The Global Intracranial Pressure Monitors Marketant Icipated To Grow At A CAGR Of 6.8% During 2016-2022 And Reach A Market Value Of Around $1,485 Million Market By 2022
The Global Intracranial Pressure Monitors Market is anticipated to grow at a CAGR of 6.8% for the forecasted period of 2016-2022 and reach $1485 million market by 2022. Intracranial Pressure (ICP) monitors are used to determine the pressure within the brain and cranium caused by trauma or other diseases. The rising incidences of strokes and traumatic injuries and increasing aging population has led to a significant growth in the global intracranial pressure monitors market. This growth is expected toattributeto both the emerging economies as well the developed.
Product innovations a key strategy in current scenario
Though the market is highly consolidated, companies are investing hefty amount of money on research and development to bring innovative products in the market. The key market players such as Medtronic, Inc., Integra LifeSciences Corp., and Codman & Shurtleff, Inc. have started developing and offering a wide variety of effective and technologically advanced devices by integrating wirelesstechnology, non-invasive medical technologies and robotics in the pressure monitoring systems. They are partnering with various engineers and hospitals for research and development. Recently, in January 2016, Washington University School of Medicine collaborated a professor of materials science and engineering at the University of Illinois, to develop an effective and accurate, implantable sensor that would not require any surgical rescue as it naturally dissolves into the bodily fluids.
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Rising prevalence of strokes and traumatic cranial injuries accelerate the demand of Intracranial Pressure (ICP) monitors
The hysterical lifestyle of people cacross the globe has augmented the prevalence of strokes and increased the incidences of traumatic injuries. Head trauma and cranial injuries are mostly caused by industrial and road accidents, leading to permanent disability or death for hundreds of individuals every year. As per a research, it has been estimated that elevated intracranial pressure causes around 2 casualties in every 10 cases of head injuries. In addition, Asia accounts for an estimated two-third of the world’s disabled population and the number is expected to increase tremendously. The major reason for this is due to the alarmingly high road traffic fatality rates. Globally, Asia accounts for highest percentage of traumatic brain injury due to unintentional injuries, road traffic accidents and falls. Furthermore, strokes are another major factor that has escalated the use of these pressure monitors. According to the Centers for Disease Control and Prevention, it has been estimated that almost 130,000 Americans die from stroke each year, i.e., an average of one person in America dies from stroke in every 4 minutes. Also, the increasing incidences of brain injuries has fueled the demand for intracranial pressure monitoring,substantially.
Increasing opportunities in APAC region leads to increase in sales of ICP Monitors
Emerging economies like APAC are expected to grow at the highest CAGR during the forecast period. The increased investments in healthcare infrastructure, rising per capita spending power, large patient base in the region,increase support from government with favorable policies and regulations, rising number of cases of traumatic injuries, and less competition in the region has created vast growth opportunities for Intracranial Pressure (ICP) monitors market in the region.