Traumatic brain injuries and strokes remain one of the leading causes of death and disability across the globe. The upswing in the cases of brain injuries in adults as well as children has proved to be a shot in the arm for the global intracranial pressure monitors market. The Centers for Disease Control and Prevention states that every day nearly 140 people in the U.S. die from injuries that are associated with traumatic brain injuries.
According to a report by Transparency Market Research (TMR), the opportunity in the global intracranial pressure monitors market was pegged at US$0.94 bn in 2014 and is poised to reach US$1.63 bn by 2023, rising at a CAGR of 6.30% between 2015 and 2023. A TMR analyst states that the sweeping shift towards non-invasive pressure monitors from invasive ones is likely to have a positive and enduring impact on the dynamics of the market.
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How are governments playing an important role in the growth of the global intracranial pressure monitors market?
Governments across the world are raising their budgets for the healthcare development. For instance, the Centers for Medicare and Medicaid Services revealed that the U.S. government had increased the bar for healthcare spending from 3.6% in 2013 to 5% in 2014. Other developed countries such as France, Japan, and Germany are also increasing their healthcare spending every year. France’s healthcare system covers the public-private mix of hospital and ambulatory care with a higher volume of service provisions as compared to the U.S. Emerging countries such as India, China, and the Philippines are also jumping on the bandwagon, thereby providing a boost to the overall intracranial pressure monitors market.
How are developed regions contributing to the growth of the global intracranial pressure monitors market?
North America will continue to dominate the market in terms of revenue until 2023, followed by Europe. The rising incidence of traumatic injuries and neurological disorders are boosting the demand for intracranial pressure monitors in these regions. In addition, the rapid technological advancements in the field of pressure monitoring are anticipated to provide a fillip to these regional markets as well as the global market.
Why are manufacturers in the global intracranial pressure monitors market shifting focus towards emerging markets?
Despite the dominance of North America, Asia Pacific will offer substantial lucrative opportunities to market players, owing to the presence of numerous untapped markets. Over the past few years, the cases of cerebrovascular disorders have recorded a sudden rise, primarily due to the growing aging population in this region. Moreover, the consumer expenditure on healthcare has increased, thanks to the rising disposable income. Owing to these factors, the Asia Pacific market for intracranial pressure monitors is estimated to expand at a significant CAGR during the forecast period.