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Intracranial pressure (ICP) is the pressure exerted by fluids such as cerebrospinal fluid (CSF) inside the skull and on brain tissue. Intracranial pressure monitoring is a diagnostic test that uses a small pressure sensitive probe to determine whether the cerebrospinal fluid pressure in the head is high or low. The intracranial pressure monitoring (ICP) devices market is associated with manufacturing, distribution, and sale of ICP devices. The global Intracranial pressure (ICP) monitoring device market value stood at US$1.68 billion in 2022, and is expected to reach US$2.52 billion by 2028.
Global intracranial pressure monitoring devices market demonstrated a consistent growth, primarily driven by increasing recognition of the impact of traumatic brain injuries on public health, heightening per capita income, increasing awareness about the importance of monitoring ICP levels among healthcare professionals, rapidly expanding geriatric population, increasing prevalence of neurodegenerative disorders, rising demand of ICP monitoring in intensive care, increasing awareness about the importance of strengthening healthcare infrastructure after COVID-19 pandemic, and rising government initiatives to raise awareness among patients regarding neurological disorders and their early diagnosis for proper management, among others, etc. The market is expected to grow at a CAGR of 7% over the projected period of 2023-2028.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the intracranial pressure monitoring devices market into two segments based on type: invasive and non-invasive. Invasive is the largest segment of global intracranial pressure monitoring devices market owing to rising cases of trauma and brain injuries, proliferating sleep disorders, increasing prevalence of brain aneurysms, rising number of diagnostic and treatment procedures associated with the brain, accruing health consciousness of early ICP management, growing adoption of ICP-guided therapy, and increasing number of government initiatives towards the proper and efficient medical care for the people. Non-invasive is the fastest segment of global intracranial pressure monitoring devices market owing to increasing demand for minimally invasive treatments, various complication associated with invasive techniques, positive shift in patient's preferences towards non-invasive procedures, increasing demand for ICP monitoring devices in intensive care units and neurology wards, and emerging application of non-invasive ICP monitoring devices in various settings, including neonatal intensive care units, sleep labs, and sports medicine.
By Offerings: The report provides the bifurcation of the intracranial pressure monitoring devices market into three segments on the basis of offerings: products and systems, solutions and platform, and services. Products and systems is the largest segment of global intracranial pressure monitoring devices market owing to increasing incidence of neurological disorders in older generation, essential nature of monitoring devices in diagnosing and managing various neurological conditions, high value of products and systems in comparison to other segments due to their technical complexity and advanced features, presence of large number of established players offering a wide range of products, rising healthcare expenditure globally, and increased healthcare professionals and the general public awareness about benefits of ICP monitoring.
By Application: The report provides the bifurcation of the intracranial pressure monitoring devices market into seven segments on the basis of application: traumatic brain injury, hydrocephalus, space-occupying lesions, reyes syndrome, non-traumatic bleeds, cerebral oedema, and others. Traumatic brain injury is the largest segment of global ICP monitoring market as a result of, increasing TBI cases due to a rise in number of road accidents in both developing and under developed countries, the critical role of ICP monitoring in TBI treatment, the provision of early identification and management of secondary brain insults, growing awareness of the importance of ICP monitoring, ongoing technological advancements, and increased use of ICP monitoring devices for diverse TBI causes (violent acts, sports injuries, explosions, and other types of combat traumas) and severity.
By End User: The report provides the bifurcation of the intracranial pressure monitoring devices market into four segments on the basis of end user: hospitals, clinics, ambulatory surgical centers, and others. Hospitals is the largest segment of global intracranial pressure monitoring devices market as a result of increasing lifestyle-related diseases, an aging population, hospital serving as a primary healthcare institutions for patients with neurological disorders, greater availability of resources and infrastructure to invest in sophisticated ICP monitoring devices, hospitals' increasing focus on improving patient safety and quality of care, and presence of a large number of patients in comparison to other healthcare settings along with provision of specialized care for conditions that necessitate intracranial pressure monitoring.
By Region: The report provides insight into intracranial pressure monitoring devices market based on the regions namely, Europe, North America, Asia Pacific, and rest of the world. North America is the largest region of global intracranial pressure monitoring devices market, as a result of increasing number of trauma cases, region's well-established healthcare infrastructure, larger patient population base, high healthcare expenditure, availability of plethora of product ranges & established suppliers, and increasing availability of technologically advanced devices that enable more accurate and efficient monitoring of intracranial pressure. In addition, supportive government initiatives, including the establishment of the American Society of Craniofacial Surgery (ASCFS), for creating awareness about minimally invasive Craniomaxillofacial (CMF) surgeries are expected to further propel the market growth during the forecast period. North America ICP monitoring devices market is divided into three regions on the basis of geographical operations, namely, the US, Canada and Mexico, where the US is the largest region within North America ICP monitoring devices market as a result of increase in number of patients suffering from neurological diseases like brain aneurysms, traumatic brain injury, migraine, etc., wide availability of skilled professional, rapid expansion in the healthcare industry, high adoption of advanced ICP monitoring devices, presence of sophisticated healthcare infrastructure, and existence of major players such as Vivonics Inc., Integra LifeSciences Holdings Corporation, Natus Medical Incorporated, etc.
Asia Pacific is the fastest growing region in the global ICP monitoring device market, owing to strong economic growth, region's vast population, increasing awareness and acceptance of ICP monitoring, rising traffic accidents & occupational hazards cases, expanding geriatric population, increasing public healthcare expenditure for improving healthcare facilities, and rising incidence of traumatic brain injuries in Asia Pacific countries such as India, Pakistan, and Bangladesh.
Market Dynamics:
Growth Drivers: The global intracranial pressure monitoring devices market has been rapidly growing over the past few years, due to factors such as, increasing number of traumatic brain injury (TBI), aging population, growing demand for minimally invasive surgeries, increasing awareness among healthcare professionals, and rising prevalence of neurological diseases, etc. The risk of stroke and cerebrovascular diseases tends to rise with age. Older individuals are more likely to be prone to conditions like ischemic strokes or hemorrhages that can result in fluctuations in intracranial pressure, making ICP monitoring more crucial in the acute management and ongoing care of elderly patients recovering from such events. In addition, medical societies & organizations, such as the Brain Trauma Foundation and the Neurocritical Care Society, publish clinical guidelines and recommendations that emphasize the importance of ICP monitoring in specific clinical scenarios. So, increasing recognition of the impact of traumatic brain injuries on public health, and growing use of ICP monitoring devices for accurate measurement of ICP levels, close monitoring & detection of brain damage, and initiation of therapeutic intervention will contibue to boost the growth of global intracranial pressure monitoring devices market in the forecasted period of 2023-2028.
Challenges: However, the global intracranial pressure monitoring devices market growth would be negatively impacted by various challenges such as high risk and complications associated with ICP monitoring devices, high intracranial pressure (ICP) monitoring cost etc. Invasive ICP is a very complex process that involves boring a hole in the skull so that catheters can be planted to drain hydrocephalus, which in several cases can lead to bleeding, infections, malpositioning, and brain hemorrhage due to the presence of narrow ventricles, putting patient at severe risk. So, health hitches & increased risk associated with invasive surgical procedures is expected to impend the growth of ICP monitoring devices in the forecasted period. Also, Intra cranial pressure (ICP) monitoring instruments and methods are relatively expensive, making them unaffordable for a large consumer base, particularly in developing countries.
Trends: The global intracranial pressure monitoring devices market is projected to grow at a fast pace during the forecasted period, due to increasing integration of AI and cloud computing technologies, growing research on non-invasive ICP monitoring devices, ongoing technological advancements, increased focus on remote patient monitoring systems etc. Recent innovations in ICP monitoring devices including the use of high-definition small cameras, data recorders, miniature devices, data analysis systems, motion sensors, remote guidance systems, catheters, and robotic instruments, to improve accuracy & reliability of these devices, will continue to augment the overall market growth. In addition, AI technologies are increasingly used in intracranial pressure (ICP) monitoring devices for ICP data analysis & pattern recognition, predictive analysis of ICP levels for proactive intervention, provision of personalized ICP monitoring & treatment plans, enhancement of ICP monitoring data integration into electronic health records (HER), and continuous surveillance of patients by automatically triggering alerts and notifications in response to abnormal changes in ICP levels. . Therefore, ongoing technological advancements is expected to boost the growth of ICP monitoring devices market in forecasted years.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 brought in many changes in the world in terms of reduced productivity, loss of life, business closures, closing down of factories and organizations, and shift to an online mode of work. The sudden outbreak of the COVID-19 pandemic was associated with an increase in the demand for ICP monitoring devices, needed to monitor, asses, and treat a range of neurological complications, including stroke, neuropathies, and encephalopathy. Also, increasing cases of coronavirus disease (COVID-19) augmented the need for providing optimum care to patients under critical conditions by many healthcare facilities, strengthening the demand for ICP monitoring devices needed for monitoring patients under intensive care by continuously monitoring vital signs, organ function, and neurological parameters, especially in patients that are at risk of neurological issues. Hence, COVID-19 pandemic had a significant impact on the intracranial pressure monitoring market, with increasing demand for such devices to monitor and treat high ICP levels.
Competitive Landscape:
The global intracranial pressure monitoring market is moderately fragmented, with increasing number of large and medium sized players striving to gain a significant market share. Major companies in the market have been implementing both organic (such as launches, expansion, and product approvals) and inorganic development strategies (such as product launches, partnerships, and collaborations) to expand their product portfolio and gain competitive edge. The competitive landscape of the market is characterized by intense competition, technological advancements, and a growing emphasis on patient-centric care. New and inexpensive products are being introduced by top companies in the intracranial pressure monitoring devices market to flourish in unexplored regions & help the industry expand.
The key players of the global intracranial pressure monitoring market are:
Integra LifeSciences Holdings Corporation
Medtronic PLC
IRRAS AB
RAUMEDIC AG
Vivonics Inc.
Brain4Care
Luciole Medical AG (Spiegelberg GmbH & Co. KG)
TKB Corporation (Sophysa SA)
ARCHIMED (Natus Medical Incorporated)