Albany, NY -- (SBWire) -- 05/31/2018 --The global cerebrospinal fluid management market is foreseen to experience a tremendous growth within the forecast period from 2015 to 2023. The organizations are carrying out mergers and acquisitions, regional expansion, strategic tie-ups, and new product launches, with a specific end goal to manage their position in the market. For example, in 2015, Codman Neuro (working unit of Johnson and Johnson Services, Inc.) presented a novel MRI-safe programmable valve with eight distinctive weight settings that offers consistent intra-ventricular weight and cerebrospinal fluid management drainage outlets for hydrocephalus treatment.
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The fiercely competitive market of the global cerebrospinal fluid (CSF) management market includes a few medium and large scale organization. Some of the leading players in the market are DePuy Synthes, Medtronic plc, Integra LifeSciences Holding Corporation, Sophysa S.A., B. Braun Melsungen AG, Möller Medical GmbH, Spiegelberg GmbH and Co. KG, and BeckerSmith Medical, Inc.
According to Transparency Market Research, the CSF management market is likely to demonstrate a decent growth with a CAGR of 5.5% within the forecast period from 2015 to 2023. In 2014, the market was worth US$1,135.7 mn, and it is anticipated to reach around US$1,840.5 mn by the end of 2023. On the basis of product type, the CSF shunt led the race in 2014 and is expected to maintain its position in the foreseeable future too. Geographically, in year 2014, North America region dominated the market, owing to rise in number of old age people and increase in technological advancements.
Rise in Preference for Minimally Invasive Surgeries to Propel Market Growth
The rising prevalence of neurological and brain ailments, burgeoning geriatric population, increasing instances of neurodegenerative issues, for example, Parkinson's and Alzheimer's, and the rising popularity of minimally obtrusive surgeries are playing a vital role catalyzing demand in the global CSF management market. The market is also expected to be majorly fuelled by increasing investments by private associations and governments in developing economies.
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Additionally, rise in disposable income, speedy improvement in healthcare infrastructure, and the significant development in healthcare expenses of the people across the world, and the convenient accessibility of advanced healthcare intervention across the globe are anticipated to contribute to the development of the CSF management market. They are expected to majorly boost the market in Latin America and Asia Pacific.
High Cost of CSF Management Surgeries to Hamper Market Development
However, the market growth is expected to be negatively impacted by the high cost of CSF management surgeries and concerns over infections caused due to the utilization of CSF shunts. However, the increase in awareness and betterment in healthcare infrastructure in developing economies, for example, China, India, and Brazil, could offer promising development scope for the market.
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Cerebrospinal Fluid Management Market Is Anticipated to Reach Around US$ 1,840.5 Million by the End of 2023