Enjoy complimentary customisation on priority with our Enterprise License!
The cerebral and tissue oximetry devices market size is forecast to increase by USD 96.3 million, at a CAGR of 8.08% between 2023 and 2028. The market's growth hinges on several factors, notably the rising utilization of cerebral and tissue oximetry devices in cardiac surgical procedures, indicating a growing emphasis on patient safety and surgical outcomes. Additionally, an increase in product approvals signifies a growing acceptance of these technologies by regulatory authorities and healthcare professionals. Moreover, the escalating demand for reducing hospital stays underscores the need for innovative medical devices that enable efficient and effective patient care. These factors collectively drive the expansion of the market, reflecting the healthcare industry's ongoing commitment to improving patient outcomes, enhancing procedural efficiency, and optimizing resource utilization. As technology continues to advance and healthcare delivery models evolve, the market is positioned for sustained growth, catering to the evolving needs of patients and healthcare providers alike.
To learn more about this report, Download Report Sample
The market is witnessing significant growth, driven by the rising demand for accurate monitoring of oxygen saturation levels in various medical settings. From ICUs to operating rooms and neonatal care, these devices play a crucial role in assessing oxygenation levels in critical patients, including premature infants. Despite challenges such as high device costs and reimbursement policies, the market is propelled by advancements like AI integration and wireless connectivity, enhancing usability and data accessibility. Physicians across medical specialties rely on near-infrared spectroscopy technology to monitor cerebral oxygenation levels and assess tissue perfusion in conditions like chronic diseases and neurological conditions. With features like the cerebral oximeter monitor, oximeter probe, and fiber-optic light source, these devices offer non-invasive monitoring solutions, revolutionizing patient care in diverse healthcare settings. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, market trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing use of cerebral and tissue oximetry devices in cardiac surgical procedures is the key factor driving the market growth. Patients undergoing cardiac surgery are at risk for adverse perioperative neurological events. Anesthetics used during cardiac surgery can lead to anoxia/cerebral hypoxia. Therefore, maintaining an adequate supply of oxygen to tissues and organs, especially the brain, is a fundamental requirement of cardiac surgery. These factors are driving the adoption of advanced blood oxygenation monitoring devices such as cerebral and tissue oximetry devices. Cerebral and tissue oximetry devices are used as markers for cerebral perfusion to avoid complications related to cerebral hypoxia.
Moreover, these devices allow real-time monitoring of oxygen concentration during the perioperative period. These devices continuously estimate regional oxygen balance and effectively determine low regional blood flow, thereby allowing timely intervention and the prevention of cerebral hypoxia during surgery. Such timely intervention capabilities enable greater confidence among surgeons while performing cardiac surgeries, thereby increasing the adoption of cerebral and tissue oximetry devices in surgical wards and intensive care units across healthcare settings. Thus, such factors will boost the growth of the market during the forecast period.
M & A as a prime strategy for technology integration is the primary trend in the market growth. The global cerebral and tissue oximetry market is witnessing significant M & A activities. These M and As are mainly focused on acquiring approved and regulated technologies and integrating them into the existing product offerings to increase the visibility of these products among customers. Mergers have helped vendors in scaling their business operations and have increased their negotiating power for dealing with OEMs, and this trend is expected to increase vendor concentration in the market.
For instance, in April 2019, Edwards Lifesciences announced the completion of the acquisition of CAS Medical Systems Inc. (CAS Medical Systems). This has allowed Edwards Lifesciences to acquire the FORE-SIGHT non-invasive cerebral oxygenation technology of CAS Medical Systems, which will be paired with the HemoSphere advanced hemodynamic monitoring platform of Edwards Lifesciences. Such inorganic strategic initiatives have positively impacted the market by increasing the availability of integrated offerings for use in varied applications. The increasing application of integrated products is expected to drive the growth of the market during the forecast period.
The high cost of cerebral and tissue oximetry devices is a major challenge to market growth. Cost is one of the preliminary considerations of end-users, and it significantly impacts their decision while purchasing the devices. Purchase-related decisions of end-users mainly depend on the costs related to components and overall system hardware, including the cost of monitors and sensors, maintenance costs, and replacement costs. The devices use advanced analytical technologies such as NIRS for the accurate monitoring of blood oxygenation.
The use of such sophisticated technologies increases the overall cost of the systems in the market. The association of such high costs does not necessarily impact the purchase decision of large-scale hospitals and clinical settings. However, the purchase decision of small hospitals with a limited budget is significantly impacted by such cost issues. Small healthcare facilities find difficulties in justifying the investments made in such purchases, which refrains the adoption of the devices among such end-users. Thus, the high cost of this type of devices is likely to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Artinis Medical Systems - The company offers a brain imaging functional near-infrared spectroscopy device which is designed to monitor hemoglobin inside the brain. Also, through this segment, the company offers image quality assessment of x-ray devices and near-infrared spectroscopy devices used to monitor tissue oxygenation.
The report also includes detailed analyses of the competitive landscape of the market and information about 13 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the modular devices segment will be significant during the forecast period. Modular devices were the largest segment of the market in 2023 and will continue to remain the largest segment during the forecast period. Modular cerebral and tissue oximetry devices use the combination of several components, such as monitoring devices, display units, sensor modules, and software packages, which are integrated and connected to form a modular system.
Get a glance at the market contribution of various segments Request a PDF Sample
The modular devices segment was valued at USD 114.50 million in 2018. The availability of advanced features and benefits, such as continuous monitoring facilities and the growing adoption of IoT devices in healthcare settings, has increased the adoption of modular cerebral and tissue oximetry devices. As a revolutionary trend for digitizing infrastructure, in 2019, approximately six in every ten healthcare facilities across the globe promoted the use of IoT to offer improved care. The growing availability of such features in modular cerebral and tissue oximetry devices is attracting customers, thereby driving strong sales growth in the modular devices segment. Thus, all these factors will contribute to the growth of the devices market through the modular devices segment during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest geographical segment of the market in 2022 and will continue to remain the largest segment during the forecast period. North America dominates the market, with the US as the key leading country. Factors such as the rising burden of CVD, the growing number of cardiac surgical procedures, and the increase in US FDA approvals and certifications for cerebral and tissue oximetry devices in the region are driving the growth of the regional market. The presence of a large number of prominent vendors, including Nonin Medical, Edwards Lifesciences, ISS, Masimo, and HyperMed Imaging, that offer technologically advanced products is also increasing the adoption of the devices in the region.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
The market is experiencing robust growth, fueled by advancements in sensor technologies and data analytics, catering to critical care applications in both research settings and outpatient settings. These devices, available as tabletop devices or portable devices, boast user-friendly designs and functionalities for real-time data monitoring, making them indispensable in monitoring oxygen levels in cerebral tissues and other organs like the liver and muscles. With a focus on non-invasive medical surveillance, they find extensive use in assessing tissue oxygen levels and aiding in the diagnosis and management of conditions such as cardiovascular disorders, neurodegenerative diseases, and respiratory ailments like chronic obstructive pulmonary disease and peripheral artery disease. As demand grows, particularly among the geriatric population, the market continues to innovate, offering advanced solutions for home healthcare and hospital segments, revolutionizing patient care in diverse healthcare settings.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.08% |
Market Growth 2024-2028 |
USD 96.3 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
7.3 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Germany, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Artinis Medical Systems, Boston Scientific Corp., Edwards Lifesciences Corp., GE Healthcare Technologies Inc., Hamamatsu Photonics KK, HyperMed Imaging Inc., ISS Inc., Masimo Corp., Medtronic Plc, Moor Instruments Ltd., Nonin Medical Inc., Sotera Health Co., Spectros Medical Devices Inc., Terumo Corp., and ViOptix Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.