Traumatic Brain Injuries Assessment Market to Reach USD 18.4 Billion, Globally, by 2031 at 7% CAGR: Allied Market Research
Growing incidences of brain injuries among people due to accidents, rising per capita incomes which have changed the consumer demand for highly sophisticated and technologically advanced products and equipment, and the increase in health awareness campaigns and programs drive the global traumatic brain injuries assessment market.
PORTLAND, Ore., Feb. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Traumatic Brain Injuries Assessment Market by End-User (Hospital, Diagnostics Center, Others), by Diagnostic Type (CT-Scan, MRI, Intracranial Pressure Monitoring, Partial Pressure of Oxygen in Brain Tissue (pBrO2), Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global traumatic brain injuries assessment industry was valued at $9.6 billion in 2021 and is estimated to generate $18.4 billion by 2031, witnessing a CAGR of 7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Growing incidences of brain injuries among people due to accidents, rising per capita incomes which have changed the consumer demand for highly sophisticated and technologically advanced products and equipment, and the increase in health awareness campaigns and programs fuel the growth of the global traumatic brain injuries assessment market. However, the high cost of treating traumatic brain injuries hinder the global market growth. On the other hand, increasing technological advancements in healthcare facilities and the rising demand for advanced healthcare facilities among patients will present new growth opportunities for the global traumatic brain injuries assessment market in the coming years.
Covid-19 Scenario
- During the COVID-19 pandemic, the global traumatic brain injuries assessment market experienced a negative growth. Due to complete lockdowns and the travel restrictions by governments across nations, the number of accidents and brain injuries associated with it also decreased significantly.
- Therefore, the demand for traumatic brain injuries assessment also came down. Also, non-availability of healthcare professionals during the pandemic for the treatment of brain injuries in patients also contributed significantly to the decline of the market growth.
- However, the market has recovered post the pandemic.
The hospital segment to grab the largest revenue during the forecast period
Based on end user, the hospital segment contributed to the largest share of more than two-fifths of the global traumatic brain injuries assessment market in 2021, and is expected to rule the roost during the forecast period. This is owing to the presence of latest healthcare technology equipment in hospitals. However, the diagnostics center segment is projected to witness the fastest CAGR of 7.1% from 2022 to 2031, as many people prefer to opt for expensive but high-class treatment facilities at diagnostic centers. Also, diagnostic centers provide timely assessment to patients.
The CT-scan segment to dominate the market in terms of revenue during the forecast period
Based on diagnostic type, the CT-scan segment contributed to the largest share of nearly one-third of the global traumatic brain injuries assessment market in 2021, and is expected to rule the roost during the forecast period. This is owing to the growing occurrence of brain injuries among people due to trauma or accidents. However, the MRI segment is projected to witness the fastest CAGR of 7.2% from 2022 to 2031. MRI can distinguish between white and grey matter and is also used to diagnose aneurysms and cancers. As MRI does not use x-rays or other radiation, it is the preferred imaging modality when frequent imaging is necessary for diagnosis or therapy, particularly in the brain.
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North America to garner the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global traumatic brain injuries assessment market, and is likely to maintain its dominance during the forecast timeframe. Currently, the region has maximum market players active in traumatic brain injuries assessment market and has one of the most advanced brain sensing technologies available. However, the market in Asia-Pacific is likely to show the fastest CAGR of 7.5% during the forecast period. This is owing to the growing per capita income of people and their affordability for the expensive treatment in the region.
Leading Market Players
- Brainscope Company Inc.
- Novasignal Corporation
- Integra LifeSciences Holdings Corporation
- Natus Medical Incorporated
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- BioDirection Inc.
- Nihon Kohden Corp.
- Raumedic AG
- Compumedics Ltd.
The report analyzes these key players of the global traumatic brain injuries assessment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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