Rise in prevalence of hydrocephalus, growth in adoption of advanced programmable valves, and surge in incidences of neurological disorder drive the growth of the global hydrocephalus shunts market
PORTLAND, Ore., Nov. 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrocephalus shunts Market by Type (Ventriculo-Peritoneal, Ventriculo-Atrial, Ventriculo-Pleural, and Lumbo-Peritoneal) and Age Group (Infants, Children, and Adults) - Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hydrocephalus shunts market generated $291.00 million in 2019, and is expected to garner $322.01 million by 2027, growing at a CAGR of 2.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in prevalence of hydrocephalus, growth in adoption of advanced programmable valves, and surge in incidences of neurological disorder drive the growth of the global hydrocephalus shunts market. However, shunt malfunction and related infections and shunt-free treatments for hydrocephalus restrain the market growth. On the other hand, advancements in smart shunt technology is anticipated to present new opportunities in the coming years.
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- The covid-19 outbreak has led to inconsistent and interrupted supply chain activities and lack of human resources. This has created numerous challenges for the industry.
- The lockdowns imposed to curb the spread had resulted in shutdown of neurological wards and clinics across several countries.
- Owing to the growing number of corona patients, most of the neurosurgeons were reassigned to COVID-19 wards, which deteriorated inconsistencies in access for neurosurgical treatments for hydrocephalic patients.
The ventriculo-peritoneal shunts segment to maintain its dominant share during the forecast period-
Based on type, the ventriculo-peritoneal shunts segment held the highest market share in 2019, accounting for more than two-fifths of the total share of the global hydrocephalus shunts market, and is expected to maintain its dominant share during the forecast period. This is attributed to the development in neurosurgical techniques along with advances in the shunt technology. However, the ventriculo-pleural shuntssegment is expected to witness the highest CAGR of 3.3% from 2020 to 2027. The fact that VA shunts are promising alternatives for patients who are intolerant to VP shunts drives the growth of the segment.
The children segment to maintain its lead status by 2027-
Based on age-group, the children segment contributed to the highest market share in 2019, accounting for nearly half of the total share of the global hydrocephalus shunts market, and is projected to maintain its leadership status by 2027. This is due to increase in incidences of acquired and compensated hydrocephalus in children. However, the adults segment is expected to grow at the highest CAGR of 3.0% during the forecast period, owing to increase in prevalence of normal pressure hydrocephalus (NPH) that remains undetected for several years and is caused from various lifestyle changes and disorders.
North America region to dominate the market throughout 2027-
The global hydrocephalus shunts market across North America, contributed to the highest share in terms of revenue, holding more than two-fifths of the total market share in 2019. This is owing to the presence of key medical devices companies in the region. However, the Asia-Pacific region is estimated to manifest the fastest CAGR of 3.3% from 2020 to 2027, owing to increase in awareness regarding neurological diseases and related treatment options in the region, along with a rising incidences of strokes.
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Leading market players-
- Christoph Miethke GmbH & Co. KG
- G. Surgiwear Ltd.
- HLL Lifecare Limited
- HpBio Próteses, Inc.
- Integra Life Sciences
- Kaneka Medix Corporation
- Medtronic plc
- Natus Medical Incorporated
- Spiegelberg GmbH & CO. KG
- Tokibo Co., Ltd.
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