Diagnostic procedures to determine whether the pressure inside the head is high or low use intracranial pressure (ICP) monitoring devices. The monitor determines the head pressure and transmits the results to a recording device. The two types of methods most frequently used are invasive and non-invasive. Due to its high accuracy, the invasive method is one of them that doctors use most frequently. The market for intracranial pressure monitoring will grow at a strong CAGR of 6.2%, from a value of $1.38 billion in 2021 to $2.37 billion by 2030.
The high prevalence of head and brain injuries and other diseases that necessitate regular monitoring of the patient's intracranial pressure so that appropriate medical attention can be given to the patient in a timely manner is the main factor that is anticipated to have a significant influence on the development of the studied market.
The usage for intracranial pressure monitoring is also anticipated to grow, promoting development in the intracranial pressure monitoring market. This is due to the growing burden of neurodegenerative diseases like dementia, Alzheimer's, Parkinson's, and others, as well as the growing geriatric population, who are more susceptible to head injuries and neurodegenerative diseases. For instance, the World Health Organization reported in September 2021 that approximately 55 million people worldwide were living with dementia and that there are roughly 10 million new cases each year.
Additionally, the increasing public awareness of neurodegenerative and other brain and head injuries and diseases combined with technological developments in the intracranial pressure monitoring field are anticipated to positively affect the studied market as both of these factors are expected to drive the acceptance of advanced intracranial pressure monitoring devices, which is predicted to accelerate market growth.
Throughout the forecast period, market growth is anticipated to be restrained by a lack of qualified professionals and the increased price of intracranial pressure monitoring.
Monitoring Technique Analysis
Based on the monitoring methods, the market for intracranial pressure monitoring devices is divided into invasive (external ventricular drainage, micro transducer monitoring) and non-invasive categories (MRI, transcranial doppler ultrasonography, optic nerve sheath diameter, and membrane displacement). In 2021, the invasive monitoring market had the largest share. Invasive procedures like ventriculostomy, which measure pressure with extreme precision, are responsible for the growth. It is the most popular diagnostic method for assessing cerebrospinal fluid flow and treating excess hydrocephalus.
As a result, the non-invasive segment is expected to grow fastest, with a CAGR of 7.8% between 2022 and 2027. This expansion is due to the disappearance of the need to insert a catheter through the skull. Non-invasive methods such as CT and MRI can only predict injured points through scanning.
According to end-user, the market for intracranial pressure monitoring devices is divided into homes, hospitals, and other healthcare facilities. In 2021, the hospital sector had the largest share. The massive use of invasive procedures for treating strokes, intracranial hemorrhages, and hydrocephalus, which necessitates the need for hospital facilities, is the cause of the growth.
With a projected CAGR of 7.9% from 2022 to 2027, the household segment is anticipated to grow the fastest. Technological innovations are responsible for this growth. With increased health awareness, the occurrence of portable wireless monitors that provide simple readings is becoming the new normal.
The market for intracranial pressure monitoring devices is segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America was the biggest market accounting for 34% of the total share. The US is home to several top players in the relevant market, producing essential medical equipment, contributing to the segment's growth. The best hospitals, clinics, and research facilities are in Canada, the United States, and other North American countries.
Over the forecast period 2022-2027, the Asia-Pacific segment will be the fastest-growing. This increase is due to an increase in neurological problems as Asian countries such as India and Bangladesh record millions of road accidents each year.
Sophysa, Gaeltec Devices Limited, Codman & Shurtleff Incorporated, Raumedic AG, Integra Lifesciences Co., VITTAMED, Orsan Medical Technologies, Haiying Medical, and other companies are among the market participants that manufacture intracranial pressure monitoring devices. To control the largest portion of the market for intracranial pressure monitoring devices, the industry participants adopted a strategy of mergers and acquisitions, and partnerships.
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