Albany, NY -- (SBWIRE) -- 05/19/2018 -- The global intracranial pressure monitors market is witnessing a shift from invasive devices to non-invasive ones, as patients demands have changed, states Transparency Market Research (TMR) in its latest report. Manufacturers within this industry are facing intense competition and this is forcing them to stay up dated and provide their customers with the latest devices. Thus, much focus is given to research and development and technological advancements. Some of the leading players in the intracranial pressure monitors market are: Medtronic Inc., Integra LifeSciences Corp., and Codman & Shurtleff Inc. These players are aggressively integrating advanced technologies in their products and striving to introduce next-generation devices in the market. The lead author of this report further adds that entering into strategic partnerships with local players will help market players gain more shares in the market.
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As per TMR, the global market opportunity for intracranial pressure monitors will be worth US$1.63 bn by 2023. On the basis of geography, North America is currently the leading regional market and shall continue to do so in the years to come. Asia Pacific will emerge as a key market for intracranial pressure monitors on account of the increasing geriatric population. Increase in the healthcare expenditure and rising incidences of cerebrovascular disorders will also aid the growth of the market in Asia Pacific, making it one of the most attractive markets for intracranial pressure monitors.
High Incidences of Road Accidents and Sports Injuries to Drive Traumatic Brain Injury Segment
By application, the traumatic brain injury segment led in the past and is anticipated to expand at a CAGR of 7.70% during the forecast period from 2015 to 2023. Driven by increasing violence and growing number of road accidents, this segment will witness high growth. An increasing incidence of industrial accidents and head injuries on account of recreational activities and sports will also help the growth of the traumatic brain injury market segment.
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High Incidences of Strokes to Encourage Demand for Intracranial Pressure Monitors
The global intracranial pressure monitors market is driven by growing frequency of traumatic injuries on account of frenzied lifestyle of the people worldwide. This has also resulted in the high occurrence of strokes, thereby fueling the demand for intracranial pressure monitors. A growing number of people suffer from high blood pressure, which is responsible for increasing the rate of strokes and driving the demand for intracranial pressure monitors. Cranial injuries are occurring frequently and so are head traumas on account of industrial accidents and road accidents. A TMR analyst has identified the untapped markets in developing nations to offer attractive growth opportunities in the near future. On the other hand, the reports about cerebrospinal fluid infection, which could even lead to fatal results will limit the application of intracranial pressure monitors, posing a challenge for the growth of the market.
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