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Spina Bifida Market 2019 Regional Analysis, Global Segments, Top Key Players, Drivers and Industry Trends by Forecast to 2023
Spina Bifida Market Research Report: By Type (Occulta, Closed Neural Tube Defects, Meningocele, Myelomeningocele), By Diagnosis (Blood Test, Ultrasound, Amniocentesis), Treatment (Medical Procedure, Surgeries), By End User – Global Forecast Till 2023
Spina Bifida Market Overview
Spina bifida is a hereditary ailment that leads to the deformity of the spinal cord. Increasing technological progressions has been the key factor propelling the spina bifida market. As per a report published by Market Research Future (MRFR), the global spina bifida market can be anticipated to grow at 8.0% CAGR during the forecast period of 2017-2023. With the increasing cognizance about the ailment, market players are coming up with novel technological solutions for providing an improved cure to the ailment. In Nov 2015, for instance, B. Braun Melsungen AG declared the launch of Ster-ASSIST Sterile Peripheral IV Catheter Insertion Kit. During the same year, Twelve, Inc., a manufacturer of trans-catheter mitral valve replacement equipment, was acquired by Medtronic. Several other factors such as amplified incidence of spina bifida, increasing awareness about spina bifida, unmet medical requirements, associated complexities, enhanced regulatory structure, growing adoption rate, surging outlay, and increasing government reimbursements are significantly contributing to the growth of the worldwide spina bifida market. However, there are factors impeding the growth of the spina bifida market. The poor healthcare infrastructure in low and middle-income economies, side-effects of surgeries, and high cost of treatment are the aspects that are likely to hinder the global spina bifida market growth.
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The global spina bifida market has been segmented based on diagnosis, type, end user, and treatment. Based on diagnosis, the market has been segmented as ultrasound, amniocentesis, blood tests, and others. The blood tests segment has been sub-segmented as test to check high AFP levels, maternal serum alpha-fetoprotein (MSAFP) test, and other blood tests. Based on type, the market has been segmented as closed neural tube defects, occulta, myelomeningocele, and meningocele. Based on end user, the market has been segmented into clinics, hospitals, pharmacies, drug stores, diagnostic centers, and others. Based on treatment, the market has been segmented as oral medications, surgery, medical procedure, and others. Medical procedure has been sub-segmented into urinary diversion, enema, and urinary catheterization. Surgery has been sub-segmented into fetal endoscopic surgery, spine surgery, suprapubic cystostomy, caesarean section, and spinal fusion. Oral medications have been sub-segmented into antibiotics, and others.
The Americas rule the spina bifida market owing to the increasing prevalence of spina bifida in the region, and technological progressions. As per statistics revealed by Centers for Disease Control and Prevention (CDC), almost 1,500 babies are born every year with spina bifida, in the United States. The report also reveals that Hispanic women are the most susceptible population for this ailment as compared to non-Hispanic white women or non-Hispanic black women. Europe represents the second rank in the global spina bifida market. It has been estimated that the administrative support towards research & development outlay, and alterations in reimbursement framework in the healthcare sector is likely to propel the European spina bifida market. Asia Pacific signifies a rapidly expanding spina bifida market on account of its huge patient pool and potential advancement in healthcare technology. Healthcare disbursement is having been found to be soaring in several areas of the Asia Pacific market. Australian Institute of Health and Welfare stated in their report that during 2015-16, the entire healthcare spending was USD 170.4 billion which is reportedly 3.6% greater than the outlay of 2014-2015.
The global spina bifida market has been dominated by key players such as Boston Scientific, B. Braun Melsungen AG, C.B. Fleet, Coloplast A/S, C.R. Bard, Inc., Cook Medical, ConvaTec Group plc, Dynarex Corporation, Covidien Private Ltd., Fujifilm, Ethicon, KARL STORZ, Hollister Incorporated, Medtronic plc, Medline Industries, Pacific Hospital Supply Co., Ltd., Olympus, Stryker, Smith & Nephew, Wellspect Healthcare, and Teleflex Incorporation.
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The reports of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.