Market Outlook
Syringomyelia is a disorder in which fluid-filled cyst forms within the spinal cord. The fluid-filled cyst called as the syrinx, and get bigger and elongate over time by damaging the spinal cord and compressing the nerve fibers that carry information to the brain and from the brain to the rest of the body.
A number of factors such as rising need for the better treatment methods, increasing prevalence of syringomyelia, and related complications, increasing government assistance, improving regulatory framework, increasing awareness, and rising funding and reimbursement are propelling the growth of the global syringomyelia market.
However, challenges in the research and development, higher treatment cost, injuries occur because of treatment, and poor healthcare system in low and middle-income countries may hamper the growth of the market over the given period.
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The global syringomyelia market is expected to grow at a CAGR of 7.0% during the forecast period 2017-2023.
Regional Outlook:
The Americas dominate the syringomyelia market owing to the rising awareness among people, and high healthcare expenditure. According to the Centers for Disease Control and Prevention in 2015, the total health expenditure in the United States was reported to be USD 3.2 trillion and hospital care accounted for a share of 32.3%.
Europe holds the second position in the global syringomyelia market. It is expected that the support provided by the government bodies for research & development and improvement in reimbursement policies in the healthcare are likely to drive the market of the Europe region.
The Asia Pacific is the fastest growing syringomyelia market owing to a huge patient pool and developing healthcare technology. Healthcare expenditure is also increasing in various Asia Pacific countries. According to the Australian Institute of Health and Welfare, in the years 2015-2016, the total health expenditure was USD 170.4 billion, which is 3.6% higher than the expenditure of the year 2014-2015.
The Middle East & Africa holds the least share of the global market due to lack of technical knowledge and poor medical facilities.
Competitive Dashboard:
Some of key the players in the global syringomyelia market are Stryker, Medtronic Plc, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Private Limited, CONMED Corporation, Novartis AG, Smith & Nephew PLC, Zimmer Holdings Inc., TransEnterix, Inc., Becton, Dickinson and Company, Aspen Surgical Products, Inc., Olympus Corp., Richard Wolf GmbH, Siemens Ltd., STORZ MEDICAL AG, and others.
Segmentation:
The global syringomyelia market is segmented on the basis of type, diagnosis, treatment, and end user.
On the basis of the type, the market is classified as congenital syringomyelia (communicating syringomyelia) and acquired syringomyelia (noncommunicating syringomyelia).
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On the basis of the diagnosis, the market is classified as magnetic resonance imaging (MRI), computerized tomography (CT) scan, and others.
On the basis of the treatment, the market is classified as monitoring, surgical care, and medication. The surgical care is further segmented into Chiari surgery, expansive duraplasty, surgical removal of the obstruction, draining the syrinx (shunt operation), and others. The medication is further segmented into analgesics, muscle relaxants, 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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