Cerebral Oximetry Monitoring Market Size, Share & Trends Analysis Report By Age Group (Adult, Pediatric), By Application (Cardiac Surgery, Vascular Surgery, Others) By End-use (Hospitals & Clinics), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global cerebral oximetry monitoring market size was valued at USD 202.65 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. The growing geriatric population and the increasing number of diseases such as cardiovascular and neurological disorders are the key factors driving the market's growth. According to the centers for disease control and prevention (CDC), around 697,000 people in the U.S. had coronary artery disease (CAD) in 2020 due to adopting the western lifestyle, high smoking, alcohol, and physical inactivity. The growing number of CAD cases is projected to propel the demand for cerebral oximetry monitoring devices to perform safe surgery associated with CAD.

It has been observed that regulatory agencies such as the U.S. FDA and EMA approve new cerebral oximeter devices, creating an opportunity for market players. Additionally, the increasing burden of neurological diseases augments the demand for cerebral oximeters as it is one of the most important devices used to monitor the level of oxygen in the brain. Thus, the growing adoption of these devices and the continuously evolving device industry is anticipated to drive market growth during the forecast period.

However, the covid-19 pandemic resulted in a negative impact on the global cerebral oximetry monitoring market. The lockdown imposed due to the COVID-19 pandemic has postponed surgeries related to heart and other non-essential procedures. According to National Center for Biotechnology Information (NCBI), the rate of performing surgeries declined by 37% during the pandemic between March 2020 and April 2021. However, as non-essential procedures resume gradually worldwide and Covid-19 vaccination continues in 2021, revenue is projected to recover, driven by a backlog of delayed elective procedures.

The combined use of cerebral oximeters and other technologies is expected to open new avenues in the market. For instance, in June 2022, Medtronic integrated two continuous monitoring solutions into G.E. Healthcare's CARESCAPE platform, allowing clinicians to personalize care. The Microstream capnography and INVOS regional oximetry technologies will be used for ICU and perioperative care. The integration has been cleared by the FDA and received CE Mark approval. This completes the full Medtronic patient monitoring technologies available on the CARESCAPE platform. The solution also includes FlexAcuity of G.E. Healthcare, enabling clinicians to choose care options based on patient acuity needs and detect deterioration earlier. This integration provides clinicians worldwide with more options for patient care.

Age Group Insights

The adult segment dominated the market and accounted for the largest revenue share of 67.34% in 2022. The increasing approval and clearance of new devices to monitor cerebral oxygen level in adults is a key factor driving the demand for devices. For instance, in August 2020, Masimo received FDA clearance to expand its “O3 Regional Oximetry” technology to monitor somatic tissue oxygenation saturation and comparative differences in oxyhaemoglobin, hemoglobin, and deoxyhaemoglobin in adult brains. This clearance means that O3 can now be used for cerebral and somatic applications in U.S. patient populations and CE-marked in many countries. The expanded use of O3 technology will improve patient care by enabling clinicians to monitor oxygenation levels more accurately.

The pediatric segment is anticipated to witness lucrative growth during the forecast period. This growth can be attributed to the extended approval of devices for pediatric use. In March 2022, Masimo received extended approval from the U.S. FDA to use its SedLine brain function system and sensors to monitor the brain activity of pediatric anesthetized patients. This approval is expected to drive segment growth in the coming years.

Application Insights

The cardiac surgery segment dominated the market and accounted for the largest revenue share of 58.95% in 2022. The cerebral oximeter is important in monitoring brain oxygen levels during cardiac surgery. For instance, according to the National Heart, Lung, and Blood Institute, every year around, more than 2 million open heart surgeries are performed across the world to treat different heart conditions. Thus, more heart-related surgeries are expected to propel the demand for cerebral oximetry devices during the forecast period.

The other segment is anticipated to have significant growth during the forecast period. Other segments include surgeries that are associated with neurological and orthopedic conditions. For instance, Abbott Northwestern Hospital, each year performed more than 2,000 major neurological surgeries and 1,000 neuro-interventional surgeries in Minneapolis, U.S. Thus, the increasing number of neurological and orthopedic surgeries are projected to propel the demand for cerebral oximeter devices, thereby driving the market growth.

End-use Insights

The hospitals & clinics segment dominated the market and accounted for the largest share of 52.55% in 2022. Most people visit hospitals & clinics as they have access to specialists and facilities to perform heart-related surgeries. As per the article published by the AJMC, in February 2021, around 8, 273, 270 hospitalizations were reported for heart failure between the study period of 2014 and 2017. Cerebral oximeters are mostly used in OR and ICU departments of the hospital to monitor cerebral desaturation in patients. Thus, increasing hospital and clinic visits are expected to drive market growth.

Ambulatory surgical centers are anticipated to register significant growth during the forecast period. There are various surgeries associated with different conditions performed in ambulatory surgical centers globally. According to Ambulatory Surgery Association, more than 6, 000 ambulatory centers are available in the U.S. Thus, the wide availability of ambulatory centers offers a patient easy access to treatment and increases utilization of devices.

Regional Insights

North America dominated the cerebral oximetry monitoring market and accounted for the largest revenue share of 37.41% in 2022. This can be attributed to key players' presence and offerings in the region. Medtronic, Edwards Lifesciences Corporation, Nonin, and Masimo are major suppliers of oximeter devices such as INVOS System, ForeSight System, EQUANOX, and Root with O3 in the U.S., to monitor cerebral desaturation in cardiac surgery. These all-monitoring devices are available for use in intensive care units (ICU), operating rooms (OR), and extracorporeal membrane oxygenation (ECMO). Thus, increasing research activities for developing novel cerebral oximeter devices are expected to drive market growth.

Asia Pacific is anticipated to register the fastest CAGR growth of 8.6% during the forecast period. The key factors driving the market in the region include an increasingly aging population, growing prevalence of diseases, and rise in per capita disposable incomes. Several research studies demonstrated that senior people are at a high risk of CVD due to high comorbid conditions. According to the National Statistical Office report, the country’s elderly population was 138 million in 2021 and is expected to reach 194 million in 2021. In addition, the number of individuals aged 80 years and above is projected to double by 2050, reaching more than 1.5 billion globally.

Key Companies & Market Share Insights

Key market players are undertaking various strategic initiatives such as signing the new partnership agreement, collaborations, mergers and acquisitions, and geographic expansion, aiming to strengthen their services, thus providing a competitive advantage. For instance, in January 2023, State Health Commissioner approved the Certificate of Public Need (COPN) submitted by the Chesapeake Regional Medical Center to introduce open-heart surgery procedures at the hospital and address the public need. Such initiatives are expected to propel the demand for cerebral oximetry monitoring devices, an important tool used during surgery. Some prominent players in the cerebral oximetry monitoring market are:

• Masimo

• Medtronic

• Edwards Lifesciences Corporation

• Nonin

• ISS, Inc.

• Hamamatsu Photonics K.K.

• Mespere LifeSciences

• GE Healthcare

• Terumo Cardiovascular Systems Corporation

Cerebral Oximetry Monitoring Market Report Scope

Global Cerebral Oximetry Monitoring Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the cerebral oximetry monitoring market on the basis of age group, application, end-use, and region.

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Cardiac Surgery

  • Vascular Surgery

  • Others

• Age Group Outlook (Revenue, USD Million, 2018 - 2030)

  • Pediatric

  • Adult

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Clinics

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.                

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait