The global market for cerebrospinal fluid management market is expected to witness a promising growth with a significant rise in the level of competition throughout the forecast period, states a new market research study by Transparency Market research. The key players in the global market are emphasizing on the development of new product, which is further predicted to enhance the competitive environment throughout the forecast period.
Some of these players are Medtronic plc, DePuy Synthes, Integra LifeSciences Holding Corporation, B. Braun Melsungen AG, Sophysa S.A., Möller Medical GmbH, BeckerSmith Medical, Inc., and Spiegelberg GmbH and Co. KG. The increasing number of mergers and acquisitions and the rising investments on research and development activities are predicted to enhance the market growth in the next few years.
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According to the market research study by Transparency Market Research, the cerebrospinal fluid management market is estimated to register a promising 5.50% CAGR between 2015 and 2023. In 2014, the global market was worth US$1,135.7 mn and is predicted to reach a value of US$1,840.5 mn by the end of 2023.
Increasing Focus on Technological Advancements to Drive North America Market
The global market for cerebrospinal fluid management has been categorized on the basis of geography into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Among these, North America is anticipated to account for a large share of the global market throughout the forecast period. The high growth of this region can be attributed to the rising geriatric population and the high rate of technological innovations.
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Furthermore, Asia Pacific is estimated to register a healthy growth rate in the next few years, owing to the rising demand for minimally invasive surgeries and the rising popularity for medical tourism in this region. Additionally, the growing contribution from China and India is another key factor predicted to enhance the growth of the market in the near future.
Among the two types of cerebrospinal fluids management market, the CSF shunts segment is estimated to witness high growth and maintain its leading position throughout the forecast period. A significant rise in the incidence of neurological diseases and the growing geriatric population are the key factors that are projected to encourage the growth of this segment in the next few years. In addition to this, the rising demand for minimally invasive surgeries and the increasing funds by private and government organizations are projected to enhance the growth of the overall market in the next few years.
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Growing Demand for Minimally Invasive Surgeries to Encourage Growth
The increasing prevalence of brain and neurological ailments and the rising geriatric population are considered as the key factors that are projected to encourage the growth of the global cerebrospinal fluid management market in the next few years. The increasing popularity of minimally invasive surgeries is another key factor predicted to accelerate the growth of the overall market in the next few years. In addition to this, the growing disposable income among consumers and the rapid development in the healthcare infrastructure are further predicted to enhance the growth of the overall market in the next few years.
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