May 26, 2024

Intracranial Pressure Monitoring Devices Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Intracranial pressure (ICP) monitoring devices help the diagnosis and management of various neurological conditions affecting intracranial pressure levels. These devices are employed to monitor ICP in traumatic brain injury patients and detect early signs of increased intracranial pressure to prevent secondary brain damage. ICP monitoring devices help physicians implement appropriate treatment strategies and adjust therapies based on real-time measurements. The growing geriatric population and high occurrences of road accidents globally have increased the incidence of traumatic brain injuries, fueling the demand for ICP monitoring solutions.

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, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/intracranial-pressure-monitoring-devices-market-941

Market key trends:

One of the key trends in the intracranial pressure monitoring devices market is the increased preference for non-invasive monitoring devices. Traditionally, invasive ICP monitors that required drilling holes into the skull were commonly used. However, advancements have led to the development and commercialization of non-invasive ICP monitoring devices that do not require surgery. Non-invasive devices offer advantages such as reduced risk of infections, easier implantation and removal, and lower costs. Leading manufacturers are focusing on developing advanced non-invasive ICP monitors with improved accuracy comparable to invasive monitors to gain higher market acceptance. This shift towards non-invasive monitoring solutions is expected to significantly drive the future growth of the global intracranial pressure monitoring devices market.

Porter’s Analysis

Threat of new entrants: Low cost of manufacturing monitoring devices is reducing entry barriers for new players. However, established brands have strong distribution networks and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of substitutes and healthcare cost reductions.
Bargaining power of suppliers: Suppliers have moderate bargaining power as few multinational companies dominate the market.
Threat of new substitutes: Moderate threat from substitutes monitoring devices with new technologies reduce risks and improve patient outcomes.
Competitive rivalry: High as key players compete on technology, product differentiation and service.

Key Takeaways

The global Intracranial Pressure Monitoring Devices market is expected to witness high growth. 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.
Regional analysis North America dominates the market due to growing geriatric population and higher adoption of advanced medical technologies. Asia Pacific is expected to grow at the fastest pace due to increasing healthcare spending.

Key players operating in the Intracranial Pressure Monitoring Devices market are Codman & Shurtleff Incorporated, Sophysa, and Gaeltec Devic. Codman & Shurtleff Incorporated specializes in neurosurgery and occupies a major market share. Sophysa offers ICP monitoring systems with smart sensors to support treatment decisions. Gaeltec Devic focuses on research and development of innovative solutions.

*Note:

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