Cerebral and Tissue Oximetry Devices Market by Product, End-user and Geography - Forecast and Analysis 2023-2027

The cerebral and tissue oximetry devices market is estimated to grow at a CAGR of 6.77% between 2022 and 2027. The size of the market is forecast to increase by USD 73.7 million. The growth of the market depends on several factors, including the growing use of cerebral and tissue oximetry devices in cardiac surgical procedures, the increase in product approvals, and the growing demand for reducing hospital stays

This report extensively covers market segmentation by product (modular devices and handheld devices), end-user (hospitals and clinics), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Cerebral And Tissue Oximetry Devices Market During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global cerebral and tissue oximetry devices market as a part of the global healthcare equipment market. The parent global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Cerebral And Tissue Oximetry Devices Market: Key Drivers, Trends, Challenges, and Customer Landscape

The growing use of cerebral and tissue oximetry devices in cardiac surgical procedures is notably driving the market growth, although factors such as the high cost of cerebral and tissue oximetry devices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Cerebral And Tissue Oximetry Devices Market Driver

The growing use of cerebral and tissue oximetry devices in cardiac surgical procedures is the key factor driving the global cerebral And tissue oximetry devices 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.

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 global cerebral and tissue oximetry devices market during the forecast period.

Significant Cerebral And Tissue Oximetry Devices Market Trend

M & A as a prime strategy for technology integration is the primary trend in the global cerebral and tissue oximetry devices 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.

Major Cerebral And Tissue Oximetry Devices Market Challenge

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.

Key Cerebral And Tissue Oximetry Devices Market Customer Landscape

The report includes the adoption lifecycle of the market, 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 growth strategies.

Global Cerebral and Tissue Oximetry Devices Market Customer Landscape

Who are the Major Cerebral and Tissue Oximetry Devices Market Vendors?

Vendors 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.com - 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 15 market vendors, including:

• Edwards Lifesciences Corp.
• 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.
• ViOptix Inc.

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.

What is the Fastest-Growing Segment in the Cerebral And Tissue Oximetry Devices Market?

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 2022 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. 

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The modular devices segment was valued at USD 107.29 million in 2017 and continue to grow by 2021. 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.

Which are the Key Regions for the Cerebral And Tissue Oximetry Devices Market?

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North America is estimated to contribute 36% 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 COVID-19 outbreak in North America in 2020 led to the imposition of lockdowns to prevent the spread of the infection. However, the lockdown restrictions were lifted in the second half of 2020 owing to large-scale vaccination drives across North America. This led to the resumption of operations in clinics and hospitals providing treatment for cardiovascular disease in 2021. Moreover, the resumption of treatment and surgeries for CVDs, recovery in the regional economy, and the adoption of industry 4.0 in the manufacturing sector will drive the growth of the regional market during the forecast period. Also, vendors in the market in focus are adopting digital technologies such as artificial intelligence (AI) in supply chain operations. Thus, all these factors will positively impact the growth of the regional market during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Modular devices and Handheld devices), End-user (Hospitals and Clinics), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

• Product Outlook (USD Million, 2017 - 2027)
  • Modular devices
  • Handheld devices

• End-user Outlook (USD Million, 2017 - 2027)
  • Hospitals
  • Clinics

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Argentina
    • Australia
    • Rest of the world

Cerebral And Tissue Oximetry Devices Market Scope
Report Coverage	Details
Page number	157
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 6.77%
Market growth 2023-2027	USD 73.7 million
Market structure	Concentrated
YoY growth 2022-2023(%)	6.69
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 36%
Key countries	US, Germany, France, China, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Artinis Medical Systems, Edwards Lifesciences Corp., 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 analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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.

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What are the Key Data Covered in this Cerebral And Tissue Oximetry Devices Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the cerebral and tissue oximetry devices market between 2023 and 2027
• Precise estimation of the cerebral and tissue oximetry devices market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of cerebral and tissue oximetry devices market vendors

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