Global Chiari Malformation Market – Overview
Chiari malformation is the structural defect in cerebellum. Some of the symptoms of chiari malformation are headache, difficulty swallowing, choking and vomiting, dizziness, nausea and unsteady gait. There are various causes that develop chiari malformation such as improper foetal development, genetic mutation, injury, exposure to toxic substances, environmental factors. Chiari malformations are diagnosed more in women in comparison to men. It can be diagnosed by using medical imaging, magnetic resonance imaging (MRI) and computed tomography (CT). There are various treatment available in the market depend upon the characteristics. It can be either treated with medication or surgery. Posterior fossa decompression surgery, electrocautery, spinal laminectomy are three types of surgeries performed.
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The global Chiari Malformation market is expected to grow at a CAGR of 8.2% during the forecast period.
The global Chiari malformations market can be divided into four types depending on its severity, i.e.: type I, type II, type III, type IV. Moreover, diagnostic market can be divided into CT scanners and MRI.
The market is estimated to grow at a healthy rate during the forecast period. The major factor influencing the growth of the market include increasing geriatric population. U.S. Population Reference Bureau estimated that the number of people with age group of 65 years and older, will grow to 98 million by 2060. Thus the increasing geriatric population will drive the growth of global market. Other factors enhancing the market are: increasing number of accidents, injuries and infectious diseases. According to World Health Organization (WHO), global mortality due to injuries is 9%, these increasing injuries can also lead to market growth.
The Chiari malformation market is dominated by America due to increasing geriatric population and rising genetic disorders. America is segmented into North America (U.S. and Canada) and South America (Brazil, Argentina and Peru). North America comprises of 80% of the total land of America and therefore it is largest market for Chiari malformation. According to National Safety Council, approximately 136,000 Americans encounter with road accidents. There is 15.5 % rise in road accidents. These rising mishaps are likely to drive the growth of Chiari malformations market. Additionally, favourable insurance reimbursement policies, strong clinical channel, rising approval of innovative entities and easy access to quality healthcare are estimated to promote market growth in North America.
Europe is the second largest market for Chiari malformation. Availability of funds for research and development is the major factor for the market growth within the region. Extensive use of advanced technology also promotes the market growth. According to Eurostat, the population group aged 60 and older is projected to grow from 18 to 30% by 2060. Similarly, European facts and Global status report on road safety 2013, reported that there are 2 million people injured every year due to road accidents. This holds a strong potential for market growth.
The Asia Pacific region is the fastest growing region due to the developing healthcare domain and rising research and development expenditure. Additionally, the presence of the emerging countries like India and China within the region fuels the market. According to National centre for biotechnology Information, the number of geriatric population in India would rise to approximately 324 million by 2050. Indian Brand Equity Foundation in 2017 believes that the Indian healthcare domain is projected to be among the fastest growing domains. ESCAPE (Economic and Social Commission for Asia and the Pacific), in the year 2016, mentioned that around 12.4% of the population was 60 years or older and is estimated to rise to 1.3 billion people by 2050. According to the Asian Development Bank (2012), the number of road accident fatalities in Asia and Pacific are 645000 every year. These increasing rates of road accident fatalities can influence the market growth.
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The Middle East & Africa is expected to witness growth at a slower pace due to the less exposure to the healthcare services and low per capita healthcare expenditures in the African region. Whereas, the Middle East market is estimated to be growing at a faster rate due to increase in government initiatives, new health insurance policies and digital health services during the forecast period, 2017-2023.
Some of the key market players in Chiari Malformation market are Becton, Dickinson and Company, Abbott Laboratories, Inc. Johnson & Johnson, Pfizer, Novartis AG, Inc., GlaxoSmithKline and Sanofi-Aventis among others.
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