Deep Brain Stimulation Devices Market to Grow at a CAGR of 7.23% During the Forecast Period
Growing prevalence of neurological disorders across the
globe to drive the growth of global deep brain stimulation devices market.
According to TechSci Research report, “Deep
Brain Stimulation Devices Market - Global Industry Size, Share, Trends,
Opportunity and Forecast, 2017-2027”, the global deep brain stimulation devices
(DBS) market stood at USD1215.12 million in 2021 and is expected to grow at a
CAGR of 7.23% during the forecast period on account of the growing demand for
minimally invasive surgeries.
The global deep brain
stimulation devices market is anticipated to grow at a robust rate during the
forecast period on account of rising aging population and growing adoption of
minimally invasive surgeries. Deep brain stimulation is a type of surgery that
involves implanting a device that sends a signal to the parts of the brain that
control movement.
Deep brain stimulation
aids in the reduction of stiffness, sluggishness, and walking difficulties
caused by neurological illnesses such as dystonia, Parkinson's disease, and
essential tremor. Patients who fail to respond against medications for a
minimum of five years can consider this therapy.
Furthermore, the FDA
has approved this medication for individuals who do not respond to epilepsy
surgery, which involves separating or removing the region of the brain that
causes seizures. As a result, the increased prevalence of neurological diseases
such as Parkinson's disease is a primary driver of market expansion.
The growing prevalence
of neurological illnesses such as Parkinson's disease, essential tremors,
dystonia, and epilepsy is a major market driver for deep brain stimulators.
According to the World Health Organization, neurological illnesses account for
6.3% of the global disease burden and are one of the leading causes of death,
accounting for 13.2% of fatalities in affluent nations and 16.8% in low- and
middle-income countries.
Clinical urgency for
long-term remedies such as deep brain stimulators is created by high mortality
and illness burden. Furthermore, as the public becomes more aware of the
tremendous burden of neurological disease, demand for deep brain stimulators as
an alternative therapy has increased.
Browse over XX
market data Figures and spread through 287 Pages and an in-depth TOC on "Global
Deep Brain Stimulation Devices Market"
https://www.techsciresearch.com/report/deep-brain-stimulation-devices-market/5026.html
The global deep
brain stimulation devices market is segmented based on product type, type,
application, end user and regional distribution.
Based on product type,
the market can be split into dual channel deep brain stimulators and single
channel deep brain stimulators. The dual channel deep brain stimulator segment
is expected to hold the dominant share during the forecast period. This can be
due to the increasing technological advancements in deep brain stimulators.
Dual channel deep brain stimulators have more advanced technology compared to
single channel stimulators. To ease the procedure for bilateral stimulation and
to enhance the patients’ comfort level, one sided dual channel deep brain
stimulators were developed that offers stimulation of electrical pulses through
two DBS leads. Hence, growing advancements pertaining to DBS stimulators will
significantly augment market growth across the forecast period. Single channel
deep brain stimulation devices, on the other hand, are predicted to develop steadily
over the forecast period. The technology used in single channel deep brain
stimulators is less advanced than that used in dual-channel deep brain
stimulators. As a result, single channel deep brain stimulators are projected
to have a small market. In addition, single channel DBS systems are being
adopted in developing nations around the world due to their lower cost as
compared to twin channel devices. Based on Application, the market can be
further segmented into Parkinson’s disease, epilepsy, essential tremor,
dystonia, obsessive compulsive disorder. Owing to the increasing number of U.S.
FDA approvals for deep brain stimulation therapies and the high prevalence of
Parkinson's disease worldwide, the Parkinson's disease sector dominated the
market for deep brain stimulation devices, accounting for 62.72 percent of
revenue in 2021. Every year, roughly 60,000 people in the United States are
diagnosed with Parkinson's disease, according to the Parkinson's Foundation. In
the next years, this is projected to boost segment expansion. Based on End User
segment, it is split into hospitals & clinics, ambulatory surgical centers,
neurological clinics and others. Hospitals dominated the market for deep brain
stimulation devices in the end-use sector. The rise in the number of DBS
surgeries conducted in hospitals, as well as the rise in the prevalence of
Parkinson's disease and essential tremors, can be ascribed to the expansion of
this category. Furthermore, the segment is likely to be driven by the
availability of technologically sophisticated DBS devices along with attractive
reimbursement policies over the projection period. Neurological problems are
also diagnosed and treated using advanced equipment by a trained neurologist,
who can be found in specialist hospitals. As a result, the hospital segment of
the deep brain stimulation devices market is experiencing a boom in growth.
Key market
players in the Global Deep Brain Stimulation Devices Market include:
·
Medtronic PLC
·
Abbott Laboratories (St. Jude Medical)
·
Boston Scientific Corporation
·
Beijing PINS Medical Co. Ltd
·
NeuroSigma, Inc.
·
Functional Neuromodulation Ltd
·
Fisher Wallace
·
NeuroPace Inc.
·
Renishaw PLC
·
Aleva Neurotherapeutics SA
·
LivaNova PLC
·
SceneRay Corporation
·
Nevro Corporation
·
Neuronetics Inc.
The global deep brain stimulation devices market is a
consolidated market with few established players and many regional and domestic
players. Additionally, there are other prominent players operating in the
market in the global deep brain stimulation devices market. The companies are
adopting innovative techniques to compete in the market. Various companies
operating in the market are following strategies like mergers &
acquisitions, collaborations & partnerships, and new product launches to
stay competitive and have an edge over the other players operating in the
industry.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=5026
Customers can also request for 10% free customization on this
report.
“North America accounted for the major share of the deep brain
stimulation devices market size and is expected to continue this trend during
the forecast period due to a higher number of R&D activities, the presence
of qualified technicians, and the wide availability of technologically advanced
deep brain stimulation devices. Another factor driving the region's deep brain
stimulation devices market is the rising prevalence of various neurological
illnesses. Furthermore, rising government funding and attempts to raise
awareness about movement disorders, as well as an increasing number of
individuals diagnosed with PD, are projected to fuel demand for deep brain
stimulation devices in the region.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Deep
Brain Stimulation Devices Market- Global Industry Size, Share, Trends,
Opportunity and Forecast, 2017-2027 Segmented By Product Type (Dual-channel
Deep Brain Stimulator, Single-channel Deep Brain Stimulator), By Type
(Rechargeable, Non-Rechargeable), By Application (Parkinson’s Disease,
Epilepsy, Essential Tremor, Dystonia, Obsessive Compulsive Disorder) By End
User (Hospitals, Ambulatory Surgical Centers, Neurological Clinics, Others), By
Region, Competition Forecast & Opportunities, 2017-2027.” has
evaluated the future growth potential of global deep brain stimulation devices market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global deep brain stimulation device market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com