The Global Spina Bifida market is forecast to reach USD 3.90 Billion by 2032, according to a new report by. Spina bifida [SB] is a commonly occurring neural tube defect (NTD), which affects the spine and generally apparent at birth. The condition may affect any portion of the spine in case the neural tube does not close all the way. In such cases, the backbone protecting the spinal cord does not develop properly and fails in closing as it is supposed to close. Due to the above specified malfunction of the spinal cord, it may be damaged along with negatively impacting the nerves. The condition may cause intellectual and physical disabilities that may have varying severity. The severity of the condition is dependent on the location and size of the opening of the spine. It is also dependent on whether nerves and parts of the spinal cord are affected by the condition. This type of neural tube defect can be diagnosed after the birth of a baby or during pregnancy. In regards to the treatment of the condition, it has a significant dependency on the severity of the condition. Treatments and health issues of patients of SB differs from patient to patient. In cases of spina bifid occulta, the diagnosis of the condition becomes challenging, and in the case of “open” spina bifid, patients face various complexities and require several treatments. Thus, factors like technological advancements in the healthcare sector, and diagnostic services are propelling the growth of the sector. Though various supporting factors are propelling the growth of this sector, adverse factors like side-effects associated with surgeries and high treatment costs may slow down the growth.
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In regards to region, North America can be seen to dominate the market. The dominance of the region is attributed to the high incidence rate of the disease, technological advancements in the healthcare sector, and incorporation of these advancements in the healthcare sector, which are supporting the expansion of the industry in this region.
Key Coverage of the Report
- Region and country wise statistics of the Spina Bifida market from the period 2023-2032. While 2023 & 2032 has been utilized as historical data, 2023 is considered the base year. 2023-2032 have been derived as forecasts.
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of Spina Bifida has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Spina Bifida Market
- The Spina Bifida market is forecasted to grow at a rate of 7.9% during the forecast period and reach USD 90 Billion in 2032.
- Various initiatives taken by the industry players are supporting the treatment’s demand. One of such mentionable initiative is acquisition. As an instance, in 2015, Medtronic, one of the mentionable players, had acquired Twelve, Inc. The company acquired by Medtronic manufactured trans-catheter mitral valve replacement equipment. Thus, such initiatives by the industry players would not only positively impact the position of Medtronic, but it would boost the overall growth of the industry.
- Advancements in care services and incorporation of these advancements in this care service and various researches on technological advancements are also fostering the growth of the sector. As an instance, as per a study conducted in 2014, it has been established that Percutaneous minimally invasive fetoscopic surgery has a high rate of technical success for fetal spina bifid. Similarly, advancements in care services like fetal repair of the spina bifid lesion are also turning out to beneficial for developing the quality of care..
Companies considered and profiled in this market study
- 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.
The companies have focused on various strategies like new product launches, collaboration, agreements, acquisitions, and mergers to strengthen their position and expand the market share.
- The valuation for Spina Bifida market was USD 1.90 Billion in 2023, and it is forecasted to have a growth rate of 7.9% during the forecast period.
- In context to Disease Type, the Myelomeningocele segment can be seen to lead the market occupying the largest market share of more than 50.0% in 2023, with a growth rate of 7.7% during the forecast period. The market share occupied by the Myelomeningocele segment is attributed to the fact that it is one of the most severe and common types of SB that requires surgery, which results in high demand for this treatment in treating this type of SB. The fact that approximately 60 births in every 100,000 births involves this type of SB reflects the severity of the condition.
- In context to Treatment, the Surgeries segment is projected to witness the fastest growth rate of 8.3% during the forecast period, which held the largest market share of 48.0% in 2023. The growth rate witnessed by the Surgeries segment is attributed to early detection of the condition, developments in minimally invasive fetoscopic surgery, and various researches establishing the technical success of these surgeries, which are contributing to the growing popularity and incorporation of this means of treatment in the care plan.
- In regards to Diagnosis, the Ultrasound segment held the largest market share of 45.0% in 2023, with a significant growth rate of 8.3% during the forecast period. The market share held by the segment is attributed to the accuracy of this way of diagnosis in early identification of the condition, which results in its extensive application in the healthcare sector. This is usually used for diagnosis of this condition that helps in identifying the condition before delivery.
- In regards to End-user, the Diagnostic centers segment is projected to witness the fastest growth rate of 8.9% during the forecast period, which is expected to hold 16.3% of the market by 2032. The growth rate witnessed by this segment is attributed to the increasing awareness about the importance of early diagnosis of the condition, developments in diagnostic tools, and its positive impact on fetoscopic surgery, which is contributing to the growing popularity of diagnostic centers.
- In regards to Region, North America held the largest market share of 41.0% in 2023, with a growth rate of 7.9% during the forecast period. The dominance of the region is attributed to the high incidence rate of the disease, technological advancements in the healthcare sector, and incorporation of these advancements in the healthcare sector, which is supporting its expansion in this region.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented the global Spina Bifida market, according to Disease Type, Treatment, Diagnosis, End-user, and Region:
Disease Type Outlook (Revenue, USD Billion; 2023-2032)
- Closed neural tube defects
Treatment Outlook (Revenue, USD Billion; 2023-2032)
- Medical procedures
- Oral Medications
Diagnosis Outlook (Revenue, USD Billion; 2023-2032)
- Blood tests
End-user Outlook (Revenue, USD Billion; 2023-2032)
- Diagnostic centers
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Asia Pacific
- Latin America
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