PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1423797
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1423797
The global market for intracranial pressure (ICP) monitoring is poised for significant growth during forecast period. Projections suggest a steady expansion over the next decade, reaching a market valuation of US$ 353.5 million by 2031. This surge in demand presents lucrative opportunities for manufacturers of ICP monitoring devices worldwide.
Rising Incidence of Neurological Conditions Major Market Driver
The burgeoning prevalence of neurological disorders, particularly among aging populations, serves as a primary driver for the growth of the ICP monitoring market. Countries such as China, Japan, and India, with substantial older adult populations, present fertile ground for manufacturers to expand their businesses. With millions of individuals at risk of neurological disorders, the demand for ICP monitoring devices for regular neurological disease monitoring is set to escalate.
Restraining Factors for ICP Monitoring Equipment Sales
Despite the promising growth trajectory, the high cost associated with ICP monitoring devices and procedures remains a significant impediment, particularly in developing nations like India. The complexity of the procedures, coupled with the requirement for trained medical professionals, poses further challenges to market expansion. Additionally, the invasive nature of the process underscores the critical need for skilled professionals to mitigate potential risks.
Country-wise Insights
In North America, particularly the United States, advanced healthcare infrastructure and high adoption rates of ICP monitoring devices propel market dominance. Germany leads the European market, driven by convenient reimbursement policies and advanced medical facilities. Meanwhile, China emerges as a prominent market in East Asia, boasting a large patient pool and increasing government initiatives.
Category-wise Insights
ICP monitoring sensors dominate the market, accounting for over 85% of the total market share in 2023. The heightened demand for measuring intracranial pressure, especially in traumatic brain injury cases, underscores the critical role of advanced monitoring devices in diagnostics and management.
Impact of COVID-19 on the Industry
The COVID-19 pandemic had both positive and negative impacts on the global ICP monitoring market. While the focus on virology sectors intensified, resulting in reduced footfall at clinics and fewer traumatic injury cases, the overall demand for ICP monitoring devices experienced a temporary downturn.
Competitive Analysis
Key players in the ICP monitoring market are adopting strategic approaches such as gaining regulatory approvals and forming joint ventures to enhance market presence.
Key Segments Covered in ICP Monitoring Industry Research