New York, March 03, 2020 (GLOBE NEWSWIRE) -- The Global Spina Bifida market is forecast to reach USD 3.90 Billion by 2027, according to a new report by Reports and Data. Spina bifida [SB], in literal terms, implies “cleft spine,” which characterizes incomplete development of spinal cord, brain, and/or meninges. There remains limited certainty regarding the cause for the occurrence of the condition. However, a combination of factors like nutritional, and environmental risk factors like folate (vitamin B-9) deficiency and nutrition are considered as the cause for the occurrence of the condition. Factors like obesity before, diabetes, and folate deficiency are considered as risk factors for the occurrence of the condition.
The severity of the condition can be established with the help of the fact that, in the U.S, 1,500 to 2,000 of the more than 4 million babies born are effected by the condition every year. In the U.S., approximately 166,000 individuals are living with SB. It is more common among the population with fair complexion, Hispanics. It is more commonly observed among women as compared to men.
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The high incidence rate of the condition acts as one of the major factors propelling the market growth. Technological advancements in the healthcare sector is also supporting the market growth. Technological developments like 3D Printing contributes in the advancements in minimally invasive SB treatment, wherein the surgical procedure is combined with the technology, and with its help, doctors would be able to close off the spinal opening using a durable seal.
In regards to region, Europe is expected to occupy a considerable share of the market. The market share held by the region is attributed to the continuously growing healthcare sector, supportive reimbursement policies, and government support towards R&D activities.
Further key findings from the report suggest
- The Spina Bifida market held a market share of USD 1.90 Billion in the year 2018 that is forecasted to grow at a rate of 7.9% during the forecast period.
- In context to Disease Type, the Occulta segment is projected to witness the fastest growth rate of 8.2% during the forecast period, which expected to hold, 21.5% of the market by 2027. The growth rate witnessed by the Occulta segment is attributed to the increasing awareness about the condition, symptoms associated with it being noticed until later in the life and growing geriatric population, which is resulting in a growing demand for these treatments for curing this type of SB.
- In context to Diagnosis, the Ultrasound segment is projected to generate the highest revenue of USD 0.86 Billion in 2018, with a significant growth rate of 8.3% during the forecast period. The fact that ultrasound is the usually used diagnosis for this condition that helps in identifying the condition before delivery with accuracy results in its wide application and revenue generated by this segment.
- In regards to End-user, the Hospital segment held the largest market share of 49.0% in 2018, with a CAGR of 8.0% during the forecast period. The market share held by the segment is attributed to increasing demand for minimally invasive surgical procedures for treating the condition and the availability of various surgical facilities in these care providing organizations, which results in its elevated preference among care users.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 8.5% during the forecast, which is expected to hold 0% of the market by 2027. The elevating emphasis on R&D activities and technological developments in the healthcare sector are supporting the expansion of the market in this region.
- Key participants include C. R. Bard, Inc., Boston Scientific, B. Braun Melsungen AG, C. B. Fleet, Covidien Private Ltd., Cook Medical, Fujifilm, Medline Industries, KARL STORZ, Olympus Corporation, and Medtronic.
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For the purpose of this report, Reports and Data have segmented the global Spina Bifida market, according to Disease Type, Treatment, Diagnosis, End-user, and Region:
Disease Type Outlook (Revenue, USD Billion; 2016-2027)
- Myelomeningocele
- Occulta
- Closed neural tube defects
- Meningocele
Treatment Outlook (Revenue, USD Billion; 2016-2027)
- Medical procedures
- Surgeries
- Oral Medications
- Others
Diagnosis Outlook (Revenue, USD Billion; 2016-2027)
- Ultrasound
- Blood tests
- Amniocentesis
- Others
End-user Outlook (Revenue, USD Billion; 2016-2027)
- Hospital
- Clinics
- Diagnostic centers
- Pharmacies
- Others
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Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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