The global Cerebral Somatic Oximeters Market is estimated to be valued at US$ 195.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cerebral somatic oximeters are noninvasive medical devices used to continuously monitor regional oxygen saturation (rSO2) levels in the brain. They help detect changes in oxygen delivery and consumption, allowing early detection of cerebral hypoxia or ischemia. Cerebral oximetry provides an early warning of impaired cerebral oxygen delivery by measuring rSO2 levels through the forehead. This helps clinicians optimize oxygen delivery and prevent brain injury. Cerebral oximeters are widely used in cardiac surgery, neurosurgery and trauma/critical care to reduce complications and improve patient outcomes. Growing demand for noninvasive monitoring techniques is a major driver for the cerebral oximeters market.
Market Key Trends:
One of the key trends in the Global Cerebral Oximeters Market is the rising demand for continuous monitoring of brain oxygen levels during high-risk surgeries and critically-ill patients. Cerebral oximetry enables real-time monitoring of brain oxygen saturation, allowing timely interventions to prevent hypoxic brain injury. This is boosting uptake across cardiac surgery, neurosurgery and intensive care units. Also, technological advancements are enabling development of smaller, wireless oximeters with improved accuracy and reliability. This is making cerebral oximetry more affordable and accessible. Additionally, growing incidence of cardiovascular diseases and neurological disorders worldwide is leading to increasing surgical procedures and patients in ICUs. This wide patient pool necessitates continuous monitoring of brain oxygen saturation, fueling adoption of cerebral oximeters. Rising healthcare expenditures and improving reimbursement scenario in developing countries will further support market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The cerebral somatic oximeters market requires high R&D investments and regulatory approvals which makes entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the healthcare industry players can switch between various cerebral oximeter products based on customizable requirements.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are numerous players providing raw materials and other components required to manufacture cerebral oximeters globally.
Threat of new substitutes: There exists a low threat from substitutes since cerebral somatic oximeters offer non-invasive, continuous, and reliable measurement of hemoglobin parameters which cannot be replaced easily.
Competitive rivalry: The cerebral somatic oximeters market is moderately competitive with key players differentiating their products based on advanced technologies, features, and services.
Key Takeaways
The global cerebral somatic oximeters market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for non-invasive brain monitoring devices.
Regional analysis: North America is expected to dominate the global cerebral somatic oximeters market during the forecast period. This is attributed to factors such as increasing research in neurology, rising healthcare spending, and growing adoption of advanced medical technologies. Asia Pacific is anticipated to exhibit the fastest growth rate over 2023-2030 with China and India emerging as lucrative markets.
Key players: Key players operating in the cerebral somatic oximeters market are Medtronic, Nonin, Edwards Lifesciences Corporation, ISS, Inc., Masimo, Hamamatsu Photonics K.K., Mespere LifeSciences, CLINOCARE, HyperMed Imaging, Inc., Terumo Corporation, Quantek Instruments. These players are focusing on new product launches, partnerships, and geographical expansions to strengthen their position in the market.
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Global Neurodiagnostics Market is anticipated to reach at USD 18.3 billion by 2024.
They diagnose neurological disorders such as migraine, Parkinson’s disease, stroke, ischemic stroke and epilepsy.
The factors that propel the growth of the Neurodiagnostics Market include increasing occurrence of neurological disorders such as stroke, growing consciousness among people and technological developments.
On the other hand, there are factors that may hamper the growth of the market including lack of mental health checkup & regular diagnosis in emerging countries.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/neurodiagnostics-market/request-sample The market may be explored by product type, end users, technology, and geography.
The industry may be explored by product type as intracranial pressure monitor, Electromyography (EMG), Electroencephalogram (EEG), Transcranial Doppler, and Cerebral oximeters.
