OTTAWA, June 01, 2021 (GLOBE NEWSWIRE) -- The global external ventricular drain market size was valued at US$ 2.51 billion in 2020, as per new study report.
The development of external ventricular drains is an illustration of technological modernization and progress in the neurosurgery domain. Numerous neurosurgical methods have been improved with the integration of computer-assisted steering using an amalgamation of patient anatomy and imagery in the external ventricular drains (EVD). This expertise has been united for the placing of external ventricular drains. Injection of EVDs is a vital procedure in neural care units as such drains offer ICP (continuous intracranial pressure) audit and CSF (cerebrospinal fluid) digression. Currently, the placing of external ventricular drains is among the most commonplace procedures, especially in neurological processes executed in the (ICU) intensive care unit.
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Growth Factors:
Factors such as growing incidence of neurological diseases, growing focus on research and development in the field of neuro care, rising number of traumatic brain injuries due to road accidents, fast adoption of latest healthcare technology globally, growing number of cranial injuries, growing demand for less invasive neurosurgical procedures, multiple advantages offered by external ventricular drain procedures, and rising awareness related to neurological disorders in low-income countries are driving the growth of external ventricular drain market. Moreover, increasing per capita healthcare expenditure across the globe is driving the external ventricular drain market growth across the world. Additional features that are expected to fuel this business are integration of latest technologies and growing investment by key manufacturers.
Administrations across the globe are increasing their expenditure to deliver better healthcare facilities. For example, an examination based on primary government statistics by the Centers for Medicaid &Medicare Services discloses that the United States healthcare expenditure grew 4.6% in the year 2018, attaining USD 3.6 trillion (USD 11,172 per individual). As a portion of the country's GDP (Gross Domestic Product), health expenditure accounted for almost 18%. Further developed nations such as Japan, Germany, and France are too increasing their healthcare expenditure each year. The healthcare system of France includes the private-public mix of ambulatory care and hospital with a higher capacity of service supplies, as compared to the United States. Apart from advanced countries, healthcare expenditure is also increasing in emerging countries throughout the world. Emerging countries are focusing on providing improved healthcare facilities to a large populace. For instance, public health spending in India has been progressively rising over the previous decade so as to cater to its increasing population. In the financial year 2018, the cost of public health outlay by states and UTs (union territories) collectively amounted to about USD 21.14 billion. This was valued to be about 1.28% of the nation’s Gross Domestic Product.
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Report Highlights:
- Among the indication segment, traumatic brain injuries (TBI) dominated the overall market in 2020. The rising number of accidents and sports-related injuries are the foremost factors attributing to its large market share. The meningitis segment is anticipated to grow at the uppermost CAGR through the forecast duration.
- Hospitals accounted for the major share in the end-user segment with more than 46% share in 2020 due to high preference for hospitals to carry out complex neurosurgical procedures. Moreover, hospitals are equipped with the latest equipment required for advanced procedures.
- Medtronic and Integra Life Sciences Corporation accounted for a significant share of the global external ventricular drain market.
Regional Analysis:
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 42%. The U.S. indicated the highest slice in North America principally due to early application of latest healthcare technologies. Moreover, availability of latest infrastructure also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to presence of skilled researchers. Presence of major companies in the European region is also expected to lift the demand for external ventricular drain in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around6.8% in the estimate period due to increasing per capita healthcare expenditure and high number of accident-related brain injuries. Latin America and Middle East and African region will display noticeable growth.
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Key Market Players and Strategies:
The key companies functioning in the worldwide external ventricular drain market are Medtronic, Integra LifeSciences Corporation, Spiegelberg, Sophysa, Möller Medical, and Fugi Systems Corporation among others.
Leading companies are investing heavily on research for improvements in the neurology sector. In June 2019, Integra LifeSciences took over Arkis Biosciences Inc. which offers a range of neurosurgical equipment’s, such as the CerebroFlo EVD catheter with Endexo technology, a perpetual additive intended to reduce the probability for catheter obstacle due to thrombus creation.
Market Segmentation:
By Indication
- Traumatic Brain Injury (TBI)
- Subarachnoid Hemorrhage into CSF
- Meningitis
- Posterior Fossa Tumor
- Subdural Hematoma (SDH)
- Hematomas Posterior Fossa
- IV Ventricle Obstruction
- Others
By End-User
- Hospitals
- Pediatric Care Center
- Ambulatory Surgery Centers
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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