Albany, NY -- (SBWIRE) -- 04/16/2019 -- Global Cerebrospinal Fluid (CSF) Management Market: Snapshot
When there is an imbalance between the production and absorption of cerebrospinal fluid (CSF), is known as hydrocephalus. Surplus production of CSF, obstruction of circulation, faulty absorption, or brain atrophy are the key reasons that lead to an increase in CSF. The surplus CSF is saved in subarachnoid spaces of the brain or within the ventricles, and is also known as hydrodynamic CSF disorder. The prevalence of hydrocephalus is mostly seen among the babies at the time of birth but can also be seen in elderly people. If it occurs to a neonatal, it can physically deform the child because CSF continues to build up that leads to expansion of child's head to accommodate excessive CSF. As compared to the older child or an elderly, the infant head can expand, as their fontanels are not yet closed. Thus, in case if hydrocephalus is left without treating it can be a cause of mental retardation because of the high pressure being applied on nearby tissues causing the brain to atrophy. In addition, increasing cases of neonatal infections and neural tube defects in emerging economies are related to advanced rates of hydrocephalus.
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As per TMR, the global cerebrospinal fluid management market is prophesied to rise at 5.5% CAGR during the forecast tenure from 2015 to 2023. The valuation for the market is expected to touch US$ 1.84 bn by the end of 2023 progressing from US$1.13 as estimated in 2014.
Rising Neurological Diseases to Fuel Market Growth
The global cerebrospinal fluid management market is classified on the basis of type of product that is further segmented into CSF drainage system and CSF shunts. CSF drainage system has been further bifurcated into the lumbar drainage system and ventricular drainage system. The CSF shunts segment held major share in the market in 2014. Nevertheless, the CSF drainage systems segment is expected to rise at high CAGR over the forecast period. This growth is attributed to the growing prevalence of neurological diseases among the general population. In addition to that, rising geriatric population diagnosed with neurological diseases such as Parkinson's and Alzheimer's disease, growing demand for minimally invasive surgeries, and high funding by private organizations and government are likely to drive the CSF market in the coming years.
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Rapid Technological Innovation to boost demand for Cerebrospinal Fluid Management in Developed Economies
On the regional front, the global cerebrospinal fluid management market includes North America, Asia Pacific, Europe, Latin America, and the Rest of the World. Among these regions, North America held the largest share in the market in 2014. During the forecast period, the region is expected to continue its dominance due to rapid technological innovations and increasing geriatric population. On the other hand, Asia Pacific projected to witness high growth over the forecast period between 2015 and 2023. This is mainly because of rising geriatric population, growing demand for minimally invasive surgeries, and increasing medical tourism in emerging economies. However, the high cost of surgical procedures and lack of availability of shunts in developing countries may obstruct the growth of the market in these countries.
But these restraining factors are projected to be reduced with improving healthcare infrastructure and economic development in emerging nations. Rising disposable income that will increase the purchasing power of the people in countries like India, China, and Brazil will also benefit the market growth. Moreover, increasing medical expenditure by governments has also created huge opportunities for the CSF market to grow the emerging economies.
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