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The world is witnessing a rise in traumatic incidents and accidents, leading to a condition known as Traumatic Brain Injury (TBI). According to the World Health Organization (WHO), these incidents have significant economic implications, costing most countries around 3% of their gross domestic product. Shockingly, road traffic injuries rank as the leading cause of death among children and young adults aged 5-29 years. Each year, approximately 1.35 million lives are lost due to road traffic crashes, with an additional 20 to 50 million people suffering non-fatal injuries. These injuries often result in disabilities, creating a lasting impact on the lives of those affected. The consequences extend beyond physical injuries, as damage to the brain can lead to persistent pain for many years following the accident. A 2018 article in the Journal of Neurosurgery estimated that a staggering 69 million individuals worldwide have experienced TBI from various causes. Regions such as Southeast Asia and the Western Pacific bear the greatest burden of this disease.
One of the primary contributors to the increasing prevalence of TBI is head injuries resulting from road traffic collisions, especially in low and middle-income countries. The proportion of TBIs attributed to road traffic collisions is significantly higher in these nations. This alarming trend of road accidents and subsequent TBIs is propelling the growth of the global intracranial hemorrhage diagnosis and treatment market.
Amidst these challenges, clinical trials are playing a crucial role in advancing medical knowledge and finding effective treatments. Clinical trials serve as a vital platform for discovering not only new treatments for diseases but also innovative methods of detection, diagnosis, and prevention. As of December 12, 2020, there were 125 ongoing phase 4 clinical trials assessing the efficacy of various drugs and procedures for treating intracranial hemorrhage. Companies actively involved in these trials include Portola Pharmaceuticals, Otsuka Pharmaceutical Co., Ltd, PharmEvo Pvt Ltd, Bayer AG, Boehringer Ingelheim, and Cumberland Pharmaceuticals.
Research funding is a key enabler of these clinical trials. The Canada Brain Research Fund, for example, allocated USD 230 million in new funding by June 2019 to support 300 projects across Canada, involving over 1,000 researchers and more than 115 institutions. This funding facilitates collaboration among research institutes, allowing them to conduct clinical trials and contribute to the advancement of medical knowledge. An example is Oslo University Hospital in Norway, which is currently evaluating the effects of antithrombotic drugs for preventing ischemic events in patients with recent intracerebral hemorrhage.
The availability of research funds and the substantial number of clinical trials in the fourth phase are expected to drive progress in the intracranial hemorrhage diagnosis and treatment market. These efforts hold the promise of introducing novel drugs and devices, ultimately improving the prognosis and quality of life for individuals affected by traumatic incidents and TBIs.
Intracranial Hemorrhage Diagnosis and Treatment Market Highlights:
Intracranial Hemorrhage Diagnosis and Treatment Market Overview
Intracranial Hemorrhage Diagnosis & Treatment Market Size was valued at USD 0.9 Billion in 2023. The Global Intracranial Hemorrhage Diagnosis & Treatment industry is projected to grow from USD 1.3 Billion in 2024 to USD 2.89 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.2% during the forecast period (2024 - 2032). Intracranial hemorrhage is a sort of brain damage in which the blood clots inside the skull. This increases the pressure in the brain and damages the brain tissues eventually.
Based on the report of WHO, road traffic crashes almost take 1.35 lives in a single year. Additionally, in most of the countries, 3% of their domestic products are being used in road traffic crashes. Apart from that, a notable journal article on Neurosurgery stated that around 69 million people all over the globe suffer from brain injuries due to some kind of trauma caused by various reasons; the Southern Asian Pacific and Western Pacific region will also experience the highest amount of diseases. Mostly, the number of road accidents will surely increase the growth of the Intracranial Hemorrhage Diagnosis and Treatment Market.
The market is gaining an impetus due to the rising number of accidents and traumatic brain injuries along with the advancement in surgeries. However, a lack of awareness about the various treatments available for traumatic brain injuries is likely to slow down the growth
The market report consists of an overview, market dynamics such as drivers, opportunities, restraining factors, and challenges. Apart from that, it also discusses the market segmentation and regional analysis, and the major key players along with the competitive landscape of the market.
Covid-19 impact
The covid-19 has taken a storm on all over the world. It has highly impacted the economies across the countries. Many industries have fallen and many had profits. Covid-19 having a serious impact on health and brain, the Intracranial Hemorrhage Diagnosis and Treatment Market has gained an impetus during the pandemic.
Intracranial Hemorrhage Diagnosis and Treatment Market Dynamics
According to the Intracranial Hemorrhage Diagnosis and Treatment Market Outlook, the market has several driving factors as well as restraining factors that are stated below.
Drivers
The increasing cases of accidents and trauma are the reason behind the growth of the Intracranial Hemorrhage Diagnosis and Treatment Market. The increasing expenditure in the healthcare segment is boosting the growth of the market.
Opportunities
The increasing amount of geriatric population and the brain issues that are age-related are opening new opportunities to the Intracranial Hemorrhage Diagnosis and Treatment Market.
Challenges
The lack of awareness of the various treatments available is going to be a challenging factor for the market.
Restrains
As per the Intracranial Hemorrhage Diagnosis and Treatment Market Trends, the complications associated with the brain surgeries along with the availability of counterfeit drugs are going to be the restraining factor of the Intracranial Hemorrhage Diagnosis and Treatment Market. Apart from that, the lack of a skilled workforce is also negatively impacting the growth of the market.
Intracranial Hemorrhage Diagnosis and Treatment Market Segmentation
The Intracranial Hemorrhage Diagnosis and Treatment Market is segmented into-
- Type
- Devices
- Diagnosis and treatment
- Region
Based on type
Based on type, the is further segmented into-
- Intracerebral Hemorrhage
- Subarachnoid Bleeding
- Epidural Hematoma
- Subdural Blood Hematoma
- Postpartum hemorrhage
- Pulmonary hemorrhage
By devices
Based on devices, the Intracranial Hemorrhage Diagnosis and Treatment Market is further segmented into-
- Invasive
- Ventricular drainage pressure monitor
- Lumbar drainage pressure monitors
- Micro-transducer pressure monitor
- Non-invasive
- Tissue resonance analysis
- Trans cranial popplar
Based on diagnosis and treatment
Based on diagnosis and treatment, the Intracranial Hemorrhage Diagnosis and Treatment Market is further segmented into-
Diagnosis
- CT
- MRI
- Others
Treatment
- Medication
- Anti-Hypertensive Drugs
- Coagulants
- Others
Surgery
- Decompression Surgery
- Craniotomy with Open Surgery
- Endoscopic Evacuation
- Stereotactic Aspiration
- Clipping or Coiling Procedures
Based on region
Based on region, the Intracranial Hemorrhage Diagnosis and Treatment Market is further segmented into-
Americas
- North America
- US
- Canada
- Latin America
Europe
- Western Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Middle East & Africa
- Middle East
- Africa
Intracranial Hemorrhage Diagnosis and Treatment Market Regional Analysis
Primarily, the Americas is expected to witness the largest Intracranial Hemorrhage Diagnosis and Treatment Market Share during the forecast period. The huge growth in this region is due to the development of the healthcare sectors, investments in researches, people adopting advanced treatments, and the presence of some of the leading players. The increasing knowledge on Intracranial Hemorrhage Diagnosis & Treatment is expected to fuel the growth of the market in this region.
Based on the Intracranial Hemorrhage Diagnosis and Treatment Market Analysis, the European market is expected to witness substantial growth during the substantial period. The growth in this region is due to the increasing amount of accident cases, governments investing in researches, healthcare expenditures, and easy accessibility of advanced and various treatment facilities.
The Asia-Pacific region is anticipated to witness the fastest Intracranial Hemorrhage Diagnosis and Treatment Market Growth during the forecast period. The growth in this region is due to the increasing number of R&Ds, development in the healthcare sectors. The rising number of road accidents and thus traumatic injuries in the brain are also providing a boost to the growth of the market.
Owing to the development in healthcare sectors, the Middle East and Africa is expected to witness moderate growth and Intracranial Hemorrhage Diagnosis and Treatment Market Size during the assessment period.
Intracranial Hemorrhage Diagnosis and Treatment Market Competitive Landscape
The market is highly competitive because of the presence of major key players. They are hugely contributing to the market by launching a new product and investing in R&Ds.
Major key players
The major key players of the market are-
- Canon Inc. (Japan)
- FUJIFILM Holdings Corporation (Japan)
- GE Healthcare (US)
- Hitachi Ltd. (Japan)
- Infrascan, inc. (US)
- Johnson & Johnson (US)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic plc (Ireland)
- Siemens AG (Germany)
- Stryker Corporation (US)
Report overview
The market consists of
- Market overview
- Market dynamics
- Drivers
- Opportunities
- Restrains
- Challenges
- Segmented overview
- Regional analysis
- Competitive landscape
- Recent developments
- Major key players
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