Intracranial Pressure (ICP) Monitoring Market is further expected to expand at a CAGR of 4.9% over the forecast period of 2021-2031
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- In a recent study done by Persistence Market Research, the global intracranial pressure (ICP) monitoring market recorded a market value of US$ 210.4 Mn in 2020. The market is further expected to expand at a CAGR of 4.9% over the forecast period of 2021-2031.
Intracranial pressure monitoring devices are used for the monitoring of increased level of intracranial pressure or the pressure of cerebrospinal fluid. Such devices are widely used in case of certain diseases such as subarachnoid hemorrhage, hydrocephalus, and malignant cerebral infarction (MCI) for providing proper treatment based on the testing.
There has been various technological advancements in recent times such as development of wireless ICP monitoring devices. Furthermore, innovation and approval for home-based ICP monitoring devices for patients suffering from hydrocephalus has been rising
For instance, the Raumed Home ICP device manufactured by Raumedic in 2019, also adds to the convenience of use of these products from the comfort of homes. The device allows the storing of certain activities on the handheld device, such as eating, sleeping, nausea, etc., with just the touch of a button. This provides better insights for therapy by neurosurgeons, which results in better treatment.
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Key Takeaways from Market Study
- Intracranial pressure monitoring devices used for measuring elevated intracranial pressure in the brain held more than 85% market share in 2020.
- Intraventricular route of intervention held approximately 50% of the global market share in 2020.
- Traumatic brain injury (TBI) is the most commonly seen indication for which ICP monitoring devices are used. TBI held a market share of around 37% in 2020.
- Hospitals are preferred more by patients as they use a variety of techniques to monitor ICP- clinical examination, do brain imaging, and use ICP monitors, with overall easy reimbursement procedures. Hospitals accounted for nearly one-fourth of the global market share in 2020.
- In 2020, North America dominated the ICP monitoring devices market, accounting for more than 55% of global market share.
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"Increased cases of neurological diseases and advancements in diagnostics will propel demand for ICP monitoring devices over the coming years," says an analyst of Persistence Market Research.
Market Competition
Key manufacturers of ICP)monitoring devices are focusing on strategic partnerships with institutes and hospitals for the marketing of their products, getting approvals from various regulatory authorities globally, and expanding their portfolios for gaining market position.
- In October 2021, IRRAS collaborated with Aarhus University Hospital in Aarhus, Denmark, one of the world's leading medical institutions. This collaboration helped in the business of IRRAflow.
- Again, in December 2021, the company collaborated with the Lovell Government Services to sell IRRAflow and Hummingbird ICP product lines to Veterans Affairs (VA) hospitals and other U.S. government and military medical facilities.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the intracranial pressure (ICP) monitoring market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on product (ICP monitoring products and accessories), route of intervention (intraventricular, subdural, epidural, parenchymal, and subarachnoid), indication (traumatic brain injury, intracerebral haemorrhage, subarachnoid haemorrhage, hydrocephalus, malignant cerebral infarction (MCI), cerebral edema, CNS infections, and others), and end user (hospitals, ambulatory surgical centers, trauma centers, and neurosurgery centers), across seven key regions of the world.
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