Transparency Market Research states that the global cerebrospinal fluid (CSF) management market will exhibit a healthy 5.5% CAGR over the period between 2015 and 2023, rising from a valuation of US$1,135.7 mn in 2014 to US$1,840.5 mn in 2023.
The highly competitive vendor landscape of the global cerebrospinal fluid (CSF) management market features several large and medium scale companies continuously involved in developments and innovations related to technology and applications, says a recent report by Transparency Market Research. The market is expected to witness a continued rise in development activities as companies focus on adopting better ways to effectively cater to the multidimensional and vast set of needs of the end users.
Some of the leading companies in the market are Medtronic plc, DePuy Synthes, Integra LifeSciences Holding Corporation, B. Braun Melsungen AG, Sophysa S.A., Möller Medical GmbH, BeckerSmith Medical, Inc., and Spiegelberg GmbH & Co.
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North America to Continue to Provide Most Lucrative Revenue Prospects
In terms of product type, the segment of CSF shunts dominated the market in 2014 and is expected to retain its leading position over the forecast period as well. From a geographical standpoint, the CSF management market in North America dominated in terms of revenue contribution to the global CSF management market in 2014.
The region is also likely to retain its top spot in the global market over the report’s forecast period, chiefly owing to factors such as rising geriatric population and easy availability of technologically advanced products. However, the market in Asia Pacific is projected to gain the maximum traction over the report’s forecast period owing to the increased demand for minimally invasive surgeries and a thriving medical tourism industry in emerging countries.
Rapid Pace of Development of Healthcare Infrastructure in Developing Economies to Drive Market
Factors such as the vast rise in the prevalence of brain and neurological disorders, rising geriatric population, a demographic that is highly susceptible to neurodegenerative diseases such as Alzheimer’s and Parkinson's, and the rising scope of minimally invasive surgeries are key to the future growth potential of the global CSF management market. The market is also expected to benefit vastly from increased funding by government and private organizations across emerging economies aimed at providing effective treatment to a rising patient pool of neurological conditions.
Moreover, the promising pace of development of healthcare infrastructure, rising disposable incomes and the subsequent rise in healthcare spending of the global population, and the easy availability of technologically advanced healthcare interventions across distant corners of the globe are also expected to present promising growth opportunities to the CSF management market. These factors will especially bear significant impact in regional markets such as Latin America and Asia Pacific with a number of high-growth potential emerging economies.
High Cost of Surgeries Could Affect Market Growth to Some Extent
The market could, however, bear the brunt of challenges such as the high cost of CSF management surgeries and issues concerning the potential of infections caused by the use of CSF shunts. These factors are projected to hinder the growth prospects of the global CSF management market to a certain extent over the report’s forecast period.
Nevertheless, the increased rate of awareness and improvements across the healthcare infrastructure in emerging economies such as India, China, and Brazil could present promising growth opportunities for the market to survive the negative influences of the aforesaid challenges.
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