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Intracranial pressure (ICP) monitoring devices are medical devices used to measure intracranial pressure inside the skull. ICP monitoring is used to monitor patients who have suffered severe traumatic brain injuries, brain tumors and other neurological diseases. These devices help detect any abnormalities such as swellings, bleeding or excess fluid accumulation in the brain. The most common intracranial pressure monitoring devices available in the market are external ventricle drainage, microtransducer monitors and lumbar drainage systems. External ventricle drainage systems are flexible catheters inserted into the brain that are connected to a monitoring device. Microtransducers are inserted in to the brain during surgery to directly measure pressure. Lumbar drainage systems are used to monitor fluid pressure in the brain after draining the fluid collected around the membranes covering the spinal cord and brain.
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:
One of the key trends in the intracranial pressure monitoring devices market is the increasing adoption of non-invasive ICP monitoring devices. Non-invasive devices offer significant advantages over invasive monitoring such as reduced risk of infection and hemorrhage. Major players are focused on developing novel non-invasive ICP monitoring devices based on trans cranial Doppler technology. For instance, in 2019, Orsan Medical Technologies received FDA approval for its non-invasive ICP monitoring device Neurovent-Ptu which uses trans cranial Doppler technique for continuous ICP monitoring. Such advances are expected to drive the adoption of non-invasive ICP monitoring devices over the forecast period.
Porter’s Analysis
Threat of new entrants: The intracranial pressure monitoring devices market requires considerable R&D investments and regulatory approvals. These factors pose significant barriers to entry for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as intracranial pressure monitoring devices are specialized products offered by a few global and regional vendors.
Bargaining power of suppliers: A few large vendors supply specialized components and technologies used in intracranial pressure monitoring devices. This gives them moderate bargaining power over suppliers.
Threat of new substitutes: There exist no viable substitutes currently for intracranial pressure monitoring devices used in monitoring intracranial pressure and estimating severity of brain injury.
Competitive rivalry: The intracranial pressure monitoring devices market experiences moderate-to-high competition due to presence of a few global vendors offering different types of devices.
Key Takeaways
The global intracranial pressure monitoring devices market is expected to witness high growth over the forecast period. North America is expected to be the dominant as well as the fastest growing regional market owing to enhanced healthcare infrastructure and higher adoption of advanced medical devices in the region. Europe is also expected to capture significant market share owing toincreasing prevalence of brain diseases coupled with well-developed healthcare system.
Key players operating in the intracranial pressure monitoring devices are Codman & Shurtleff Incorporated, Sophysa, Gaeltec Devices Limited, Integra Lifesciences Co., Raumedic AG, VITTAMED, Orsan Medical Technologies, Haiying Medical, and other. Regional analysis focused on North America and Europe regions. Key players analysis briefly covered Codman & Shurtleff Incorporated, Sophysa, Gaeltec Devices Limited, Integra Lifesciences Co., Raumedic AG, VITTAMED, Orsan Medical Technologies, Haiying Medical.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
