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Intracranial pressure (ICP) monitoring devices are used to measure the pressure inside the skull. ICP monitoring devices help detect traumatic brain injuries, brain tumors, and detect increased pressure inside the skull. ICP monitors provide crucial information to doctors to manage cerebral complications and optimize treatment plans. 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 key trends:
The increasing adoption of remote ICP monitoring devices is expected to be a key trend propelling the growth of the intracranial pressure monitoring devices market over the forecast period. Remote ICP monitoring devices enable continuous monitoring of ICP outside of intensive care units using wireless technology. This helps transfer high risk patients to general wards and allows early detection of pressure elevations. The technology also improves patient safety, clinical outcomes and reduces healthcare costs by shortening hospital stays. With the growth of telehealth and remote patient monitoring, more healthcare facilities are likely to adopt remote ICP monitors in the coming years.
SWOT Analysis
Strength: Intracranial pressure monitoring devices provide precise real-time monitoring of elevated intracranial pressure which helps in quick diagnosis and treatment. This improves patient outcomes.
Weakness: Significant costs associated with installation and maintenance of intracranial pressure monitoring devices limits widespread adoption. Presence of alternative non-invasive monitoring techniques also poses competition.
Opportunity: Rising incidence of traumatic brain injuries and brain tumors worldwide is augmenting demand for effective management of intracranial pressure. This provides scope for device manufacturers.
Threats: Stringent regulatory approvals and reimbursement issues in some regions impede smooth market expansion. Lack of skilled professionals also undermine proper installation and readings from these devices.
Key Takeaways
The global Intracranial Pressure Monitoring Devices market is expected to witness high growth at a CAGR of 7.9% during the forecast period of 2023 to 2030. The estimated market size for 2023 is US$ 1.68 Billion.
Regional analysis: North America dominates currently due to large patient pool and robust healthcare infrastructure. However, Asia Pacific is anticipated to showcase highest growth on back of increasing healthcare spending and rising cases of brain injuries in developing nations.
Key players: 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, and Haiying Medical. These companies are focusing on new product launches and geographical expansion to solidify their market positions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
