DEEP BRAIN STIMULATION DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)

Market Overview. The deep brain stimulation devices market is expected to register a CAGR of nearly 12. 5% during the forecast period. The major factors driving the growth of the market include the rapidly aging population, which is leading to risk and high prevalence of neurological disorders, growing demand for the devices, due to the rising popularity of minimally invasive procedures, and availability of technologically advanced deep brain stimulation devices.

New York, March 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "DEEP BRAIN STIMULATION DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)" - https://www.reportlinker.com/p06039244/?utm_source=GNW

• Deep brain stimulation (DBS) is a widely used treatment for advanced Parkinson's disease (PD), essential tremor, and dystonia. However, over the last three decades, in addition to the extension of its clinical applications, there has been tremendous growth in the DBS technology.

• According to the World Ageing 2019 report, estimates that there were about 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. Moreover, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019. As number of elderly population are projected to increase and this population are more prone to neurological disorders which ultimately drives the market in near future.

• Currently, there are multiple DBS systems that have been approved by the European and US regulatory agencies. The US Food and Drug Administration (FDA) approved Boston Scientific Corporation’s Vercise Deep Brain Stimulation (DBS) System. This system is used to treat the symptoms of Parkinson's disease (PD). Additionally, researchers are enhancing their existing DBS systems, while developing the next-generation devices.

• The researchers are using DBS to target different areas of the brain and studying the treatment in different populations suffering from Parkinson’s disease. Some changes in the new systems have shown improvement in clinical outcomes. Nevertheless, these new developments in the DBS technology are encouraging a large patient community and healthcare providers.

• Hence, all such advancements in the DBS technology have to lead to the growth of the deep brain stimulation devices market.

Scope of the Report


As per the scope of this report, deep brain stimulator is a battery-operated medical device, which is also called neurostimulator. It is used in neurosurgical procedures, to treat a variety of disabling neurological symptoms. The deep brain stimulation devices market is segmented by product type, application, end user, and geography.


By Product Type

Single-channel Deep Brain Stimulator

Dual-channel Deep Brain Stimulator

By Application

Parkinson's Disease

Essential Tremor

Obsessive Compulsive Disorder

Epilepsy

Dystonia

Other Applications

By End User

Hospitals

Ambulatory Surgical Centers

Neurological Clinics

Other End Users

Geography

North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East & Africa
GCC
South Africa
Rest of Middle-East & Africa
South America
Brazil
Argentina
Rest of South America

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period


According to the Parkinson’s Foundation Prevalence Project, 930,000 people are estimated to suffer from Parkinson’s disease in the United States, by 2020. The combined direct and indirect costs of Parkinson’s in the United States, including treatment, disability, and similar costs, along with the lost income, owing to the patients’ inability to work, are estimated to be valued at USD 25 billion per year in the United States alone. Hence, the growing burden of Parkinson’s disease on the healthcare system, coupled with uncertain economic conditions in the United States, has forced the original equipment manufacturers (OEMs) to develop cost-effective devices for the treatment of neurological movement disorders.


The US Food and Drug Administration (FDA) approved a deep brain stimulation (DBS) device, namely Brio System, in 2015, for the treatment of Parkinson’s disease and essential tremor. The Brio System’s approval has been good news for the patient community, as it may stimulate more rapid development of the DBS technology.


Additionally, Boston Scientific Corporation received approval from the US Food and Drug Administration (FDA) in December 2017, for its Vercise Deep Brain Stimulation (DBS) System. Hence, all such product approvals and growing incidences of the Parkinson’s disease have helped in driving the growth of the deep brain stimulation devices market.


Competitive Landscape


The deep brain stimulation devices market is consolidated, owing to the presence of a few major market players. Some of the market players are Abbott Laboratories (St. Jude Medical), Beijing PINS Medical Co. Ltd, Boston Scientific Corporation, Fisher Wallace, Functional Neuromodulation Ltd, Medtronic PLC, NeuroPace Inc., and Renishaw PLC.



Key Market Trends

Parkinson’s Disease Segment is Expected to Hold a Major Market Share in the Deep Brain Stimulation Devices Market


The major factor driving the growth of the segment is the rising global prevalence of Parkinson’s disease. According to Parkinson’s Foundation 2018, approximately 1.2 million people in the United States are estimated to suffer from Parkinson’s disease by 2030. It is the second-most common neurodegenerative disorder in the United States. Similarly, as per the estimates of the NHS UK, Parkinson's disease is found affecting around 1 in 500 people, which means that an estimated 127,000 people in the United Kingdom are suffering from the condition. In addition, there are thousands of patients who go undetected. DBS is the most commonly performed surgical treatment for Parkinson's disease. It is usually done in people, who have been suffering from Parkinson's disease for at least four years and have benefits from medications but have motor complications. Additionally, there is a rising technological advancement in the field of DBS, which is propelling the overall growth of the market.

Read the full report: https://www.reportlinker.com/p06039244/?utm_source=GNW

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