Cerebrospinal Fluid Management Devices Market Highlights
Global Cerebrospinal Fluid Management Devices Market is expected to have a market value of USD 2,104.66 Million till 2027. Hydrocephalus is an abnormal accumulation of cerebrospinal fluid (CSF) within cavities in the brain called ventricles. Hydrocephalus affects a wide range of people, from infants and older children to young, middle-aged, and older adults. The global cerebrospinal fluid management devices market is expected to grow at a steady rate owing to the increasing incidence rate of hydrocephalus cases and increasing initiatives by the public as well as private companies operating in the market. For instance, every year approximately 1 million of the American population is suffering from hydrocephalus; in addition, out of every 770 babies develops hydrocephalus later resulting in Down’s syndrome, or brain tumors.
Cerebrospinal Fluid Management Devices Market Segment Analysis
Global Cerebrospinal Fluid Management Devices Market has been segmented based on Device Product, Age Group, and End User. The market, based on the product, has been segmented into shunts & valves, critical care products, dural sealants, and others. The market, based on age group, has been categorized into pediatric, adult, and geriatric. The market, based on end user, has been divided into hospitals, ambulatory settings, and research & academic institutes.
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Cerebrospinal Fluid Management Devices Market Regional Analysis
The global cerebrospinal fluid management devices market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa.
The Americas led the market and accounted for the largest share in 2019, owing to the presence of major market players, developed healthcare infrastructure, high awareness, and availability of advanced treatment options. Also, a favorable reimbursement scenario for CSF treatment surgeries is fueling the growth of this region in the cerebrospinal fluid management devices market.
Europe accounts for the second-largest share in the global cerebrospinal fluid management devices market. In 2018, Major factors influencing the growth of the market include the presence of major manufacturers, availability of technologically advanced devices, increasing spine injuries, and others. For instance, in 2018, according to new data published by Association for Spinal Injury Research, Rehabilitation, and Reintegration (ASPIRE), now every year about 2,500 people are diagnosed and injured with a spinal cord injury in UK region, thereby supporting the regional market growth.
Asia-Pacific is estimated to be the fastest-growing market during the forecast period due to the rising incidence of multiple sclerosis and developing the healthcare sector in Asian countries, such as China, Japan, India, and Australia. Moreover, the increasing focus of biotechnology companies to enter into this region is expected to drive the market growth.
The Middle East & Africa cerebrospinal fluid management devices market is segmented into two major regions, namely the Middle East and Africa. The Middle East and Africa have fewer economic developments due to which the region accounts for the least market share but is expected to grow due to the growing demand for better treatments and expansion of healthcare companies in these countries. For instance, in December 2017, B. Braun Melsungen AG expanded its subsidiary in Zambia. This subsidiary will help the company in expanding the company’s presence in the African region.
Key Findings of the Study
- The global cerebrospinal fluid management devices market is estimated to reach USD 2,104.66 million by 2027 at a CAGR of 5.3% during the assessment period of 2020 to 2027.
- The Americas accounted for the largest share of the global cerebrospinal fluid management devices market due to the existence of medical device companies and the rising incidence rate of hydrocephalus cases, along with increased adoption of CSF device treatment by patients.
- Based on the product, the shunts & valves segment accounted for the largest market share of 70.40% in 2019.
- Based on the age group, the pediatric segment accounted for the largest market share of 64.88% in 2019.
- On the basis of end user, the hospitals segment accounted for the largest market share of 72.36% in 2019.
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Cerebrospinal Fluid Management Devices Market Key Players
MRFR recognizes the following companies as the Key Players in the Global Cerebrospinal Fluid Management Devices Market— Möller Medical GmbH (Germany), Argi Grup (Turkey), Longeviti (US), Integra LifeSciences Corporation (US), Medtronic Plc (Ireland), Natus Medical Incorporated (US), IRRAS AB (Sweden), Anuncia (US), Sophysa (France), B. Braun Melsungen AG (Germany).
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