(PharmaNewsWire.Com, November 22, 2021 ) The high prevalence of hydrocephalus and the subsequent increase in the number of shunting procedures and the growing geriatric population are major factors driving the market growth. The growing healthcare market in developing economies is also expected to provide growth opportunities for players in the market. On the other hand, the dearth of trained professionals and complications related to CSF shunts may challenge market growth to a certain extent.
The cerebrospinal fluid management market is projected to reach USD 1,561.1 million by 2022 from an estimated USD 1,256.3 million in 2017, at a CAGR of 4.4%. The market is further segmented based on products, end-users, and regions.
The large market share of this product segment can be attributed to the growing number of shunting procedures performed worldwide as well as the increasing number of revisions shunt surgeries owing to shunt malfunction and infection.
This segment is also estimated to register the highest CAGR during the forecast period. Factors propelling the growth of this segment include the advantages associated with these shunts over other shunts, such as reduced chances of revision surgery and the lower average length of hospital stay.
The adjustable segment commanded the largest share of the shunts market in 2017 and is also estimated to register the highest CAGR during the forecast period. The major factor contributing to the growth of this market segment is the reduced intervention for the alteration of CSF flow along with their rising adoption in developed countries.
The external ventricular drainage systems segment commanded the largest share of the external drainage systems market in 2017 and is also estimated to register the highest CAGR of during the forecast period. This can be attributed to its growing application for the treatment of acute hydrocephalus and obstructive hydrocephalus.
The pediatric segment commanded the largest share of the cerebrospinal fluid (CSF) management market in 2017 and is also estimated to register the highest CAGR during the forecast period. This can be attributed to the high prevalence of congenital hydrocephalus along with the rising number of shunting procedures in the pediatric population.
Factors contributing to this growth include the high prevalence of congenital hydrocephalus in China, a growing geriatric population in Japan, and increasing medical tourism in India and several RoAPAC countries.
According to the Hydrocephalus Association, more than 1 million people in the US are reportedly suffering from hydrocephalus. Similarly, 700,000 older Americans are living with normal pressure hydrocephalus (NPH). According to CURE Hydrocephalus estimates, over 400,000 newborns suffer from infant hydrocephalus around the globe each year. Moreover, congenital hydrocephalus affects a huge number of infants worldwide.
The World Economic Forum estimates that these emerging economies will account for around one-third of the global healthcare expenditure by 2020. Moreover, more than half of the world’s population resides in India and China, owing to which these countries are home to a large patient pool.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
