Global Neurosurgical Drainage Devices Market to Reap Excessive Revenues by 2026
Hydrocephalus condition has challenged neurosurgeons, neurologist and medical device developers due to the uniqueness of cerebrospinal fluid (CSF) in each patient. Hydrocephalus usually affects people of 50 years and above. It is a condition wherein there is unnecessary accumulation of CSF fluid which surrounds the brain and spinal cord and to treat this condition, CSF shunt systems is being placed. The shunting procedure works by draining the unwanted fluid from the brain to the other parts of the body where the fluid is absorbed as part of the circulatory process. CSF shunt comprises a catheter (for in flow and out flow of fluid) and valve so as to regulate the fluid flow. There are two types of shunts valves that is fixed shunt and adjustable shunt.
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According to National Institute of Neurological Disorders and Stroke, approximately 375,000 Americans have normal pressure hydrocephalus. According to National Hydrocephalus Foundation approximately US$100 million from healthcare spending in the U.S. accounts for CSF shunting procedures and almost half of the amount is spent on the shunt revisions.
Factors such as increasing incidence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, Creutzfeldt-Jakob disease and increasing global aging population is expected to drive the neurosurgical drainage devices market over the forecast period. Moreover patients opting for neurosurgical drainage devices over use of drugs due to comparatively less side effects and better effectiveness. However microeconomic factors such as poor reimbursement policies, taxation policies in the U.S. and Europe is a major challenge for overall revenue growth of the market.
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On the basis of region presence, neurosurgical drainage devices market is segmented into seven key regions: North America, Latin America, and Eastern Europe, Western Europe, and Asia pacific excluding Japan, Japan, Middle East and Africa.
In regions such as North America and Europe, the prevalence of hydrocephalus (congenital and infantile) in is predicted to be 0.5 to 0.8 per 1000 individuals. Developing regions such as Asia and Latin America will generate more demand for neurosurgical drainage devices due to better allocation of healthcare funds. According to National Hydrocephalus Foundation, approximately 75,000 discharges a year from U.S. hospitals with a diagnosis of hydrocephalus. Due to the above factors neurosurgical drainage device market is expected to register significant growth during forecasted period.
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Some of the key market players in neurosurgical drainage devices market are Medtronic plc., B. Braun Melsungen AG, Johnson and Johnson, Integra LifeSciences Corporation, Spiegelberg GmbH & Co. KG, Howard Butler (HOBUT) Ltd.
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