Cerebral oximetry monitoring has gained popularity in the field of medical science for measuring the oxygen level in blood. It is used in many medical procedures, and the increasing demand for healthcare services is likely to impact its demand greatly in the upcoming years. Market Research Future has assessed the global cerebral oximetry monitoring market, which was valued at USD 130 Mn in 2018,and revealed that it is anticipated to expand at 7.1% CAGR over the assessment period 2019 to 2024.
The procedure is minimally invasive, which is likely to drive the expansion of the market over the assessment period. The rising demand for minimally invasive procedures is expected to lead the growth rate of the cerebral oximetry monitoring market over the next couple of years. In addition, the rising burden of cardiovascular diseases is poised to unleash developmental opportunities for the layers in the cerebral oximetry monitoring market across the projection period. It is likely to boost the demand for the process through the forecast period.
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Factors that are prognosticated to drive the expansion of the cerebral oximetry monitoring market are increasing penetration in surgical procedures, rising adoption of advanced healthcare technology, rising demand for the safety of newborns, etc. However, on the contrary, limited measurement of regional cerebral oxygenation and limited accuracy are expected to undermine the growth pace of the cerebral oximetry monitoring market in the forthcoming years.
Medtronic, Masimo, GE Healthcare, Omron Healthcare, Philips Healthcare, Edwards Lifesciences, Natus Medical, Honeywell Life Sciences, Mindray Medical, Welch Allyn, and Boston Scientific are few of the most prominent players expected to strengthen their footholds in the cerebral oximetry monitoring market over the next couple of years. These players are poised to capitalize on the developments being observed in the infrastructure of the healthcare sector on the global front over the assessment period. In addition, they are also anticipated to adopt ways and means for growth such as merges & acquisitions, product innovations, regional expansions, product portfolio development, collaborations, partnerships, etc. This, in turn, is projected to intensify the competition among the participants of the cerebral oximetry monitoring market in the years to come.
- On the basis of age, the global cerebral oximetry monitoring market has been bifurcated into adults and pediatrics. Among these, the adults segment accounted for the maximum market share in 2017. It is likely to maintain its pole position over the next couple of years. Increasing cases of cardiovascular diseases in adults are anticipated to lead the expansion of the segment over the next couple of years.
- On the basis ofapplication, the cerebral oximetry monitoring market has been segmented into cardiac surgery (Deep hypothermic circulatory arrest, Coronary artery bypass surgery), vascular surgery (carotid endarterectomy hyperperfusion syndrome, carotid endarterectomy), and pediatrics.
- On the basis of end-user, the global cerebral oximetry monitoring market has been segmented into clinics, ambulatory surgical centers, hospitals, and others.
The regional assessment of the global cerebral oximetry monitoring market encompasses four regions – Americas, AsiaPacific (APAC), the Middle East & Africa (MEA), and Europe. Americas is expected to hold the dominant share of the market across the evaluation period. The growth of the key players based out of the region is anticipated to propel the expansion of cerebral oximetry monitoring market over the next couple of years. In addition, the developed technological infrastructure of the healthcare sector in the region is further anticipated to drive the expansion of the market in the nearby future. Asia Pacific is prognosticated to register the highest CAGR during the forecast period.