Albany - New York, Sept. 16, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Intracranial Pressure Monitors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", the global intracranial pressure monitors market was valued at USD 210.5 million in 2014 and is projected to expand at a CAGR of 6.4% from 2015 to 2023 to reach USD 350.5 million in 2023.
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Intracranial pressure monitors are medical devices used to measure the pressure inside the skull under critical care. Factors such as increasing incidence of neurological and cerebrovascular disorders, coupled with growing awareness regarding the application of intracranial pressure monitors have fueled the growth of the intracranial pressure monitors market. Increasing incidence of traumatic head injuries worldwide is another factor likely to drive the growth of the intracranial pressure monitors market during the forecast period from 2015 to 2023.
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Among the product variants available in the market, the external ventricular drain (EVD) segment accounted for the largest share (over 35%) of the intracranial pressure monitors market in 2014, as these devices are extremely affordable, and easy-to-use. In addition, the transducer of EVD can be re-zeroed at any point of time, driving the demand for these devices. However, the air pouch devices are anticipated to expand at the fastest CAGR due to the accurate measurements and the lowest zero-drift characteristics offered by these devices. In addition, increasing rate of traumatic brain injuries demands greater technological advancement and accuracy, which contributes towards the high growth rate of the air pouch devices market.
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Based on application, the traumatic brain injury segment held the largest share of the market in 2014 due to increasing incidence of violence, traffic-related accidents, and sport injuries. The segment is also anticipated to grow at the highest CAGR due to technologically advanced diagnostic platform offered by intracranial pressure monitors. Similarly, based on end-user, the trauma centers segment held the largest market share in the global intracranial pressure monitors market. Round the clock availability of specially trained health care experts and increasing number of critically ill patients is driving the growth of trauma centers market segment. The segment is also expected to progress at the fastest CAGR in order to cater to the demands of severely injured patients for better quality outcomes.
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In terms of regional market analysis, North America accounted for the largest share (over 50%) of the global intracranial pressure monitors market in 2014. High awareness, well developed healthcare infrastructure, and high acceptance of technologically advanced monitoring equipment are contributing towards North America's relatively higher market share compared to Europe, Asia Pacific, and RoW. However, countries in Asia Pacific such as Japan, South Korea, Australia, Malaysia, India, and China are witnessing remarkable growth. Large number of population suffering from cerebrovascular diseases such as traumatic brain injury, intracerebral hemorrhage, and subarachnoid hemorrhage, coupled with easy market penetration in developing countries would augment the growth of the intracranial pressure monitors market in Asia Pacific.
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The global intracranial pressure monitors market exhibits intense competition among the existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies. Major players operating in the intracranial pressure monitors market are Codman & Shurtleff, Inc., Haiying Medical, HeadSense Medical, Inc., Integra LifeSciences Corporation, Medtronic, Inc., Raumedic AG, SOPHYSA, and Spiegelberg GmbH & Co. KG.
The global intracranial pressure monitors market has been segmented as follows:
Intracranial Pressure Monitors Market, by Type
- External Ventricular Drain
- Fiberoptic Monitors
- Strain Gauge Transducers
- Air Pouch Devices
Intracranial Pressure Monitors Market, by Application
- Traumatic Brain Injury
- Intracerebral Hemorrhage
- Subarachnoid Hemorrhage
Intracranial Pressure Monitors Market, by End-user
- Trauma Centers
Intracranial Pressure Monitors Market, by Geography
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
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Source:Transparency Market Research