Spina Bifida Market Forecasted to Observe an Enormous Growth By 2023

Posted November 20, 2018 by ashukalbande21

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Market Scenario:

Spina bifida is a congenital disorder that results in the malformation of the spinal cord. The condition is more common among Hispanics and whites, and the prevalence females are more likely to get affected than males.

On considering historical prevalence data of spina bifida in northeast China, during 2006-2015, it is found that a total of 2,029 cases of spina bifida were identified from 3,248,954 live births i.e. 6.25/10,000 live births. The disease is found to be highly prevalent in Chaoyang, Fuxin, and Huludao cities of China. According to the 2013 study conducted by Healthcare Cost and Utilization Project, hospitalization cost related to spina bifida was more than USD 600 million in 2013 for people of all ages.

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It is noted that rising technological advancements is the key factor driving the spina bifida market. With the rising awareness about the disease, market players are coming up with innovations owing to technological advancements. For instance, in Nov 2015, B. Braun Melsungen AG announced the launch of Ster-ASSIST Sterile Peripheral IV Catheter Insertion Kit. In the same year, Medtronic acquired Twelve, Inc., a developer of trans-catheter mitral valve replacement device.

Various other factors such as growing awareness, increased incidence of spina bifida, related complications, unmet medical needs, improving regulatory framework, increasing adoption rate, increasing government assistance, and rising funding and reimbursement are continuously contributing to the growth of the global spina bifida market.

Despite these drivers, there are some issues associated with spina bifida market. The cost of treatment, side-effects of surgeries, and poor healthcare system in low and middle-income countries may hinder the growth of the market to an extent.

It is estimated that the Spina Bifida Market is expected to grow at a CAGR 8.0% during the forecast period of 2017-2023.

Key Players:

Braun Melsungen AG, Boston Scientific, C.B. Fleet, C.R. Bard, Inc., Coloplast A/S, ConvaTec Group plc, Cook Medical, Covidien Private Ltd., Dynarex Corporation, Ethicon, Fujifilm, Hollister Incorporated, KARL STORZ, Medline Industries, Medtronic plc, Olympus, Pacific Hospital Supply Co., Ltd., Smith & Nephew, Stryker, Teleflex Incorporation, Wellspect Healthcare, and others.

The global spina bifida market is segmented on the basis of type, diagnosis, treatment, and end user.

On the basis of the type, the market is classified as occulta, closed neural tube defects, meningocele, and myelomeningocele.

On the basis of the diagnosis, the market is classified as blood tests, ultrasound, amniocentesis, and others. The blood tests segment is further classified as maternal serum alpha-fetoprotein (MSAFP) test, test to confirm high AFP levels, and other blood tests.

On the basis of the treatment, the market is classified as medical procedure, surgery, oral medications, and others. The medical procedure is further segmented into urinary catheterization, urinary diversion, and enema. The surgery is further segmented into spine surgery, fetal endoscopic surgery, spinal fusion, suprapubic cystostomy, and caesarean section. The oral medications is further segmented into antibiotics, and others.

On the basis of the end user, the market is segmented into hospitals, clinics, diagnostic centers, drug stores, pharmacies, and others.

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Regional Analysis:

The Americas dominate the spina bifida market owing to the rising occurrence of spina bifida in this region, and technological advancements. According to the statistics suggested by Centers for Disease Control and Prevention (CDC), around 1,500 babies are born with spina bifida every year in the United States. It is also reported that Hispanic women are the most vulnerable population for this disease as compared to non-Hispanic black or non-Hispanic white women.

Europe holds the second position in the spina bifida market. It is expected that the government support towards research & development expenditure, and amendments in reimbursement policies in the healthcare is likely to drive the European spina bifida market.

Asia Pacific is the fastest growing spina bifida market owing to a huge patient pool and development in healthcare technology. Healthcare expenditure is found to be improving in various Asia Pacific regions. According to the data suggested by Australian Institute of Health and Welfare during the year 2015-16, the total health expenditure was USD 170.4 billion i.e. 3.6% higher than the expenditure of 2014-2015.

The Middle East & Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.

Table Of Contents:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restrains

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

Chapter 5. Market Factor Analysis


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Issued By ashu kalbande
Country India
Categories Business , Health , Medical
Tags Spina Bifida Market
Last Updated November 20, 2018