after brain surgery, and allowing long-term monitoring of their patients' condition.
- In April 2021, a clinical trial studying 'intracranial pressure monitoring device performed in non-invasive method' developed by Brain4Care is under trial. This technology allows non-invasive assessment of the patient's status, which decreases a major risk of adverse effects while also lowering the expense of monitoring.
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