Technavio, a tech-focused market research firm, has published a new report on the global ICP monitoring market, which is expected to experience a slow but steady growth rate with a CAGR of more than 7% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global ICP monitoring market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global ICP monitoring market into the following key regions: the Americas, EMEA, and APAC.
Geographical segmentation of the global ICP monitoring market for 2015 (market share %)
|
Americas |
54.7% |
|
EMEA |
35.2% |
|
APAC |
10.1% |
Source: Technavio
The Americas: Largest revenue generating region for ICP monitoring
The increased prevalence of neurological disorders and implementation of new medical standards in the region is fueling the demand for ICP monitoring in the Americas. North America is the major revenue contributor in this region. For instance, the new guidelines from BTF has set off an increase in the demand for ICP monitoring in several indications. The emergence and high adoption of non-invasive ICP monitoring is yet another factor fueling the demand for ICP monitoring in the Americas. The ICP monitoring market in the Americas is likely to be driven by the advances in technology, US FDA approval of new products, and subsequent product launches over the next four years.
According to Barath Palada, a lead analyst at Technavio, specializing in research on oncology, “The market has been witnessing the evolution of miniature wireless ICP pressure monitoring. Approximately 40% of Ventriculoperitoneal shunts fail during the first year of placement, and 5% fail every year following the first year. To address this, Integrated Sensing Solution has developed WIPM, a wireless ICP monitoring system with an accurate and longest operating miniature implant that is suitable for both adults and children. It features increased advantages over conventional systems such as ease of insertion and removal. Furthermore, it is not affected by changes in an individual’s height.”
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ICP monitoring market in EMEA
The market in EMEA has been growing steadily owing to increased hospitalization and rise in the number of individuals with permanent health conditions as a consequence of stroke, especially in the Middle East and Sub-Saharan Africa. However, the primarily invasive nature of the technique has hindered the growth of ICP monitoring to some extent owing to the risk of infections. The emergence of non-invasive ICP monitoring is expected to offset the impact of invasive ICP monitoring in the coming years. The region is expected to register a CAGR of more than 6% during the forecast period.
ICP monitoring market in APAC
In 2015, APAC accounted for more than 10% of the world’s demand for ICP monitoring. The market in this region has high potential for growth owing to factors such as rising awareness about neurological disorders, increase in purchasing power, and rapid increase in the number of individuals with dementia and TBIs. India is one of the key revenue generating countries in the ICP monitoring in APAC. The demand for ICP monitoring in India is fueled by high mortality rates from RTAs, rising incidence of neurological disorders, and the growing older population and the subsequent risk of dementia. During the forecast period, the ICP monitoring market in APAC is projected to grow at a CAGR of almost 5%.
The top leading vendors operating in the global ICP monitoring market are:
· Medtronic
· Integra LifeSciences
· Codman & Shurtleff
· Spiegelburg
· RAUMEDIC
· Vittamed
Other prominent vendors in the market include Ad-Tech Medical Instrument, CAS Medical Systems, Compumedics, Electrical Geodesics, Gaeltec Devices, Haiying Medical, HeadSense Medical, Koronis Biomedical Technologies, Natus Medical, Neural Analytics, NeuroDx Development, Orsan Medical Technologies, Sophysa, Third Eye Diagnostics, and Vivonics.
A more detailed analysis is available in the Technavio report tilted, ‘Global ICP Monitoring Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Neurology Diagnostic and Monitoring Devices Market in the US 2016-2020
- Global Deep Brain Stimulation Market 2016-2020
- Global Neurophysiology Needles and Electrodes Market 2016-2020
- Brain Monitoring Devices – Global Market Research 2015-2019
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