wiseguyreports January 14, 2021

Market Highlights:

Spina bifida is a neural tube defect in which a group of cells that develops into the spinal cord and brain, fails to close completely during embryonic development.

A number of factors such as increasing technological advancements, rising awareness, increased incidence of spina bifida, related complications, unmet medical needs, improving regulatory framework, increasing government assistance, increasing adoption rate, and improvement in funding and reimbursement policies are few factors propelling the growth of the global spina bifida market.

However, cost of treatment, side-effects of surgeries, and poor healthcare system in low and middle-income countries may hamper the growth of the market over the review period.

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It is estimated that the spina bifida market is expected to grow at a CAGR 8.0% during the forecast period of 2017-2023.

Regional Analysis:

The Americas dominate the spina bifida market owing to the rising occurrence of spina bifida in this region, and technological advancements. According to the statistics suggested by Centers for Disease Control and Prevention (CDC), around 1,500 babies are born with spina bifida every year in the United States. It is also reported that Hispanic women have the highest rate of having children affected with spina bifida as compared to non-Hispanic black or non-Hispanic white women.

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Europe holds the second position in the spina bifida market. It is expected that the government support towards research & development expenditure, and amendments in reimbursement policies in the healthcare is likely to drive the European spina bifida market.

Asia Pacific is the fastest growing spina bifida market owing to a huge patient pool and continuous developments in healthcare technology. Healthcare expenditure is found to be improving in various Asia Pacific regions. According to the data suggested by the Australian Institute of Health and Welfare, during the year 2015-16, the total health expenditure was USD 170.4 billion i.e. 3.6% higher than the expenditure of 2014-2015.

The Middle East & Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.

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The global spina bifida market is segmented on the basis of type, diagnosis, treatment, and end user.

On the basis of the type, the market is classified as occulta, closed neural tube defects, meningocele, and myelomeningocele.

On the basis of the diagnosis, the market is classified as blood tests, ultrasound, amniocentesis, and others. The blood tests segment is further classified as maternal serum alpha-fetoprotein (MSAFP) test, test to confirm high AFP levels, and other blood tests.

On the basis of the treatment, the market is classified as medical procedure, surgery, oral medications, and others. The medical procedure is further segmented into urinary catheterization, urinary diversion, and enema. The surgery is further segmented into spine surgery, fetal endoscopic surgery, spinal fusion, suprapubic cystostomy, and caesarean section. The oral medications is further segmented into antibiotics, and others.

On the basis of the end user, the market is segmented into hospitals, clinics, diagnostic centers, drug stores, pharmacies, and others.

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