The increased prevalence of traumatic injuries and strokes has laid the ground for the immense rise of the global intracranial pressure monitors market. The upswing in the cases of brain injuries in children as well as adults has also boosted the demand for intracranial pressure monitoring remarkably across the world. However, the biggest influence on this market, which stood at US$0.94 bn in 2014, has been accredited to the substantial shift from invasive pressure monitors to non-invasive pressure monitors. This trend is expected to have an enduring effect on the dynamics of demand and supply of these monitors.
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Transparency Market Research expects this market to rise at a CAGR of 6.30% between 2015 and 2023, with business opportunity reaching US$1.63 bn by the end of 2023. Untapped developing countries are anticipated to present opportunity-rich market for participants in the global market 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.
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.