External Ventricular Drain Market Likely To Touch At $9.5 Billion By 2027: Grand View Research Inc.

 

The global external ventricular drain market size is anticipated to reach USD 9.5 billion by 2027, expanding at a CAGR of 7.6%, according to a new report by Grand View Research, Inc. High incidence of hydrocephalus and subsequent increase in the number of surgical procedure to treat this condition is driving the market. An external ventricular drain is also known as ventriculostomy is a medical procedure performed to remove excess cerebrospinal fluid from the ventricles of the brain to maintain intracranial pressure. It is used for conditions such as severe head injury, hydrocephalus, intracranial hypertension, subarachnoid hemorrhages, and inflammatory diseases of the cerebrospinal space.

The rising prevalence of cerebrovascular disorders and traumatic brain injuries globally is leading to the increased demand for external ventricular drain, thereby propelling the market growth. According to the Stroke Statistics 2018, over 100,000 people suffer from strokes in the U.K. every year. Out of which around 85.0% are ischemic strokes and 15.0% are hemorrhagic, which results in the blocking of blood flow to the brain.

Furthermore, the incorporation of various modern technologies, and the introduction of new products by market players, are likely to boost the market during the forecast period. For instance, in September 2017, Arkis BioSciences received U.S. FDA approval for its “CerebroFlo”- an external ventricular drainage catheter. It is used for insertion into the ventricular cavity for external drainage of cerebrospinal fluid. Rising incidence of neurological disorders and increasing road accidents which results in traumatic brain injuries are major factors driving the market for external ventricular drains. In addition, increasing research activities and rising adoption of technologically advanced products are few other factors contributing towards market growth.  

According to the WHO, neurovascular stroke is the second most common cause of death and the third most common cause of disability around the world and approximately 60%-80% of all strokes are ischemic. This occurs due to blocked blood vessels which limits the blood supply to the brain or when a weakened blood vessel bursts and bleeds into the surrounding brain. Since, the last four years, the incidence rate of strokes majorly in low- and middle-income countries has increased more than double. For instance, India has a very high incidence rate of ischemic stroke and is one of the leading causes of death. According to a recent study by All India Institute of Medical Sciences (AIIMS) 2016, approximately 1.8 million Indians suffer from cerebrovascular stroke every year. Additionally, around 1.1 million people in Europe suffer from ischemic stroke every year. Thus, a high incidence of cerebrovascular disorders may lead to intraventricular bleeding (hemorrhage), which in turn demands the use of ventricular drain sets to remove the excess cerebrospinal fluid. This is expected to drive the market for external ventricular drain over the forecast period.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/external-ventricular-drain-market/request/rs1

Moreover, the increasing incidence of cranial injuries and trauma across the world is a key driver of the market for external ventricular drains. Road accidents fall and sports injuries are the most common causes of head trauma, and cranial injuries. This results in hospitalization and permanent disability for thousands of individuals every year. Raised intracranial pressure (ICP) after a head injury is considered to have an adverse effect with a mortality rate of around 20%. Thus, continuous monitoring of intracranial pressure is crucial to map the progression of brain injury. As per the WHO, vehicle injuries are projected to be the ninth leading cause of death worldwide. Similarly, according to the Association for Safe International Road Travel 2018 report, about 20-50 million people are injured or disabled every year owing to road accidents. Thus, in the U.S., falls (52%) and road accidents (20%) are the first and second leading causes of all traumatic brain injury-related hospitalizations, respectively. This, in turn, will boost the demand for an external ventricular drain for the treatment.

External Ventricular Drain Market Report Highlights

• Based on applications, the traumatic brain injury segment dominated the market with a share of 33.7% in 2020 owing to the increase in the prevalence of Traumatic Brain Injuries (TBI). As per the CDC, in 2014, TBI was responsible for 2.8 million hospitalizations, emergency department visits, and deaths in the U.S.
• North America dominated the market with the highest revenue share of 35.6% in 2020 owing to the high incidence rate of cerebrovascular disorders, well-established healthcare infrastructure coupled with rising approvals by the U.S. FDA for new products
• In the Middle East and Africa, the market is expected to witness the highest CAGR of 8.2% from 2020 to 2027 owing to untapped opportunities in the region, growing incidences of neurological illnesses, and increased incidences of brain injury in this region.

 Key companies are adopting various strategies such as strategic collaborations and new product launches to increase their market share and global presence. For instance, in September 2017, Arkis BioSciences received U.S. FDA approval for its “CerebroFlo”- an external ventricular drainage catheter. It is used for insertion into the ventricular cavity for external drainage of cerebrospinal fluid.

Companies are engaging in partnerships, acquisitions, and mergers aiming to strengthen their product portfolio, manufacturing capacities, and provide competitive diversity. For instance, in July 2020, Integra LifeSciences has acquired Arkis Biosciences Inc. - developer and provider of neurosurgical devices. This acquisition will bolster the company’s offerings in neurocritical care. Furthermore, in January 2020, Medtronic acquired an Israeli company- Mazor Robotics in a transaction valued at USD 1.7 billion. Mazor Robotics will become part of Medtronic’s Neurosurgery business under the Restorative Therapies Group’s Brain Therapies division. This is likely to boost the company’s revenue and global presence in the coming years. Some of the prominent players in the external ventricular drain market include:

• Spiegelberg GmbH & Co. KG
• Medtronic
• Sophysa
• Dispomedica GmbH
• Integra LifeSciences
• Möller Medical GmbH
• B. Braun Melsungen AG
• Fuji Systems

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.