Market Trends of Global External Ventricular Drain Industry
This section covers the major market trends shaping the External Ventricular Drain Market according to our research experts:
Exernal Ventricular Drain application in Traumatic Brain Injury Segment is Expected to Grow Over the Forecast Period
The traumatic brain injury segment is expected to grow over the forecast period. The rise in the burden of traumatic brain injuries is a key factor in the market's growth. Traumatic brain injury is caused due to a violent blow to the head and external ventricular devices are the most used procedures to treat traumatic brain injuries. For instance, in January 2021 according to a study titled 'Traumatic Brain Injury', around 1.7 million people suffer a traumatic brain injury in the United States. Most traumatic brain injuries are caused due to road accidents and these are caused due to a violent blow to the head which is most common in sportspersons and service members. According to the Centers for Disease Control and Prevention's (CDC) March 2022 updated figures, there were roughly 64,000 TBI-related fatalities in the United States in 2020. This element also plays a role in the growing uptake of intracranial pressure monitoring technology. According to the Centers for Disease Control and Prevention, falls are one of the main causes of traumatic brain injuries, fueling market expansion.
Government initiatives such as awareness programs to prevent and control traumatic brain injuries, allocating and approving grants, and investments to identify the most effective care and treatments to improve patient recovery after brain injury, such initiatives are being executed in different countries. For instance, the department of health of the Australian government to improve patients with traumatic injury has announced an investment of USD 50 million over 10 years from 2019-2020. Such initiatives taken by the government are making the key market players investigate the disease and invest in the external ventricular drain market. Thus, by the above-mentioned factors the traumatic brain injury segment in the external ventricular drain market is expected to boost the growth of the market.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America holds the major market share in the external ventricular drain market. The rising incidence of neurological disorders, the rising elderly population (aging), and technological advancements are key factors attributed to the growth rate of the external ventricular drain market. Ischemic strokes are one such kind that is playing a key role in propelling the market. For instance, in 2021, according to the Stroke Awareness Foundation in the United States, ischemic strokes are the most common type representing about 87% of all strokes.
Moreover, according to the data updated in July 2021, by Parkinson's Foundation, there were nearly more than one million people living with Parkinson's disease in the United States in 2020 than with Lou Gehrig's disease, muscular dystrophy, and multiple sclerosis altogether. By 2030, it's anticipated that there will be 1.2 million. The aforementioned source also states that every year, about 60,000 Americans are given a Parkinson's disease diagnosis. As a result of the increasing neurological disorders in the region, it is anticipated that the investigated market will expand in North America throughout the study.
External Ventricular Devices are also used to treat hydrocephalus. It is used to enable drainage of infected cerebrospinal fluid and also used to treat patients with a severe head injury to provide both, a means of measuring intracranial pressure and allowing cerebrospinal fluid drainage to treat raised intracranial pressure. According to the hydrocephalus association, in 2021, around USD 12 million is invested in research and USD 35 million additional federal grants were awarded for the study and improvement of care of hydrocephalus disease in Canada. Hence, considering to above-mentioned factors, the market is expected to witness significant growth in the future.
