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Spina Bifida Market Growth, Global Survey, Analysis, Share, Company Profiles & Forecast by 2027

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Market Size – USD 1.90 billion in 2018, Market Growth – CAGR of 7.9%, Market Trends – Growing demand for diagnostics for early detection of spina bifida

NEW YORK, NY, USA, April 5, 2022 /EINPresswire.com/ — The Global spina bifida market is expected to reach $3.90 billion by 2027, according to a new report from Reports and Data. Spina bifida [SB], in literal terms, implies a “vertebral cleft”, which characterizes the incomplete development of the spinal cord, brain and/or meninges. There remains limited certainty as to the cause of the onset of the condition. However, a combination of factors such as nutritional and environmental risk factors such as folate (vitamin B-9) deficiency and nutrition are believed to cause the onset of the disease. Factors such as previous obesity, diabetes, and folate deficiency are considered risk factors for the onset of the disease. The severity of the disease can be established with the help of the fact that in the United States, 1,500 to 2,000 of the more than 4 million babies born are affected by the disease each year. In the United States, approximately 166,000 people live with SB. It is more common among the fair-skinned population, Hispanics. It is more commonly seen in women than in men. The high incidence rate of the condition acts as one of the major factors propelling the growth of the market. Technological advancements in the healthcare sector are also supporting the growth of the market. Developments in technology such as 3D printing are contributing to advances in minimally invasive SB treatment, in which the surgical procedure is combined with technology, and with its help doctors would be able to close the opening in the spine to the using a durable seal.

Regarding the 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, favorable reimbursement policies and government support for R&D activities.

Key companies operating in the market profiled in the report include:

R. Bard, Inc., Boston Scientific, B. Braun Melsungen AG, CB Fleet, Covidien Private Ltd., Cook Medical, Fujifilm, Medline Industries, KARL STORZ, Olympus Corporation and Medtronic.

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The pharmaceutical and healthcare industry has undergone huge changes over the past few years, especially with the emergence of the COVID-19 pandemic. The increasing accessibility of advanced healthcare systems and low-cost technologies, coupled with the growing demand for over-the-counter drugs, has further changed the dynamics of the industry. The integration of robust technologies such as AI and blockchain has helped pharmaceutical companies reduce their capital expenditures and strengthen the global supply chain. Increasing application of biosimilars, shift towards in silico testing of pharmaceuticals, and growing number of product approvals by regulatory authorities are key factors driving the market revenue growth.

Rising R&D spending, growing focus on implementing robust cybersecurity solutions to ensure better medical device connectivity, and the development of advanced telehealth software by key companies operating in the field have further bolstered market revenue growth. The global Spina Bifida Market report examines the current market scenario with respect to the competitive landscape and offers key insights into company profiles, product portfolio, production and manufacturing capacity, contribution to revenues and global market position. It also provides details on recent mergers and acquisitions, joint ventures, collaboration, and product launches, among others.

Disease Type Outlook (Revenue, USD Billion; 2016-2027)

Myelomeningocele
hidden
Closed neural tube defects
Meningocele

Treatment Outlook (Revenue, USD Billion; 2016-2027)

Medical procedures
surgeries
Oral medications
Others

Diagnostics 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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The report provides a comprehensive analysis of market scope, supply chains, distribution channels, trends and demands in each region, revenue generation, market size and company presence prominent in each region. It studies the market revenue growth in each region and their key countries based on several factors such as macro and microeconomic growth factors, regulatory framework and policies, investment and funding opportunities, R&D and technological advances, and growth prospects.

Key regions assessed in the report:

North America (United States, Canada, Mexico)
Europe (UK, Germany, Italy, France, Rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

The report further segments the global spina bifida market on the basis of product types and applications and offers details on key factors expected to drive revenue growth of each segment and sub-segment.

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