by The Cerebral Somatic Oximeters Market is estimated to be valued at US$ 195.2 Mn 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 Overview:
Cerebral somatic oximeters are non-invasive medical devices used to monitor brain oxygenation levels and detect ischemia. These oximeters help to prevent hypoxic brain injuries by detecting low blood oxygen levels in the brain. They are widely utilized for cardiac surgeries, organ transplantations, and trauma cases to check brain oxygen saturation and take necessary preventive measures.
Market key trends:
One of the key trends driving the cerebral somatic oximeters market growth is technological advancements. Key players are focusing on developing innovative oximeters with improved accuracy and new capabilities. For instance, Masimo Corporation launched Next Generation SedLine brain function monitoring with improved sensors and algorithms to provide more precise cerebral oximetry and early detection of changes in brain health. It helps clinicians to detect brain injury earlier and take timely intervention. Similarly, Medtronic is offering sophisticated cerebral oximetry technology platforms like Covidien INVOS. Such innovations are expected to support the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the Global Cerebral Oximeters Market due to high capital requirement for R&D and manufacturing. Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative options in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Threat of new substitutes is moderate as new monitoring technologies can be developed. Competitive rivalry: High due to presence of many key players.
SWOT Analysis
Strength: Cerebral somatic oximeters provide non-invasive monitoring of cerebral oxygenation. Weakness: high cost of cerebral oximeters limits their adoption in developing regions. Opportunity: Rising incidence of neurological diseases and trauma cases presents an opportunity. Threats: Reimbursement issues and data integrity concerns are threats to the market.
Key Takeaways
The global cerebral somatic oximeters market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing incidence of neurological diseases and trauma cases.
Regionally, North America dominated the global cerebral somatic oximeters market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to presence of major players and favourable reimbursement policies in the region. Asia Pacific is expected to exhibit fastest growth over the forecast period owing to rising healthcare expenditure and increasing medical tourism in the region.
Key players operating in the cerebral somatic oximeters market are Medtronic, Nonin, Edwards Lifesciences Corporation, ISS, Inc., Masimo, Hamamatsu Photonics K.K., Mespere LifeSciences, CLINOCARE, HyperMed Imaging, Inc., Terumo Corporation, Quantek Instruments. Major players are focusing on new product launches and technological advancements to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
