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Global Cerebral Oximetry Monitoring Market Size was valued at USD 0.2 Billion in 2022. The Cerebral Oximetry Monitoring market Age is projected to grow from USD 0.31 Billion in 2023 to USD 0.39 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). The incidence of diseases including cardiovascular and neurological problems and the aging population, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The aging population and the increasing prevalence of diseases including cardiovascular and neurological conditions are the main factors driving the market's growth. According to the Centers for Disease Control and Prevention (CDC), 697,000 Americans are expected to have coronary artery disease (CAD) in 2020 as a result of adopting a western lifestyle, frequent drinking, smoking, and inactivity. As CAD cases increase, it is expected that need for cerebral oximetry monitoring devices to perform safe CAD surgery would rise.
The approval of new cerebral oximeter devices by regulatory bodies including the EMA and the U.S. FDA has been observed, offering market participants a commercial opportunity. The frequency of neurological diseases also raises the demand for cerebral oximeters, one of the most important tools for monitoring the amount of oxygen in the brain. As a result, it is anticipated that throughout the forecast period, the market expansion would be fueled by both the continuing development of the device sector and the rising acceptability of these devices.
On the other hand, the covid-19 pandemic had a negative impact on the global market for cerebral oximetry monitoring. The lockdown brought on by the COVID-19 epidemic has delayed non-essential medical procedures like heart surgery. According to the National Centre for Biotechnology Information (NCBI), during the pandemic between March 2020 and April 2021, the rate of procedures fell by 37%. When non-essential procedures gradually resume globally and Covid-19 immunization continues in 2021, revenue is expected to rebound because of a backlog of postponed elective surgeries.
The market is expected to grow as a result of combining the use of cerebral oximeters and other technologies. For instance, in June 2022, Medtronic added two continuous monitoring technologies to the CARESCAPE platform of G.E. Healthcare, allowing doctors to tailor their patient care. The Microstream capnography and INVOS regional oximetry technologies will be used in the ICU and surgical care. The integration has received FDA approval, and the CE Mark has been acquired. The CARESCAPE platform now offers all of the Medtronic patient monitoring technologies in its entirety. The system also includes FlexAcuity from G.E. Healthcare, which enables doctors to choose care options based on patient acuity needs and spot deterioration early. This connectivity has given clinicians greater options for treating patients around the world. Thus, driving the Cerebral Oximetry Monitoring market revenue.
The global Cerebral Oximetry Monitoring market segmentation, based on Age, includes adults and pediatrics. Adults segment dominated the global market in 2022. The increased acceptance and clearance of new gadgets to monitor adults' cerebral oxygen levels is the main factor driving the market for devices. The paediatric sector is predicted to grow profitably during the course of the forecast period. The devices' enhanced paediatric usage authorization is what led to this expansion. In March 2022, the U.S. FDA extended Masimo's license to monitor children's brain activity while they are under anesthesia using the SedLine brain function system and sensors.
The global Cerebral Oximetry Monitoring market segmentation, based on Application, includes cardiac surgery, vascular surgery, and pediatrics. Cardiac surgery segment dominated the global market in 2022. The cerebral oximeter is essential for determining how much oxygen is getting to the brain during heart surgery. For instance, the National Heart, Lung, and Blood Institute estimates that more than 2 million open heart surgeries are performed annually to treat various cardiac issues. Thus, it is anticipated that the demand for cerebral oximetry devices will increase during the projected period due to increased treatments involving the heart. It is projected that the other section will expand significantly during the course of the forecast period. Other sections include procedures for orthopaedic and neurological issues.
The global Cerebral Oximetry Monitoring market segmentation, based on End User, includes hospitals, clinics, ambulatory surgical centers, and others. Hospitals segment dominated the global Cerebral Oximetry Monitoring market in 2022. Most patients visit hospitals and clinics because they have access to the medical professionals and tools required for cardiac surgery.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Cerebral Oximetry Monitoring Market dominated this market in 2022 (45.80%). This is due to the presence and services provided by important players in the region. In the US, Medtronic, Edwards Lifesciences Corporation, Nonin, and Masimo frequently provide oximeter devices such as the INVOS System, ForeSight System, EQUANOX, and Root with O3 to monitor cerebral desaturation during heart surgery. Further, In the North American area, the U.S. Cerebral Oximetry Monitoring market had the biggest market share, while the Canada Cerebral Oximetry Monitoring market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Cerebral Oximetry Monitoring market accounted for the healthy market share in 2022. The main driving forces for the expansion of cerebral oximeters are a sedentary lifestyle devoid of exercise, a bad diet, anxiety, and stress that cause chronic illnesses like diabetes and obesity, as well as an increase in the prevalence of multiple cardiovascular diseases (CVD). Further, In the European region, the German Cerebral Oximetry Monitoring market had the biggest market share, and the U.K. Cerebral Oximetry Monitoring market had the quickest rate of growth.
The Asia Pacific Cerebral Oximetry Monitoring market is expected to register significant growth from 2023 to 2032. The key market-drivers in the area are the aging population, rising sickness rates, and rising per capita disposable incomes. Because of their high rates of comorbidity, older persons have a higher risk of cardiovascular disease (CVD), according to numerous research. The National Statistical Office predicts that there will be 194 million senior citizens in the nation by the end of 2021, up from 138 million in that year. Moreover, In the Asia-Pacific region, the Indian Cerebral Oximetry Monitoring market had the quickest rate of growth while China's Cerebral Oximetry Monitoring market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cerebral Oximetry Monitoring market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Cerebral Oximetry Monitoring sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Cerebral Oximetry Monitoring industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cerebral Oximetry Monitoring sector. Major players in the Cerebral Oximetry Monitoring market, including Boston Scientific, Omron Healthcare, Welch Allyn, Honeywell Life Sciences, Natus Medical, Mindray Medical, Edwards Lifesciences, GE Healthcare, Masimo, Philips Healthcare, and Medtronic, are attempting to increase market demand by investing in research and development operations.
A company that specializes in medical technology under the name of Medtronic Plc (Medtronic), formerly known as Medtronic Inc., designs, develops, manufactures, and sells a wide range of medical items. It offers treatments for ailments such heart valve problems, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as for illnesses affecting the spine and musculoskeletal system and the ears, nose, and throat. For the dentistry and orthopedic areas, it also provides biologic solutions. It sells its goods to hospitals, clinics, institutions, government-sponsored health care programs, distributors, and group purchasing organizations in Asia Pacific, Europe, the Americas, the Middle East, and Africa. Dublin, Ireland is home to Medtronic's corporate headquarters. In December 2021, the FDA granted 510(k) approval for the Medtronic PLC INVOS 7100 cerebral/somatic oximetry device for pediatric uses. The INVOS system enables pediatric clinicians caring for neonates, preterm infants, children, and other patients to make timely decisions on ventilation, hemodynamic management, and resuscitation.
Masimo Corp. (Masimo) is a medical technology company that develops, manufactures, and sells non-invasive patient monitoring systems, medical devices, and sensors to improve patient care. The rainbow SET platform and signal extraction technology (SET), two of the company's proprietary technologies, both aid in the identification of potentially fatal situations. Some of its primary products include patient monitors, pulse oximeters, central monitoring systems, specialized sensors, circuit boards, remote alerts, and monitoring solutions. The company also offers its products directly to customers and via a network of distributors and original equipment manufacturers that cater to hospitals, long-term care facilities, veterinary clinics, emergency medical service providers, and home care providers. Australia, Asia, the Middle East, Europe, North and South America, and Africa are all places where the corporation conducts business. Masimo is an American company with headquarters in Irvine, California. According to Masimo, the FDA authorized O3 Regional Oximetry in August 2020 for wider use. All patient populations' somatic tissue oxygenation saturation as well as relative alterations in haemoglobin, oxyhemoglobin, and deoxyhemoglobin in adult brains are monitored as part of this.
· Boston Scientific
· Omron Healthcare
· Welch Allyn
· Honeywell Life Sciences
· Natus Medical
· Mindray Medical
· Edwards Lifesciences
· GE Healthcare Masimo
· Philips Healthcare
· Medtronic
August 2020: Masimo received FDA approval to improve their "O3 Regional Oximetry" technology in order to track somatic tissue oxygenation saturation and compare fluctuations in oxyhaemoglobin, haemoglobin, and deoxyhaemoglobin in adult brains.
June 2022: Thanks to Medtronic's integration of two continuous monitoring technologies into the CARESCAPE platform from G.E. Healthcare, clinicians can now customize care. The Microstream capnography and INVOS regional oximetry technologies will be used in the ICU and surgical care. The integration has received FDA approval, and the CE Mark has been acquired.
· Adults
· Pediatrics
· Cardiac Surgery
· Vascular Surgery
· Pediatrics
· Hospitals
· Clinics
· Ambulatory Surgical Centers
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.2 Billion |
|
Market Size 2023 |
USD 0.31 Billion |
|
Market Size 2032 |
USD 0.39 Billion |
|
Compound Annual Growth Rate (CAGR) |
7.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Age, Application, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Boston Scientific, Omron Healthcare, Welch Allyn, Honeywell Life Sciences, Natus Medical, Mindray Medical, Edwards Lifesciences, GE Healthcare, Masimo, Philips Healthcare, and Medtronic |
|
Key Market Opportunities |
Increasingly approved cerebral oximeters |
|
Key Market Dynamics |
The growing geriatric population and the increasing number of diseases such as cardiovascular and neurological disorders |
The global Cerebral Oximetry Monitoring market size was valued at USD 0.2 Billion in 2022.
The global market is projected to grow at a CAGR of 7.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Boston Scientific, Omron Healthcare, Welch Allyn, Honeywell Life Sciences, Natus Medical, Mindray Medical, Edwards Lifesciences, GE Healthcare, Masimo, Philips Healthcare, and Medtronic
The Adults Age dominated the market in 2022.
The Cardiac Surgery Application had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65287
Published on :
Sep 2023
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