Neuro Critical Care Market

Neuro Critical Care Market Outlook (2024 to 2034)

Expanding at a CAGR of 14.3%, the global neuro critical care market is projected to increase from a valuation of US$ 9.01 billion in 2024 to US$ 34.41 billion by 2034.

Instead of producing neurology monitoring equipment, medical device manufacturers are focusing more on meeting the increased demand for ventilators and other breathing devices. One of the main reasons driving the expansion of the market is the rising rates of strokes, which are attributed to changes in lifestyle, which are covered in the neuro critical care industry outlook.

For example, stroke affects over 16 million people globally each year, killing an estimated 5.7 million people, and costs the U.S. healthcare system US$ 104 billion annually, according to the Society of Vascular and Interventional Radiology. Stroke requires immediate medical attention since it is a disease that is time-sensitive. If stroke victims are not identified and treated appropriately, the majority of them die or experience permanent damage.

Less than 10% of eligible stroke victims receive surgery, despite recent advancements in life-saving surgical techniques, because there is currently no portable diagnostic tool for early detection. Nonetheless, during the projected period, it is anticipated that ongoing technology developments will increase demand for neurology patient monitoring, as mentioned in the neuro critical care industry analysis.

Neural Analytics, Inc., a medical device company that creates and markets technology to monitor, diagnose, and assess brain health, for example, revealed the outcomes of its first phase of the EXPEDITE program, a next-generation portable diagnostic platform for large vessel stroke, in November 2017 after receiving IRB approval.

This program showcases the company's cutting-edge transcranial Doppler technology. Throughout the forecast period, these factors are expected to drive the neurology patient monitoring market. Furthermore, the market is anticipated to expand during the projected period due to the rising incidences of traumatic brain injury worldwide.

Neuro critical care is an emerging field that combines the specialties that link neurology, neurosurgery, and critical care. Just as the field has evolved from a primary focus on post-operative care to elective neurosurgical patients, the focus is towards the resuscitation of neurological emergency cases, such as traumatic brain injury or subarachnoid hemorrhage, which remains a clinical challenge.

The market is strongly driven by the increasing focus, awareness, and prevalence of neurological impediments, such as ischemic stroke, intracerebral hemorrhage, aneurysm, and other neurological disorders. According to the Centers for Disease Control and Prevention (CDC), around 1.7 million persons sustain a traumatic brain injury every year, and around 120,000 have long-standing and substantial loss of function.

There are several equipment used for the diagnosis and monitoring of neurological injuries and disorders. Computed tomography (CT), magnetic resonance imaging (MRI), and electroencephalography (EEG) are some of the diagnostic equipment used in neuro critical care centers.

A CT scan is generally used to locate or determine the location of the brain injury, while an MRI is used for further in-depth brain imaging for better assessment and diagnosis. Most equipment used in neuro critical care centers consists of life support and emergency devices, which include monitoring systems, such as CNS monitors, CNS video cameras, CNS readers, ventilators, and other accessories, including infusion pumps and catheters.

Fact.MR published neuro critical care industry analysis states that advanced monitoring techniques used in neurocritical care allow the early identification of neurological injuries before permanent brain damage occurs. Neuro critical care also offers patients with specialized therapeutic and management options to achieve favorable outcomes. In North America, there are around 25 academic neuro critical care centers that cater to the needs of neurological patients.

Neuro Critical Care Market: Drivers and Restraints

The rising incidences of stroke and head trauma will boost the growth of the market, as per the neuro critical care industry outlook. Increasing advances in neurosurgical techniques owing to the rising need for neuro critical care is expected to be a major factor driving the growth of the market over the forecast period.

The rise in the incidences of brain tumors is another strong driving force in the industry, to provide more neuro critical care centers, thereby driving the growth of the market.

Increasing advancements in technology on the neurosurgical front owing to the rising need for neuro critical care is expected to boost its market growth considerably during the forecast period. However, insufficient staff and the need for specially trained professionals hinder the growth of the market substantially. The high cost involved in the establishment of a neuro critical care unit and the increased cost of in-patients in a neuro critical care center hinder the growth of the market over the forecast period.

Neuro Critical Care Market: Overview

The global market is expected to witness moderate growth over the forecast period. Neurocritical care is broadly classified based on equipment type as diagnostic equipment and monitoring equipment. Concerning end users, the market is segmented into hospitals, emergency centers, and specialty clinics.

The hospital segment governs a major share of the market. However, specialty clinics are a fast-growing segment in the market. This is due to an increase in the number of patients preferring specialty clinics for personalized care.

Neuro Critical Care Market: Regional Outlook

Geographically, the global neuro critical care market is segmented into North America, Latin America, Europe, and Asia Pacific excluding Japan (APEJ), CSI & Russia, Japan, and the Middle East and Africa (MEA). North America is expected to be the dominant market in the global market, owing to the increasing incidence of stroke cases, and increasing healthcare and R&D spending in the region.

The market in Asia Pacific excluding Japan is expected to grow at a significant CAGR, due to increased R&D spending and advancements in technology.

Neuro Critical Care Market: Key Players

The global market for neuro critical care is highly fragmented. Examples of some of the key players operating in the global market are

• Abbott
• Teleflex Incorporated
• Aspect Medical Systems, Inc.
• CardioDynamics International Corporation
• Medtronic
• General Electric Company
• Edwards Lifesciences Corporation
• Integra LifeSciences Corporation.
• Philips N.V.
• Drägerwerk AG & Co. KGaA
• Terumo Medical Corporation

The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers an exhaustive analysis on:

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved
• Technology
• Value Chain

Report Highlights:

• Detailed overview of the parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint