Market Trends of Cerebrospinal Fluid Management Industry
This section covers the major market trends shaping the Cerebrospinal Fluid Management Market according to our research experts:
Adjustable Valve Shunts are Expected to Have Significant Market Growth Over the Forecast Period.
- Adjustable valve shunts are widely used due to the rising incidence of congenital abnormalities, brain and nerve injuries, and accidents leading to central nervous system (CNS) defects.
- The World Health Organization (WHO) estimates that 55 million individuals worldwide currently have dementia, with over 60% of those people residing in low- and middle-income nations. The number of people living with dementia is predicted to increase to 78 million by 2030, and 139 million by 2050 as the proportion of older people in the population rises in almost every nation. Normal pressure hydrocephalus is one of the few causes of dementia. Hence, the high burden of dementia is expected to boost the demand for adjustable valve shunt treatment.
- Furthermore, according to the Hydrocephalus Foundation 2022 update, over 36,000 shunt surgeries are performed every year (one every 15 minutes) in the United States, and more than half of them are emergencies. The high utility of shunts is estimated to boost the demand for adjustable shunts during the forecast period.
- The strategic initiatives like product launches, approvals, and partnerships adopted by key players further propel the segment's growth. For instance, in May 2020, Aesculap, Inc. launched the M.blue valve in partnership with Christoph Miethke GmbH & Co. KG (MIETHKE). It is the latest generation of hydrocephalus valve technology and a simple position-dependent solution. Such launches are estimated to propel the segment's growth during the forecast period.
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North America is Anticipated to Hold a Significant Market Share Over the Forecast Period.
- North America is anticipated to grow significantly owing to the well-established healthcare infrastructure, growing awareness regarding the available options for the treatment of hydrocephalus, and high R&D spending.
- According to Hydrocephalus Association 2020 update, hydrocephalus is a life-threatening condition that affects approximately 1 million Americans. It also reported that one out of every 770 babies develops hydrocephalus once in their lifetime. The burden of hydrocephalus in the nation is estimated to boost the market growth.
- Additionally, the strategic initiatives taken by healthcare institutions, such as collaborations and research projects for cerebrospinal fluid management, drive market growth. For instance, in August 2021, the National Institute of Neurological Disorders and Stroke (NINDS) granted USD 14 million to researchers at the Johns Hopkins Cerebral Fluid Center in the Department of Neurosurgery. The research is being conducted in partnership with the Adult Hydrocephalus Clinical Research Network (AHCRN) and coordinated by the Hydrocephalus Association, a non-profit organization that supports hydrocephalus research. The research aims to develop effective treatment options and study the effectiveness of shunts in treatment. These initiatives are estimated to create an opportunity for effective shunt development and boost the utility of shunts for managing the condition, propelling the market growth.
- Similarly, the increase in neurological disorders is fueling market expansion. For instance, according to CDC's April 2022 update, more than 795,000 people in the United States experience a stroke every year. About 610,000 of these are first or new strokes. Thus, the high prevalence of neurological conditions like strokes is estimated to propel the market growth in the forecast period.
- Furthermore, the increasing research and development spending on hydrocephalus in the United States is projected to create opportunities for product development and boost the market growth. For instance, according to the NIH, R&D expenditures for hydrocephalus were USD 15 million in 2020, USD 16 million in 2021, and USD 17 million in 2022, respectively. The increasing spending is estimated to propel market growth in the region during the forecast period.
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