Spina bifida is a congenital defect which results in malformation of the spinal cord. It is found to be common in Caucasian and Hispanic races. The global spina bifida market report analyses various variables to estimate market size, revenue predictions, and growth trajectory for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 pandemic on the market has been taken into purview.
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Spina Bifida Market Scope
The global spina bifida market is expected to expand at a CAGR of 8% over the forecast period. The large number of cases in China is one of the biggest drivers of the market. There were reported cases of 2,029 cases in cities of Fuludao, Fuxin, and Chaoyang. The large burden on public healthcare was also a notable factor driving the market. This is evident of the flurry of approvals by federal agencies of catheters and other medical devices for lowering costs. According to the 2013 study by Healthcare Cost and Utilization Project, hospitalization amounted to close to USD 600 million.
Spina Bifida Market Segmentation
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 segmented into meningocele, occulta, closed neural tube defects, and myelomeningocele.
On the basis of the diagnosis, the market covers the prospects of amniocentesis, blood tests, ultrasound, and others. The blood tests segment is further classified into 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. Oral medications are further segmented into antibiotics and others.
On the basis of the end user, the market is segmented into drug stores, hospitals, pharmacies, clinics, diagnostic centers, and others.
Spina Bifida Market Regional Analysis
The Americas are expected to dominate the global spina bifida market owing to the rising occurrence of the disease in this region and technological advancements. In 2015, B Braun Melsungen launched the Ster-ASSIST Sterile Peripheral IV Catheter kit. According to the statistics reported by Centers for Disease Control and Prevention (CDC), around 1,500 babies are born with spina bifida annually 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 held the second position in the global spina bifida market. Government support towards research & development expenditure and amendments in medical reimbursement policies in healthcare is likely to drive the European spina bifida market.
APAC is the fastest growing spina bifida market owing to a large patient pool and continuous development in healthcare technology. The large allocation of healthcare expenditure for nations in the region can drive the regional market. According to the data suggested by Australian Institute of Health and Welfare, the total health expenditure was USD 170.4 billion in 2015-2016, almost 3.6% higher than the expenditure of the previous financial year.
Spina Bifida Market Competitive Outlook
ConvaTec Group plc, Dynarex Corporation, C.B. Fleet, Olympus, Stryker, Pacific Hospital Supply Co., Ltd., Cook Medical, Covidien Private Ltd., Boston Scientific, Ethicon, Fujifilm, Wellspect Healthcare, Hollister Incorporated, Smith & Nephew, C.R. Bard, Inc., Coloplast A/S, Teleflex Incorporation, Medtronic plc, Medline Industries, KARL STORZ, and B. Braun Melsungen AG are among the key players of the global spina bifida market.
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