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New York, Sep 16, 2020 (GLOBE NEWSWIRE via COMTEX) —
Reportlinker.com announces the release of the report “Cerebrospinal Fluid Management (CSF) Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery” – https://www.reportlinker.com/p05967836/?utm_source=GNW
4 billion in 2019 to $1.1 billion in 2020 at a compound annual growth rate (CAGR) of -18.9%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of devices used in neurological disease treatment, due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing in order to contain the spread of virus and keep the staff safe. Additionally, the restrictions on non-essential medical services also hampered the market growth. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $1.8 billion in 2023.
The cerebrospinal fluid (CSF) management devices and equipment market consists of sales of cerebrospinal fluid (CSF) management devices and equipment and related services. CSF devices and equipment are used in the treatment of hydrocephalus, a condition of excessive accumulation of CSF within the head. Based on the product type, these devices are classified into CSF shunts and CSF drainage systems.
North America was the largest region in the cerebrospinal fluid management (CSF) devices and equipment market in 2018. The CSF management devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
Currently, the US Food and Drug Administration (FDA) identifies the CSF devices as class II devices. As per section 21, subsection 510K certain protocol has to be followed before these devices can be approved. The firms have to list down any possible risks to health and measures taken by them so that the device addresses such health hazards. Apart from this a coversheet stating that the device is a class II device, a brief description of the device and summary report of what the device does and the scope of the device must be duly stated. The last step verifies the device for biocompatibility, performance and appropriate labeling such as expiration dates, prescriptions etc. The stringent regulatory guidelines may take time for the product release and increase the overall development cost of the product, thereby impacting the market.
The high possibility of the shunt failure or malfunctioning is a major factor restraining the cerebrospinal fluid (CSF) Devices market. Shunts are devices used to restrict Hydrocephalus, which is a condition where there is excess accumulation of cerebrospinal fluid (CSF) near the brain which can cause loss of brain tissues and even impair the brain. According to the 2019 pediatric emergency medicine reports, approximately 40% of shunts fail within the first year and about 56-80% of all shunts fail by 10 years. Reports show that shunt blockages occur in about 31% of patients. Due to such high failure rate of shunts, it causes trust deficiency in patients, and as a result patients look for alternative treatments.
Implementing new and improved sensor is the latest trend in the cerebrospinal fluid devices market, this may provide the market with the much needed boost to improve its growth rate while at the same time improving quality of the diagnosis. Treatment of Hydrocephalus, which is a condition where there is excess accumulation of CSF near the brain is a very complex process with many complications. High precision devices are required to improve the quality and success rate of shunt treatments, with the help of technology, new sensors and telemetry devices are being explored. A cutting-edge new sensor has been developed by the Rogers research group at Northwestern University, Illinois. Researchers at Northwestern believe that their latest skin sensor can greatly reduce malfunctions and the number of brain surgeries. The sensor uses body temperature readings to give information about how much cerebrospinal fluid is leaking. This sensor gives different heat signatures depending on whether the shunt is functional or not. This is a major development in the CSF market, the sensor also enables access to information which was previously inaccessible.
The increase in the number of brain surgeries drives the market for cerebrospinal fluid (CSF) devices. CSF devices play a major role in the treatment of Traumatic brain injury (TBI), shunts are devices used in the CSF procedure which ensure that any cerebrospinal fluid accumulated near the brain gets drained out. In the United States, one of the leading cause of death is TBI and approximately 1.5 to 2 million adults and children suffer a traumatic brain injury (TBI) each year. Among the 1.1 million who face head injury, 235,000 individuals will be hospitalized with a moderate to severe head injury while approximately 50,000 face death. However, a majority of them will have a mild injury that does not require an admission to the hospital. With such increase in the number of brain injuries, the CSF devices market will continue to grow.
Read the full report: https://www.reportlinker.com/p05967836/?utm_source=GNW
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