The main goal of the anesthetic process is to maintain a sufficient amount of oxygen to organs and tissues, especially the brain. Tissue oximetry devices are used to check the oxygenation values using the technology of continuous, noninvasive near-infrared spectroscopy (NIRS) or near-infrared spectroscopy. The tissue oximetry devices market is likely to grow during the forecast period due to the rising use of tissue oximetry devices in cardiac surgery and prevalence and incidence of neurological disorders and traumatic brain injuries.
Pandemic coronavirus has impacted all the industries. The outbreak of coronavirus has affected the demand and supply treads and is expected to have an economic impact on the market. There has been a disruption in the supply chain of tissue oximetry devices due to global restrictions. Also, due to the initial lockdown, the manufacturing industries are now facing a demand shock with an uncertain recovery timeline.
Tissue Oximetry Devices Market: Drivers and Restraints-
There are many factors driving the growth of the tissue oximetry devices market such as increasing prevalence and incidence of neurological disorders and traumatic brain injuries, rising awareness about neurodegenerative diseases, rising use of tissue oximetry devices in cardiac surgery, and the continuous efforts by the manufacturers to bring in technological advancements in the equipment. As there is a huge untreated population with neurological disorders, the demand for these devices is expected to grow. The rising focus of the manufacturers on digitalized devices, and increase in the use of these devices in clinical trials are some of the factors that are expected to boost the tissue oximetry devices market.
However, there is one major factor that can restrain the tissue oximetry devices market such as the high cost of the equipment. As the devices are complex, the costs associated with them are very high. Other factors such as a shortage of highly trained professionals, concerns about the accuracy of the diagnostic devices, and unfavorable reimbursement policies may restrain the growth of the market during the forecast period.
Tissue Oximetry Devices Market: Segmentation
Based on the product, the global tissue oximetry devices market can be segmented as:
Based on the application, the global tissue oximetry devices market can be segmented as:
Based on the end-user, the global tissue oximetry devices market can be segmented as:
Tissue Oximetry Devices Market: Overview
Based on the product, the modular devices segment is expected to dominate the tissue oximetry devices market. Based on the application, the carotid endarterectomy and carotid endarterectomy hyperperfusion syndrome segment are expected to have the major share in the tissue oximetry devices market. Based on the end-user, hospitals expected to be the most profitable segment in the global tissue oximetry devices market due to the advanced medical facilities and a higher number of patients flow in the hospital.
Tissue Oximetry Devices Market: Region-wise Outlook
North America is expected to dominate the global tissue oximetry devices market, due to the factors such as the rising prevalence of many neurodegenerative disorders, government initiatives and support for technological advancements, and reimbursement for brain monitoring techniques. Furthermore, well-established sales & distribution network of major neuro-diagnostic companies are expected to expand the market. North America is expected to be followed by Europe due to the rising adoption of devices in the region. Asia-Pacific is expected to have a significant growth in the global tissue oximetry devices market over the forecast period due to the rising disposable incomes and improvement in health care infrastructure.
Tissue Oximetry Devices Market: Key Market Participants
Some of the market players in the global Tissue Oximetry Devices market identified across the value chain include: Medtronic plc, Moor Instruments Ltd, ISS, Headway Technologies, Inc, Nonin Medical, Inc., Masimo, HyperMed Imaging, Inc., Edward Lifesciences, Ornim Medical, Sotera Wireless, Inc., ViOptix, Inc., Boston Scientific Corporation, Natus Medical Incorporated, General Electric, OSI Systems, and others.
The report covers exhaust analysis on:
Regional analysis includes: