Cerebral Somatic Oximeters Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Cerebral Somatic Oximeters Market Analysis
The cerebral somatic oximeters market is expected to record a CAGR of over 7% during the forecast period (2022-2027).
The cerebral somatic oximeters market has been significantly affected by the COVID-19 pandemic. The pandemic led to a significant decrease in sales globally, especially in the North American and European regions. Since the onset of the COVID-19 pandemic, elective procedures have been largely postponed or canceled in many countries. However, as non-essential medical procedures resume gradually around the world and vaccinations continue into 2021, revenues are expected to recover, driven by a backlog of delayed elective procedures.
The market for cerebral somatic oximeters is expected to witness healthy growth over the forecast period. The growth is majorly attributed to the rising incidence of neurological diseases and the growing adoption of cerebral oximeters in developed economies such as North America and Europe.
It has been observed that the US FDA is increasingly approving cerebral oximeters, which are posing an opportunity for the market players. Also, the burden of neurological diseases across the world is on the rise, which is augmenting the demand for cerebral oximeters as it is one of the important tools used to monitor the level of oxygen in such patients. In addition, the acceptance of the general population across the world to opt for slightly invasive surgeries is fuelling the demand for cerebral oximeters. With the rising adoption of these devices and the continuously evolving medical device industry, the market studied is expected to witness robust growth over the forecast period.
Cerebral Somatic Oximeters Industry Segmentation
Cerebral oximeters enable continuous non-invasive monitoring of cerebral oxygenation and they utilize similar physical principles to pulse oximeters. The cerebral somatic oximeters market is segmented by Type (Dual Emitter and Dual Detector, Single Emitter and Dual Detector, and Other Types), Application (Cardiac Surgery, Vascular Surgery, and Other Application), End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Other End Users), Patient Type (Pediatrics and Adults), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Dual Emitter and Dual Detector|
|Single Emitter and Dual Detector|
|By Patient Type|
|By End User|
|Hospitals and Clinics|
|Ambulatory Surgical Centers|
|Other End Users|
Cerebral Somatic Oximeters Market Trends
This section covers the major market trends shaping the Cerebral Somatic Oximeters Market according to our research experts:
Cardiac Surgery is Expected to Witness Healthy Growth in the Future
The regional cerebral oximetry with the use of near-infrared spectroscopy devices is most commonly used for the detection of cerebral ischemia during cardiopulmonary bypass surgery, and this aims to avoid poor cerebral perfusion, which can result in perioperative neurological impairment. Currently, there is the easy availability of several devices that can detect cerebral ischemia.
Cardiovascular surgeries, by application, are expected to witness the largest market share in the cerebral oximetry market during the forecast period. The increased demand for these devices in aortic surgery, arrhythmia surgery, myectomy, and CABG procedures can be attributed to their ability to minimize the risk of complications and reduce anastomotic leaks.
Furthermore, the increasing number of cardiac diseases demands technologically advanced products, propelling the growth of the segment. On the other hand, the gastrointestinal surgeries segment is anticipated to witness the highest CAGR over the course of the forecast period. The lucrative growth of the segment can be due to the rising number of gastrointestinal cancers across the world.
As per the American Cancer Society’s estimates for 2020, stomach cancer affects about 27,600 and causes 11,010 deaths in the United States. Also, the report states that surgery like endoscopic resection, partial gastrectomy, etc., can only offer a realistic chance for the cure of this type of cancer. Thus, the adoption of surgery as an essential part of the treatment for many different stages of stomach cancer is expected to boost the growth of the segment. Furthermore, the rise in overall surgical procedures is also affecting the market studied in a positive manner.
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North America Dominates the Market
Being one of the largest economies in the world, North America has a well-established medical device industry. Added to that, the US FDA is currently approving several devices (cerebral oximeters), which is a beneficial factor for the market studied. The market players are also focusing more on the US market as the adoption of cerebral oximeters is higher in this country. Favorable reimbursement policies, increased demand for quality treatment, and the strong presence of the key players in this region are some of the factors that are propelling the market growth.
The major factors attributing to the growth of cerebral oximeters are a deskbound lifestyle lacking physical activity, lack of proper diet, anxiety, and stress resulting in chronic diseases such as diabetes and obesity, thereby leading to rising in the prevalence of multiple cardiovascular diseases (CVD). Few of the key market players in the country have been developing novel products and technologies to compete with the existing products, while others are acquiring and partnering with the other companies trending in the market. Thus, owing to all the above-mentioned factors, the market studied is expected to witness high growth.
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Cerebral Somatic Oximeters Industry Overview
The market for cerebral somatic oximeters is consolidated, and there are few players in the market currently. However, with the rising technological advancements, it is believed that few small to mid-sized companies will be entering the market and hold a substantial share in the future. Over the past few years, companies such as Medtronic PLC and Masimo have been catering to the consumers with their innovative devices, and it is expected that competition will increase with the penetration of new companies.
Cerebral Somatic Oximeters Market Leaders
Nonin Medical, Inc.
*Disclaimer: Major Players sorted in no particular order
Cerebral Somatic Oximeters Market News
- In December 2021, Medtronic PLC gained Food and Drug Administration (FDA) 510(k) clearance for its INVOS 7100 cerebral/somatic oximetry system for pediatric indications. The INVOS system helps pediatric clinicians to make time-sensitive decisions regarding ventilation, hemodynamic management, and resuscitation for neonates, premature infants, children, and other patients treated by them.
- In August 2020, Masimo announced that O3 Regional Oximetry had received FDA clearance for expanded use in monitoring somatic tissue oxygenation saturation in all patient populations and monitoring relative changes in hemoglobin, oxyhemoglobin, and deoxyhemoglobin in adult brains.
Cerebral Somatic Oximeters Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Incrreasing Adoption of the Cerebral Oximeters
4.2.2 Rising Incidence of Neurological Diseases
4.3 Market Restraints
4.3.1 High Cost of the Device
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Dual Emitter and Dual Detector
5.1.2 Single Emitter and Dual Detector
5.1.3 Other Types
5.2 By Application
5.2.1 Cardiac Surgery
5.2.2 Vascular Surgery
5.2.3 Other Applications
5.3 By Patient Type
5.4 By End User
5.4.1 Hospitals and Clinics
5.4.2 Ambulatory Surgical Centers
5.4.3 Other End Users
5.5.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.5.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
5.5.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 Nonin Medical Inc.
6.1.3 Edwards Lifesciences
6.1.4 ISS Inc.
6.1.6 Ornim Medical
6.1.7 Hamamatsu Photonics KK
6.1.8 Mespere LifeSciences
6.1.9 CAS Medical Systems Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cerebral Somatic Oximeters Market Research FAQs
What is the study period of this market?
The Cerebral Somatic Oximeters Market is studied from 2018 - 2028.
What is the growth rate of Cerebral Somatic Oximeters Market?
The Cerebral Somatic Oximeters Market is growing at a CAGR of 7% over the next 5 years.
Which region has highest growth rate in Cerebral Somatic Oximeters Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Cerebral Somatic Oximeters Market?
North America holds highest share in 2021.
Who are the key players in Cerebral Somatic Oximeters Market?
Masimo, Medtronic Plc, Edwards Lifesciences, Nonin Medical, Inc., ISS Inc. are the major companies operating in Cerebral Somatic Oximeters Market.
Global Cerebral Somatic Oximeters Industry Report
Statistics for the 2023 Global Cerebral Somatic Oximeters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Cerebral Somatic Oximeters analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.