ALBANY, New York, June 17, 2019 /PRNewswire/ -- The global cerebrospinal fluid management market was estimated to be worth US$1.13 bn in 2014. The market is anticipated to rise at a healthy CAGR of 5.5% over the forecast tenure 2015 to 2023. At this rate, market revenue is estimated to reach US$1.84 bn by 2023-end.
CSF shunts were most demanded in 2014 and are anticipated to continue to be the dominant segment during the forecast period. The CSF drainage system segment, however, is also planned for the highest CAGR on the market. Most CSF leadership demand was supported by North America in 2014 and it is likely to stay the most profitable region during the forecast period.
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Increased Government Funding Supporting Global CSF Management Market Growth
The world is home to 841 million individuals aged 60 or older, according to the United Nations (US). By the end of 2050 the UN anticipates that the figure will exceed 2 billion. Because geriatrics are usually neurologically affected by such illnesses as Alzheimer's and Parkinson's, this exponential increase is primarily responsible for the increasing demand in the CSF market. The study also points to a general increase in the incidence of neurological diseases, increasing government and personal financing, and the growing demand for minimally invasive operations. These are some of the other factors that will aid the growth of the global cerebrospinal fluid management market in coming years.
The world's rapidly developing countries such as China, India, and Brazil are expected to hold strong potential for the CSF management market in future. Presence of vast populations and rising disposable income of the urban populace in these regions enhances their purchasing power. These people thus end up spending a lot more on healthcare, which in turn fuels the CSF management market.
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Unmet Clinical Needs to Fuel Cerebrospinal Fluid Management Market Growth
The growth in this industry will increase over the forecast period through the development of platforms for the identification and development of proprietary techniques to resolve unmet clinical need and treat chronic nervous diseases such as hemorrhage Subarachnoid and hydrocefalia. Continuous studies undertaken on the identification and development of CSF platforms in neurotoxic disease treatments has been attributed to a significant boost to industry development.
It is expected that the application of such platforms will help to reduce the use of hospital funds and improve clinical functional results by accelerating the adoption by reducing the duration of their stay. This is expected to be a promising avenue for vendors in the global cerebrospinal fluid management market in coming years.
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The global cerebrospinal fluid management market is predicted to witness lucrative growth in coming years, according to research by Transparency Market Research (TMR). Comprising of a large pool of vendors, the global cerebrospinal fluid (CSF) management market fosters high competition. Vendors in the market are leveraging novel growth strategies in order to gain momentum in the industry.
Vendors in the global CSF management market are engaged in mergers and acquisitions, product development, regional expansion, and collaboration. For instance, Codman Neuro recently introduced an MRI-resistant programmable valve that offers a range of pressure settings, including CSF drainage and intra-ventricular pressure for treatment of hydrocephalus. Further, Medtronic Plc. announced StrataMR valve and shunts clearance by the United States Administration of Food and Medicines (FDA). This complements the Strata Adjustable Valve Systems portfolio of Medtronics, which treat hydrocephalus and cerebrospinal fluid disorders patients.
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Medtronic's endorsement will assist finish its portfolio of full-body MRI access technologies like pacemakers, DBS, cardioverters (ICDs), and spinal cord stimulators. Specifically, this will assist Medtronic in finishing its portfolio of technologies. Such developments are likely to amplify competition in the global cerebrospinal fluid management market in coming years.
Some of the key players in the global cerebrospinal fluid management market include Sophysa S.A., Medtronic plc, Spiegelberg GmbH & Co. KG, DePuy Synthes (a J & J Company), and B. Braun Melsungen AG.
This review is based on TMR's report titled, "Cerebrospinal Fluid (CSF) Management Market (Product - CSF Shunts and CSF Drainage Systems) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
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