SPINA Bifida & Hydrocephalus Market – Overview
The global spina bifida & hydrocephalus market is projected to witness significant growth from 2021 to 2031 (forecast period). Growth in the healthcare sector, increased favorable reimbursement policies, a spike in government funding for R&D activities, and strong healthcare spending are expected to boost the global spina bifida & hydrocephalus market growth during the forecast period. Moreover, technical developments and modernization in healthcare equipment and an increase in market research and development efforts are anticipated to provide revenue-generation opportunities in spina bifida & hydrocephalus market during the projected period.
SPINA Bifida & Hydrocephalus Market – Competitive Landscape
Leading players in the spina bifida & hydrocephalus market are BD, FUJIFILM Corporation, Boston Scientific Corporation, Olympus Corporation, C.B. Fleet Company, KARL STORZ SE & Co. KG, Covidien, Cook, B. Braun Melsungen AG, Medline Industries, Inc., and Medtronic.
Market players are implementing marketing strategies such as partnerships, investments, acquisitions, technological developments, and R&D activities to increase their global presence.
SPINA Bifida & Hydrocephalus Market – Trends and Opportunities
Spina bifida and hydrocephalus are two uncommon diseases for which there are no therapies, but preventative measures are possible. Spina bifida is a spinal cord abnormality that usually arises during the early weeks of pregnancy, while hydrocephalus is an abnormal buildup of cerebrospinal fluid in the brain cavities. These are birth abnormalities resulting from the failure or closure of the neural tube during early fetal development, which can result in nerve injury, a rise in intracranial pressure inside the skull, blindness, convulsions, and mental incapacity.
The rising occurrences of neurological and congenital illnesses are one of the primary factors expected to drive the spina bifida & hydrocephalus market growth. The progress of technology to manage the flow of cerebrospinal fluid and increased government support for R&D in the healthcare industry are projected to contribute to the expansion of the spina bifida & hydrocephalus market during the forecast period.
Moreover, the increase in technical developments in hydrocephalus shunts and modernization of the life science department with assistance from local and national agencies is likely to provide new prospects for the global spina bifida & hydrocephalus market in the next years.
Furthermore, the introduction of new products is expected to improve the global spina bifida & hydrocephalus market outlook. The Food and Drug Administration (FDA) approved Alcyone Lifesciences' relaunch of the ReFlow shunt device to treat hydrocephalus in 2020. In addition, in 2021, UC Davis Health began a clinical experiment known as the CuRe Trial, which is a cellular treatment to treat spina bifida, with FDA permission.
The COVID-19 pandemic had a massive impact on the global spina bifida & hydrocephalus market. The strong demand for COVID-19 management treatments created enormous opportunities for manufacturers. As a result of the demand for COVID-19 vaccines and treatment medications, the pharmaceutical and biotechnology industries are projected to rise significantly in the future. This, in turn, is projected to have a major influence on the global spina bifida & hydrocephalus market.
SPINA Bifida & Hydrocephalus Market – Regional Landscape
Europe is expected to contribute to the global spina bifida & hydrocephalus market during the forecast period. This is owing to an increase in supporting reimbursement policies, government backing for R&D activities, and rising healthcare expenditure in this region.
Asia Pacific is anticipated to witness considerable growth in the global spina bifida & hydrocephalus market during the forecast period. Emerging nations such as China and India are expected to support the growth of the spina bifida & hydrocephalus market in Asia Pacific.
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