Acute External Ventricular Drain Market Worth $432.69 Million By 2030
Acute External Ventricular Drain Market Growth & Trends
The global acute external ventricular drain market size is anticipated to reach USD 432.69 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.91% from 2022 to 2030. Rising adoption of conventional over the traditional method, increasing prevalence of acute hydrocephalus, and increasing adoption of technologically advanced devices for acute external ventricular drain are driving the industry’s growth over the forecast period.
EVDs provide benefits for the treatment of acute hydrocephalus. Hydrocephalus is a medical emergency that requires the placement of an EVD into one of the brain’s lateral ventricles to drain excess CSF. Each year, 740,000 instances of hydrocephalus in LMICs and about 30,000 in HICs require neurosurgery. Similarly, according to Hydrocephalus Association, hydrocephalus affects about 1 million Americans.
As per the same source, one in every 770 babies develops hydrocephalus in the U.S. Intraventricular hemorrhage is the most frequent cause of acquired hydrocephalus in babies, and studies have indicated that early intervention with an EVD (at the age of 25 days or younger) leads to improved neurological results. Since EVDs are most used in the abovementioned conditions, these factors have directly impacted the industry.
Furthermore, government initiatives such as grant allocation and approval, and investments to identify the most effective care and treatments to aid patient recovery after a brain injury are being implemented in various countries. According to the Hydrocephalus Association, approximately USD 12 million in research was invested in 2021, with an additional USD 35 million in federal funding provided for the study and development of hydrocephalus disease care in Canada.
Additionally, in April 2022, researchers were given a US 2.85 Mn NIH grant to explore a novel method for evaluating cerebrospinal fluid in infants with hydrocephalus. As a result of the aforementioned factors, the market is predicted to increase significantly in the near future.
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Acute External Ventricular Drain Market Report
Acute External Ventricular Drain Market Report Highlights
- By application, Traumatic Brain Injury (TBI) accounted for the largest revenue share of 33.78% in 2021. This is due to the increasing prevalence of TBI along with an increase in the number of surgeries globally
- Based on patient type, the pediatric patient type segment is expected to grow at the fastest CAGR of 8.02% from 2022 to 2030,due to an increase in the number of surgical procedures to treat hydrocephalus in newborn babies. For instance, according to Pediatric Neurosurgery, approximately 69,000 hospital discharges of patients with hydrocephalus are reported each year in the U.S.
- Asia Pacificacute external ventricular drain market is expected to witness the fastest CAGR of 8.26% over the forecast period. This can be attributed to the increasing awareness and rising investment of key players in the developed and emerging nations, which are some of the major factors responsible for the significant growth rate during the forecast period
- The industry is highly competitive with players including Medtronic, Integra LifeSciences Corporation, Natus Medical Incorporated, Fuji Systems, Spiegelberg GmbH, SOPHYSA, and Neuromedex