LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the central nervous system market over the next four years as several markets including regenerative medicine, myelodysplastic syndrome, and brain monitoring devices, will witness an increase in revenues.
Technavio’s market research analysts predict the global regenerative medicine market to grow at a CAGR of more than 20% during the period 2016-2020. Factors such as an increase in government funding for R&D, the rise in the prevalence of chronic diseases, and the increased focus of vendors to develop cell therapy products are driving the demand for regenerative products. Research and clinical trials of regenerative medicine involve high expenditure which has propelled many government organizations to allocate funds and grants to encourage research in regenerative medicine and product development. Moreover, with the increase in regulatory approval of regenerative products, the market will witness steep growth during the forecast period.
The Americas will be the dominating region in the regenerative medicine market by 2020 and is expected to occupy 54% of the total market share. Increased prevalence of cardiac diseases, autoimmunity, and cancer among the US population are the major factors contributing to market growth in this region. Factors such as technological advancements, favorable reimbursement policies, and increased government funding will attract several vendors in the region to conduct research activities for the development of regenerative medicine.
Apart from the global regenerative medicine, the second most sought after market in the central nervous system industry is the global myelodysplastic syndrome (MDS) market which will grow at a steady CAGR of around 10% during 2016-2020. This market is envisaged to grow at a moderate pace due to the high-unmet medical needs of patients, growing public awareness, and the increase in the ageing patient population. Companies that have the ability to manufacture and market drugs that can effectively treat and cure MDS will gain prominence in this market during the forecast period.
According to Barath Palada, a lead research analyst at Technavio for healthcare and life sciences research, “The presence of diagnostic tools is the key driver for the growth of this market. Diagnosis techniques like blood count, peripheral blood smear test, microscopic exams, cytochemistry, flow cytometry and immunotherapy, cytogenetics, FISH, and PCR help in the detection of MDS. Consequently, these diagnostic tools are expected to have a positive impact on the prescription of drugs for people suffering from MDS.
View Technavio’s entire central nervous system market report library
In recent times, Technavio’s market research analysts have identified a steady growth in the brain monitoring devices market over the period 2015-2019. These devices are invasive or non-invasive instruments that help in treating ailments by recording abnormal brain activities. Factors like advances in technology with respect to resolution, portability, and ease of use are expected to account for the growth of this market. Additionally, the increase in the number of neurological patients is expected to spur market growth during the forecast period.
In this market research report, analysts estimate the EEG equipment segment to dominate over all the other segments due to its ability to treat epilepsy in patients. Its ability to treat sleep apnea coupled with its ability to measure the depth of anesthesia in patients are expected to account for its high market share of more than 42% by 2019.
Some of the key vendors for the central nervous system market include Acelity, Medtronic, and MiMedx, for global regenerative medicine market; Celgene, Novartis, and Otsuka for the global myelodysplastic syndrome market; Compumedics, Natus Medical and Nihon Kohden for the global brain monitoring devices market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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