Growing demand from the Healthcare sector and sustained sales among dynamic economies across the globe will remain the key factors driving the growth of the Global Cerebrospinal Fluid Management Devices Market during the next five years. According to a latest research report published by Market Research Future, titled “Cerebrospinal Fluid Management Devices Market Research Report – Global Forecast till 2023” the global market for Pregnancy Test Kits is presumed to witness very high growth terms of revenue.
Global cerebrospinal fluid management (CSF) devices market is expected to grow significantly over the forecast period. It is projected to grow at a CAGR of 4.5% over the forecast period.
Cerebrospinal fluid is a clear, colourless fluid that flows through the brain and spinal cord. An excessive accumulation of this fluid in the brain creates harmful pressure on the brain’s tissues. So, shunt, a cerebrospinal fluid management device, is used to redirect cerebrospinal fluid from the nervous system to another area of the body.
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Presence of high research funding for hydrocephalus is one of the key factors driving the cerebrospinal fluid management (CSF) devices market. For instance, Patient-Centered Outcomes Research Institute (PCORI) funded USD 2,514,333 amount for a cerebrospinal fluid shunt based research project in 2015.
Various other factors such as geriatric population, technological advancements, growing adoption of minimally invasive procedures, and rising awareness about hydrocephalus are also expected to propel the growth of the market.
However, the lack of trained professionals, side-effects associated with the treatment, and high cost of devices can hamper the market growth over the forecast period.
Some of the key players in the global cerebrospinal fluid management (CSF) devices market are
Medtronic plc, Integra LifeSciences Holdings Corporation, B. Braun Melsungen AG, DePuy Synthes, Spiegelberg GmbH & Co. KG, SOPHYSA, Natus Medical Incorporated, Dispomedica GmbH, Delta Surgical Limited, Argi Grup, Moller Medical GmbH, G. SURGIWEAR LTD., Wellong Instruments Co., Ltd., BeckerSmith Medical, Inc., and others.
The Global cerebrospinal fluid management (CSF) devices market is segmented based on product, age group, end user, and region.
The Global market for cerebrospinal fluid management (CSF) devices, by product is segmented into shunts, valve, and external drainage systems.
The shunts segment is further classified as ventriculoperitoneal (VP), ventriculoatrial (VA), lumboperitoneal (LP), and ventriculopleural (VPL). The valve segment is further classified as fixed, and adjustable. The external drainage systems segment is further classified as external ventricular drainage (EVD) systems, and lumbar drainage (LD) systems.
Based on age group, the market is segmented into paediatric, adult, and geriatric.
Based on end user, the market is segmented into hospitals, ambulatory settings, clinics, research and academic institutes, and others.
In the current scope of the study, the above-mentioned segments are covered into the four global regions, namely the Americas, Europe, Asia-Pacific and the Middle East & African region.
The cerebrospinal fluid management (CSF) devices market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European cerebrospinal fluid management (CSF) devices market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The cerebrospinal fluid management (CSF) devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The cerebrospinal fluid management (CSF) devices market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
The Americas dominated the global market for cerebrospinal fluid management (CSF) devices owing to the rising geriatric population and presence of major market players. As per the 2018 statistics suggested by the U.S. Census Bureau, by 2035, there will be 78 million people 65 years and older compared to 76 million under the age of 18.
In 2017, it was estimated that Europe stood second in the global cerebrospinal fluid management (CSF) devices market. This can be attributed to the rising research and development investments and increasing technological advancements.
Asia Pacific was projected to be the fastest growing region in 2017. Increasing healthcare expenditure and rising cases of hydrocephalus drives the regional markets of the Asia Pacific region. According to the Hydrocephalus association, approximately 200,000 cases of congenital hydrocephalus in infants are registered around the world. However, in India, nearly 12,000 cases of congenital hydrocephalus are registered each year.
On the other hand, the Middle East and Africa held least share in the global cerebrospinal fluid management (CSF) devices market due to the low per capita income and stringent government policies, especially within the African region.
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