New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Cerebrospinal Fluid Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (CSF Shunts and CSF Drainage Systems) and End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Neurological Centers)”, published by The Insight Partners. The cerebrospinal fluid management market growth is driven by the increasing prevalence of hydrocephalus and the subsequent increase in the number of shunting procedures and the growing geriatric population.
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| Report Coverage | Details |
| Market Size Value in | US$ 1.82 Billion in 2021 |
| Market Size Value by | US$ 2.61 Billion by 2028 |
| Growth rate | CAGR of 5.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 189 |
| No. Tables | 111 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Product and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Cerebrospinal Fluid Management Market: Competition Landscape and Key Developments
Medtronic, Integra Life Sciences Corporation, DePuy Synthes, and Spiegelberg GmbH & Co. KG have implemented various inorganic developments, which have bought dynamic improvements in the cerebrospinal fluid management market. Several companies are adopting organic strategies such as product launch and expansion and inorganic growth strategies such as partnerships and collaboration. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, market growth strategies such as acquisitions and partnerships helped strengthen their customer base and increase the product portfolio.
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In December 2021, Spiegelberg Contract, along with Innovative Medcare PTY Ltd. located in Melbourne, Australia, joined the growing Spiegelberg family.
In May 2021, DePuy Synthes Products, Inc acquired the assets of Medical Enterprises Distribution, LLC, a privately-held developer of surgical impactor technology.
In April 2021, Medtronic plc and Surgical Theater announced a partnership to interface Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system. This collaboration will enable neurosurgeons to use AR technology in real-time to enhance visualization during complex cranial procedures.
In November 2020, Medtronic plc announced that it had completed its friendly tender offer for France-based Medicrea International, a pioneer in the transformation of spinal surgery through artificial intelligence (AI), predictive modeling, and patient-specific implants. On July 15, 2020, the parties announced a friendly voluntary all-cash tender offer at the price of EUR 7.00 per Medicrea share.
In July 2019, Integra LifeSciences Holdings Corporation acquired Arkis Biosciences Inc. This privately-held company offers a portfolio of neurosurgical devices, including the CerebroFlo external ventricular drainage (EVD) catheter with Endexo technology, a permanent additive designed to reduce the potential for catheter obstruction due to thrombus formation.
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Cerebrospinal Fluid Management: Key Insights – Impact of COVID-19 Pandemic
In North America, during the initial phase of the COVID-19 crisis, the demand for cerebrospinal fluid management was disrupted due to a temporary shift in the provision of healthcare services and the prolonged shutdown situation. Due to the pandemic situation in Europe, the hospitals in the region were severely affected. The increased pressure due to the growing rate of COVID-19 patients' hospitalization led to the profiling of many hospitals and departments, including neurology clinics for treating patients with COVID-19. Consequently, it has been reported that many diagnostic and treatment procedures had been postponed, including as many as 2.3 million cancer surgeries. This was mainly due to the prevailing pandemic situation across the globe. Countries in Asia Pacific also faced similar scenarios, where the COVID-19 outbreak created an extraordinary emergency that significantly disrupted the provision of healthcare services. The restrictions on healthcare services have put the healthcare industry in a critical situation. For instance, the pandemic led the Japanese economy to contract by 29% annually. According to the International Council of Nurses, due to high virus transmission, the number of mortalities among health professionals in Brazil is higher than in other nations. As Brazil has many populated areas and regions with small houses with 6–7 people per house, the virus spread was like wildfire. Currently, the South and Central American countries are speedily increasing their clinical programs to fight against the pandemic. Thus, there was an unexpected decrease in the shunt surgeries during the pandemic, particularly in the types/numbers of revision surgeries performed. As a result, it was reported that the demand for CSF shunts decreased, owing to fewer surgical operations, creating a demand that is increasing at a decreasing rate (slower pace). This is expected to positively impact the cerebrospinal fluid management market over the forecast period.
Cerebrospinal Fluid Management Market: Segmental Overview
Based on end user, the cerebrospinal fluid management market is segmented into hospitals, clinics, ambulatory surgical centers, and neurological centers. The hospitals segment held the largest share of 44.83% in 2021 and is expected to retain its dominance during the forecast period. However, the clinics segment is estimated to register a CAGR of 5.2% during the forecast period. The clinics offer specialized services without admissions. The increasing number of clinics across the countries and the growing healthcare expenditures are likely to foster the overall market growth. Also, an increase in awareness regarding health problems and personalized services at clinics are supporting the market's growth.
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The majority of the hospitals offer CSF management services under the insurance that enables patients to get their treatment done effectively and efficiently. Also, the majority of the hospitals worldwide are focusing on implementing neurological services to offer effective treatment outcomes over a range of diseases that drive the concerned industry. Thus, the hospitals segment is predicted to grow during the forecast period. Multi-center pediatric hospitals in India are using external ventricular devices that are playing an important role in driving the demand for cerebrospinal fluid management at present, and a similar trend is expected to continue over the forecast period.
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