A report by Transparency Market Research, titled, “Neuro Critical Care Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” envisages this market to depict a fantastic performance based on the rising number of cases that deal with traumatic scenarios and critical brain and spinal cord injuries, in recent times.
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Vehicular accidents have been on a sporadic rise, and extreme cases often involve victims falling prey to brain injuries. A dire need exists for providing immediate treatment to those affected by such injuries, wherein the situation often needs to be delicately handled. A need for the affected individuals to undergo critical neuro care and relevant surgeries might exist, thus leading towards an increased demand for relevant treatment procedures. These are prime factors substantially driving the global neuro critical care market.
A rapid progress made by neurological sciences associated with medicine and surgery sectors has given way to highly sophisticated and efficient neuro surgery techniques and treatments, consequently boosting the market’s growth. Favorable initiatives by government in the form of funds and grant schemes is also expected to boost the global neuro critical care market’s growth.
However, high costs initially borne by healthcare centers to set up extensive neurological equipment is restraining the global neuro critical care market. Lack of skilled workforce and specialists, which otherwise is highly required to operate neuro care equipment is another growth dampening factor for the market. Nevertheless, rapid innovations and advancements in the field of neurological studies and treatment procedures is expected to offset most of the restraints in future.
Region-wise, the global neuro critical care market is spread across North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. Of these, North America holds a leading position in terms of revenue gained owing to a high adoption of neurosurgery techniques along with a strong healthcare infrastructure established in this region. Besides North America, rising number of accidents in Asia Pacific is also expected to make this region grow with a fast rate in the next few years.
The global neuro critical care market depicts a significantly consolidated vendor landscape, thanks to the presence of a handful of well-established players. Most companies are focusing on achieving product differentiation, geographical expansion, and regulation of product prices. These are the three primary strategies implemented by most companies operating in the market. The competition is expected to further intensify as the number of new players entering the market is projected to increase in forthcoming years.
General Electric Company, Koninklijke Philips N.V., Teleflex Incorporated, Medtronic, Drägerwerk AG & Co. KGaA and Terumo Medical Corporation, CardioDynamics International Corporation, Abbott, Edwards Lifesciences Corporation, Integra LifeSciences Corporation., and Aspect Medical Systems, Inc., are key players operating in the global neuro critical care market.