Market Trends of Cerebral Somatic Oximeters Industry
Cardiac Surgery is Expected to Hold a Significant Market Share During the Forecast Period
- Cardiovascular surgeries, by application, are expected to hold a significant market share in the cerebral oximetry market during the forecast period. The increased demand for these devices in aortic surgery, arrhythmia surgery, myomectomy, and coronary artery bypass graft (CABG) procedures can be attributed to their ability to minimize the risk of complications and reduce anastomotic leaks.
- The major factors attributing to the growth of cerebral oximeters are a deskbound lifestyle lacking physical activity, lack of proper diet, anxiety, and stress resulting in chronic diseases, thereby leading to the prevalence of multiple cardiovascular diseases (CVD). For instance, according to the Centers for Disease Control and Prevention (CDC) and National Center for Health Statistics, in 2022, angina was reported in 1.5% of the adult population aged 18 years and over in the United States.
- According to the Australian Bureau of Statistics, March 2022 update, the prevalence of heart disease in Australia was 4.0%, which represented 1.0 million people in 2021. Heart diseases such as angina, heart attack, stroke, and other cardiovascular diseases were more common in males than females (4.9% compared to 3.1%). Thus, the high burden of cardiovascular diseases worldwide is expected to lead to a high number of CABG procedures worldwide, which is expected to propel the segment’s growth during the forecast period.
- Furthermore, a research article published in PLOS One Journal in December 2022 stated that the cerebral oximeter is frequently used to detect changes in cerebral oxygen saturation and cerebral ischemia during cardiac surgery. As per the same source, between 25% and 80% of patients who underwent major heart surgery experienced postoperative neurocognitive impairments (POND) during the course of the study. During major cardiac surgery, the use of a cerebral oximeter is crucial to predicting the onset of POND. The study also suggested that increased cerebral oximeter levels during cardiac surgery may also be a risk factor for POND. Thus, the high utility of cerebral somatic oximeters in research studies is expected to propel its demand during cardiac surgery, which is projected to augment segment growth.
- Therefore, the high burden of cardiac surgery performed worldwide, along with the use of cerebral oximeters in cardiac surgery, is expected to significantly impact the growth of the segment during the forecast period.
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North America is Expected to Hold a Significant Market Share During the Forecast Period
- North America is expected to hold a significant market share owing to factors such as the rising incidence of neurological diseases, the growing geriatric population, better healthcare infrastructure, and the strong presence of industry players in the region.
- The data updated by Cedars-Sinai in January 2022 reported that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass or bypass surgery, is the most common heart surgery and more than 300,000 people have successful bypass surgery in the United States each year. Thus, the high burden of CABG procedures in the United States is expected to propel the high utility of cerebral somatic oximeters and also create opportunities for developing technologically advanced products, propelling the growth of the segment.
- Furthermore, according to the Alzheimer's Association, the number of Americans living with Alzheimer's is growing rapidly. The data from alzheimers.org suggested that in 2022, in the United States, an estimated 6.2 million Americans aged 65 and older had Alzheimer 's-related dementia. Thus, the high burden of neurological diseases in the region is expected to propel the growth of the cerebral somatic oximeters used for the detection of oxygen levels of the brain, which is projected to propel the market’s growth.
- In addition, as per the National Institute of Health (NIH) Estimates of Funding for Various Research, Condition, and Disease Categories (RCDC), 2022 update, the research spending on cerebral palsy was USD 30 million in 2021 and estimated to be USD 32 million in 2022 in the United States. Cerebral oximeters are widely used in these diseases for routine oxygen level detection. The high spending on the research of diseases is expected to create opportunities for developing innovative cerebral somatic oximeters, thereby boosting market growth in the region during the forecast period.
- Thus, owing to all the abovementioned factors, the market studied is expected to witness high growth in the region.
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