Spike in Neurological Diseases Fuels Market for Cerebrospinal Fluid Management Products

July 8, 2020 13:05:19

The world market for cerebrospinal fluid management products is witnessing tremendous growth with rising levels of competition, according to the forecasting done by Transparency Market Research. The major stakeholders in the global market are putting more emphasis on the development of a new product, with further predictions to enhance the competitive environment throughout the forecasting period. Some of these stakeholders are Integra Life Sciences Holding Corporation, Medtronic Plc., DePuy Synthes, B. Braun Melsungen AG, BeckerSmith Medical, Inc., and Spiegelberg GmbH and Co.KG. The mushrooming number of mergers and acquisitions and the increasing investments in research and development activities are predicted to facilitate the development of markets in the next few years.

The cerebrospinal fluid management market is estimated to register a significant 5.50% CAGR between 2015 and 2023, according to Transparency Market Research. In 2014, the world market was worth the $11.35.7bn, and it has been predicted to reach a figure of $18.40.5bn by the end of 2023.

Technological Advancement to Drive the North American Market

The world market for cerebrospinal fluid management has been grouped based on a geographical basis into Africa and the Middle East, North America, Latin America, Europe, and Pacific Asia. Among all these, North America is touted to account for the largest share of the world’s market throughout the forecasting period. The rapid growth of this region can be attributed to the increasing elderly population and the faster growth rate of technological innovations. Additionally, the Asia Pacific zone is estimated to register a healthy growth rate in a few years to come.

This has been backed by the fact that there is a rising demand for medical tourism and minimally invasive surgeries in this region. Furthermore, the growing contribution from India and China is another major factor that has been predicted to speed the growth of the market in the coming future.

Between the two types of cerebrospinal fluids management market, the CSF shunts portion is estimated to experience high growth and maintain its leading position throughout the forecast period. The significant increase in the incidence of neurological diseases and the growing elderly population are the significant factors that are projected to encourage the growth of this segment. Additionally, the rise in demand for minimally invasive surgeries and the increase in funds by the government and private organizations have been projected to enhance the growth of the whole market for the next coming years.

Growth in Demand for Minimally Invasive Surgeries will also Encourage Growth

The increase in the prevalence of neurological and brain diseases, and the rising elderly population, is seen as the key elements that have been projected to promote the growth of the cerebrospinal fluid management market in the next few years. The increasing popularity of minimally invasive surgeries is another crucial element that has been predicted to accelerate the growth of the general market several years to come. Moreover, the increase in disposable income among consumers and the developing infrastructure in the health sector are also indicating the growth of the market in the next few years to come.

This bullish outlook for the cerebrospinal fluid management market is likely to give players, such as Vivos Therapeutics Inc., in other sections of the biomedical sector added impetus to drive forward since the future holds a lot of promise for their investors.

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