The Cerebrospinal Fluid Management (CSF) Devices market is growing pervasively. The market growth attributes to the rising prevalence of various neurological diseases and disorders. CSF devices are primarily used in the treatment of hydrocephalus, a condition that refers to the accumulation of cerebrospinal fluid (CSF) in the brain. Hence, the growing awareness for this condition is also a significant factor that, along with the adoption of advanced and minimally invasive treatment procedures, escalates the market growth to furthered height.
According to Market Research Future (MRFR), the global cerebrospinal fluid management (CSF) devices market is estimated to grow at approx. 4.5% CAGR during the forecast period (2018 -2023). Also, factors such as the growing geriatric population and awareness about hydrocephalus propel the growth of the market. Simultaneously, the increasing prevalence of hydrocephalus in children boosts the market growth to an extent. Also, several risk factors leading to neurological disorders are creating enormous market demand.
Additionally, increasing government funding and programs to support the R&D activities required for the development of CSF devices substantiate market growth. Furthermore, technological advances in the field of smart and connected devices, alongside the uses of some ubiquitous technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) to better diagnostic and treatment methods foster the market growth.
Conversely, factors such as the lack of trained professionals and side-effects associated with the treatment are projected to obstruct the market growth in years to come. Also, the high cost of CSF devices and lack of awareness for Hydrocephalus condition, act as major growth impeders for the market growth, especially in underdeveloped regions. Nevertheless, product launches of cost-competitive CSF devices would support the market growth throughout the anticipated period, filling the demand-supply gap.
Cerebrospinal Fluid Management Devices Market – Regional Analysis
North America dominates the global cerebrospinal fluid management devices market. The largest market share attributes to the strong presence of notable market players and a large base of patients suffering from various neurological diseases & disorders. Besides, the early uptake of technologically advanced medical devices for the treatment of the growing prevalence of neurological disorders in children and adults drive the regional market growth.
Asia Pacific is an emerging market for cerebrospinal fluid management devices. Factors such as increased healthcare expenditures and rising cases of hydrocephalus drive the growth of the regional market. Additionally, growing occurrences of neurological disorders in the region, fuel the market growth. Furthermore, augmenting demand for quality devices to treat neurological diseases & disorders and penetration of healthcare technology provide impetus to the regional market growth, leading to increasing the uptake of CSF devices.
Global Cerebrospinal Fluid Management Devices Market- Competitive Analysis
Highly competitive, the CSF devices market appears fragmented, with a large number of players in the market churning the competition. Increasing incidences of drug resistance have opened doors for new entrants and leaders’ development of new devices and opportunities. The rise of spurious and counterfeit devices has reduced the total market revenues, displacing standard devices off the market.