Cerebral Oximetry Sensors Market
Number of pages: 100 | Report Format: PDF | Published date: April 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 215.60 million |
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Market Size Value in 2031 |
US$ 396.37 million |
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CAGR |
7% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, Age Group, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cerebral oximetry sensors market was valued at US$ 215.60 million in 2022 and is expected to register a revenue CAGR of 7% to reach US$ 396.37 million by 2031.
Cerebral Oximetry Sensors Market Fundamentals
Cerebral oximetry sensors are medical devices that measure the oxygen saturation level in the blood flowing through the brain. These sensors are used to monitor the level of oxygen in the brain during surgeries, critical care, and other medical procedures. Cerebral oximetry sensors work by emitting near-infrared light through the scalp and skull, which is absorbed by the blood in the brain. The amount of light absorbed is then used to calculate the oxygen level in the blood. This measurement is called cerebral oxygen saturation (rSO2) and is expressed as a percentage. Cerebral oximetry sensors are typically attached to the forehead of the patient using adhesive strips. The sensor emits and receives light signals, which are then processed by a computer to provide real-time information on the brain's oxygen level. The use of cerebral oximetry sensors is becoming more common in medical practice, as they provide valuable information about the oxygenation of the brain, which can help healthcare professionals make more informed decisions about patient care.
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Cerebral Oximetry Sensors Market Dynamics
The rising prevalence of chronic diseases such as cardiovascular disease, stroke, and diabetes can lead to cerebral oxygen saturation, which makes cerebral oximetry monitoring essential for these patients. According to the Global Stroke Factsheet released by WHO in 2022, revealed about the lifetime risk of developing a stroke has increased by 50% over the last 17 years, and now 1 in 4 people is estimated to have a stroke in their lifetime. There is a growing awareness among healthcare providers about the importance of monitoring cerebral oxygen saturation during surgeries, critical care, and other medical procedures. This has led to increased demand for cerebral oximetry sensors. The development of advanced cerebral oximetry sensors that offer better accuracy and reliability is fueling the cerebral oximetry sensors market revenue growth. Non-invasive monitoring reduces the risk of infection and other complications associated with invasive monitoring methods. Moreover, favorable reimbursement policies for cerebral oximetry sensors are expected to drive market revenue growth. In many countries, reimbursement is available for cerebral oximetry monitoring during certain surgical procedures, encouraging healthcare providers to adopt these devices.
However, the high cost related to the cerebral oximetry sensors is restricting the cerebral oximetry sensors market revenue growth. Cerebral oximetry sensors require skilled healthcare professionals to operate and interpret the results. In some regions, there may be a shortage of healthcare professionals with the necessary skills to use these devices, thus cramping the cerebral oximetry sensors market revenue growth. Alternative technology available can monitor cerebral oxygen saturation, such as transcranial Doppler ultrasound and invasive monitoring methods. These alternatives are also expected to hinder the development of the cerebral oximetry sensors market.
Cerebral Oximetry Sensors Market Ecosystem
The global cerebral oximetry sensors market is analyzed from four perspectives: application, age group, end user, and region.
Cerebral Oximetry Sensors Market by Application
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Based on the application, the global cerebral oximetry sensors market is segmented into cardiac surgery, vascular surgery, and others.
The cardiac surgery segment accounted for the largest market revenue share in 2022. The is a rise in the number of cardiac surgeries globally which is increasing the demand for cerebral oximetry sensors demand. According to Lifespan.org, about 500,000 open heart surgeries are performed each year in the US Cardiac surgeries carry a higher risk of neurological complications such as stroke or brain damage due to reduced blood flow to the brain during surgery. Cerebral oximetry sensors help monitor the oxygen saturation levels in the brain, allowing doctors to take corrective actions if necessary. Cerebral oximetry sensors have been used in cardiac surgeries for many years and have become an established part of the surgical protocol. Surgeons are familiar with the technology and know how to interpret the readings, making it easier to adopt the sensors in cardiac surgeries. Reimbursement policies for cerebral oximetry sensors are more favorable for cardiac surgeries than cerebral surgeries, making it more economical for hospitals to use the sensors in cardiac surgeries.
The vascular surgery segment is expected to register a lucrative revenue CAGR during the forecast period. The incidence of vascular diseases such as peripheral artery disease (PAD) and carotid artery disease is increasing, which has led to a higher demand for vascular surgeries. Cerebral oximetry sensors are increasingly being used in vascular surgeries to monitor the oxygen saturation levels in the brain. The use of cerebral oximetry sensors in vascular surgeries has improved patient outcomes by reducing the risk of neurological complications such as stroke. As a result, more vascular surgeons are adopting the technology, which has led to increased demand for cerebral oximetry sensors in this segment. Advancements in cerebral oximetry sensor technology have made them more accurate and user-friendly. The advanced sensors can provide real-time data and be used in minimally invasive procedures, which has expanded the use of the technology in vascular surgeries.
Cerebral Oximetry Sensors Market by Age Group
Based on the age group, the global cerebral oximetry sensors market is segmented into infant, pediatric, and adult.
The adult segment accounted for a significant revenue share of the cerebral oximetry sensors market. Adults are more likely to experience cerebral desaturation events during surgery due to age-related changes in the brain and a higher incidence of comorbidities. Therefore, the demand for cerebral oximetry sensors in the adult segment is higher. Adult operations have long used cerebral oximetry sensors, which have solidified their place in the standard operating procedure. As a result of their familiarity with the technology and understanding of how to interpret the results, surgeons find it simpler to use the sensors in adult procedures.
The pediatric segment is expected to register lucrative revenue growth during the forecast period. There is a growing awareness of the importance of monitoring the oxygen saturation levels in the brains of pediatric patients during surgeries. Cerebral oximetry sensors are increasingly recognized as valuable for monitoring pediatric patients and reducing the risk of neurological complications. Advancements in cerebral oximetry sensor technology have made the sensors more accurate and user-friendly, making them more suitable for pediatric surgeries. The healthcare industry is increasingly focused on providing patient-centered care, which includes pediatric patients. Cerebral oximetry sensors allow for individualized care for pediatric patients and can help reduce the risk of neurological complications during surgeries.
Cerebral Oximetry Sensors Market by End User
Based on the end user, the global cerebral oximetry sensors market is segmented into hospitals, ambulatory surgical centers, and others.
With the highest revenue share, the hospitals segment dominated the cerebral oximetry sensors market in 2022. Hospitals are the primary providers of healthcare services and are equipped with the necessary infrastructure and equipment, including cerebral oximetry sensors, to carry out various medical procedures and surgeries. Moreover, hospitals have trained healthcare professionals skilled in using these sensors and interpreting their data. This has led to a high demand for cerebral oximetry sensors in hospitals, thereby driving the revenue growth of this segment. In addition, the increasing prevalence of neurological disorders and the growing number of hospital surgeries have further boosted the demand for this segment.
The ambulatory surgical centers segment accounted for a significant cerebral oximetry sensors market revenue share. Ambulatory surgical centers are healthcare facilities that offer same-day surgical procedures, such as endoscopies, cataract surgeries, and other minor surgeries, to patients who do not require an overnight hospital stay. As these surgical procedures become more complex, the demand for cerebral oximetry sensors in ambulatory surgical centers has increased. The rising geriatric population and the increasing prevalence of chronic diseases have also increased the number of surgeries performed in ambulatory surgical centers. This has led to a corresponding increase in the demand for cerebral oximetry sensors to monitor the oxygen saturation levels in the brain of these patients during surgery.
Cerebral Oximetry Sensors Market by Region
Based on region, the global cerebral oximetry sensors market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global market. Neurological disorders such as stroke, traumatic brain injury, and brain tumors are rising. The development of advanced cerebral oximetry sensors that are more accurate and efficient has increased the adoption of these sensors in North America. The increasing number of surgical procedures performed in North America, particularly in the United States, has led to a corresponding increase in the demand for cerebral oximetry sensors. The growing awareness among healthcare professionals and patients about the benefits of using cerebral oximetry sensors during surgical procedures has increased their adoption in North America.
Competitive Landscape of the Cerebral Oximetry Sensors Market
The prominent players operating in the global cerebral oximetry sensors market are:
Strategic Developments in the Cerebral Oximetry Sensors Market
Cerebral oximetry sensors are medical devices that measure the oxygen saturation level in the blood that is flowing through the brain. These sensors are used to monitor the level of oxygen in the brain during surgeries, critical care, and other medical procedures.
The expected size of the global cerebral oximetry sensors market in 2031 is US$ 396.37 million.
Masimo, Medtronic Plc, Edwards Lifesciences Corporation, Nonin Medical, Inc., and ISS, Inc. are some of the key companies operating in the cerebral oximetry sensors market.
In 2022 the global cerebral oximetry sensors market was valued at US$ 215.60 million.
Based on region, North America accounts for the largest revenue share, followed by Europe and Asia Pacific, the fastest-growing regional market for cerebral oximetry sensors.
*Insights on financial performance are subject to the availability of information in the public domain