(I-BusinessNews.Com, July 07, 2021 ) The Hydrocephalus Shunts Market size was estimated at $368 million in 2020, projected to grow at a CAGR of 3.7% during the forecast period 2021-2026. Hydrocephalus is a condition characterized by an abnormal accumulation of cerebrospinal fluid within cavities inside the brain. Hydrocephalus is typically seen in infants and it could lead to enlarging of the head and brain damage owing to which children are commonly treated using a surgical procedure, in which a tube called a shunt (mostly Ventriculoperitoneal shunt) is placed into the body. These shunts drain the excessive fluid into another area of the body. Rising number of pediatric hydrocephalic due to brain bleeds, brain tumors, spina bifida, head injury and infection are the major factor driving the Hydrocephalus Shunts Market.
According to the National Institute of Neurological Disorders and Stroke, every year globally 1 to 2 babies per 1000 babies are born with Hydrocephalus condition. Considering the growing number of total newborns globally, the prevalence of hydrocephalus is all set to increase in the future. Moreover rising cases of neurological disorders resulting from tumor, meningitis or hemorrhage along with technological advancements such as in programmable valves are predicted to boost the demand for hydrocephalus shunts during the forecast period 2020-2025.
Hydrocephalus Shunts Market Segment Analysis – By Type
By Type, the market is segmented into ventriculoperitoneal shunts, ventriculoatrial shunts, ventriculopleural shunts and lumboperitoneal shunts. Ventriculoperitoneal shunt segment accounted for the major share and is projected to grow at a CAGR of 3.2% during the forecast period 2021-2026 and they are considered as the first line of treatment for hydrocephalus as these shunts are considered to be the most developed and technically advanced. Moreover these shunts are less prone to malfunction and reduced bacterial infection when compared to the other shunts, thereby reducing the life threating possibility and driving the market.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=501916
Report Price: $ 4500 (Single User License)
Hydrocephalus Shunts Market Segment Analysis – By Age
By age, the market is segmented into Infants, Children, and Adults. Children segment accounted for the major share and is projected to grow at a CAGR of 3.5% during the forecast period 2021-2026. Excess of Cerebrospinal fluid discharge choroid plexus in the ventricle leads to Hydrocephalus. Brain bleeds as a result of prematurity, Spina bifida and head injury which are the most common reason for hydrocephalus in pediatric and is leading to the adoption of hydrocephalus shunts and promoting the revenue growth of the market. According to the Hydrocephalus Association, one in every 770 babies develop hydrocephalus making it as common as Down syndrome. The presence of such a massive pediatric population suffering from hydrocephalus is prime reason for the adoption of shunts by pediatric neurosurgeons thereby driving the Hydrocephalus Shunts Market.
Hydrocephalus Shunts Market Segment Analysis – By Geography
Based on geography, North America dominated the Hydrocephalus Shunts Market with a region share of 40.2% in 2020 followed by Europe and APAC. Better healthcare structure, growing neurological cases and increasing health concerns are the major factor propelling the growth in this region. The presence of large number of hospitals and easy availability of technologically advanced instruments in this region is further driving the market growth in this region. However, Asia Pacific is set to be the fastest growing region during the forecast period 2021-2026 owing to the increased demand of advanced treatment and rising population.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=501916
Hydrocephalus Shunts Market Drivers
Increasing Incidence of Neurological Conditions
Increasing incidence of neurological conditions and congenital diseases along with rising cases of accidents leading CNS defects are major factors driving the Hydrocephalus Shunts Market during the forecast period 2020-2025. According to Centers for Disease Control and Prevention (CDC) in the United States, above 30,000 people witness disabilities due to traumatic brain injury and are directly attributed to hydrocephalus each year. While an estimated average of 75,000 shunt operations are performed each year in U.S according to hydrocephalus Association. The growing congenital diseases patients, rising cases of accidents and their will to undergo the Hydrocephalus Shunts surgical procedure is poised to propel the market.
From the evolution of shunt tubing materials to developments in programmable valves for controlling the flow of cerebrospinal fluid, shunt technology has progressed significantly over the last few decades (CSF). In order to reduce the chances of infection, catheters available now are impregnated with antibiotics due to more medical developments. Technical advancements have also increased the number of minimally invasive techniques available and improved their management thereby driving the market.
Hydrocephalus Shunts Market Challenges
Crisis in Diagnostics and Access to Care
According to recent study. an estimated 3 million people around the globe are currently living with normal pressure hydrocephalus in which 80% of cases remain unrecognized and often goes undiagnosed and untreated. Accurately diagnosing the adult hydrocephalus can be a major challenge. Additionally, since so little is known about the condition, doctors are often reluctant to take on complicated hydrocephalus cases, particularly in adults. Moreover surgical and post-surgical complication such as ventriculoatrial shunt catheter tip migration causing tricuspid regurgitation is another significant and challenging factor that is predicted to impede the future market growth.
Due to the Covid-19 outbreak, the Hydrocephalus Shunts end-user industries are facing issues such as delays in receiving shunts from the manufacturers due to the restriction on import and export of commodities. In addition, there are delays in receiving raw material, which is further resulting in delayed shipments to the customer. Moreover, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing, which is further leading to decreased storage stock of shunts. Covid-19 pandemic is having a huge impact as production of Hydrocephalus Shunts has been disruptively stopped, contributing to a major loss, thereby acting as a major restrain to the market.
Hydrocephalus Shunts Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hydrocephalus Shunts Market. Key companies of this market are Christoph Miethke GmbH & Co. KG, G. Surgiwear Ltd., HLL Lifecare Limited, HpBio PrÃ³teses, Inc., Integra Life Sciences, Kaneka Medix Corporation, Medtronic plc, Natus Medical Incorporated, Spiegelberg GmbH & CO. KG, and Tokibo Co., Ltd.
In May 2020, Alcyone Lifesciences received FDA approval for the commercial resale of a new device “The ReFlow shunt system” to treat hydrocephalus.
Geographically, North America region held 40.2% of the total market share in 2020 owing to the growing Hydrocephalus cases and increasing health concerns.
Increasing incidence of neurological conditions and congenital diseases along with rising cases of accidents leading CNS defects are major factor driving the Hydrocephalus Shunts Market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Hydrocephalus Shunts Market.
Related Reports :
A. Intracranial Pressure (ICP) Monitoring Devices Market
B. Cerebrospinal Fluid Management Market
For more Lifesciences and Healthcare Market reports, Please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.