Rising cases of neurological diseases resulting in mobility issues anticipated to propel the growth of deep brain stimulation device market

calendar_today 13 July, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global deep brain stimulation device market was pegged at ~US$ 1.03 billion in 2021. The market is expected to witness a CAGR of ~9.60% from 2022 to 2030.

Deep brain stimulation system consists of an implantable device that is used to produce electrical signals through electrodes that are inserted in some areas of the brain. The factors which contribute to the market growth are rising cases of neurological diseases resulting in mobility issues, rising research & development studies in treatment of neurological diseases. Also, an increase in the adoption of products with technological progression is going to fuel the growth of this market.

There is a significant rise observed in the count of age-related diseases such as Parkinson’s disease due to the increasing geriatric population, a shift in the lifestyle, obesity, high blood pressure, etc. More than 50 million people suffer from epilepsy, according to the World Health Organization (WHO) report published on September 2021. Alzheimer's disease is the most common cause of dementia, accounting for 60% - 70% of cases. It is estimated that 35.6 million people have dementia, with 7.7 million new cases diagnosed each year. The increasing solutions for treating these diseases by deep brain stimulation devices will significantly grow this market in the forecast period. According to NCBI, in 2019, DBS (deep brain stimulation devices) have been used on over 160,000 patients worldwide for a variety of neurological and non-neurological conditions, with the number growing each year.

Research and development initiatives in the neuroscience are increasing day by day; huge investments are seen in drug development for neurological disorders by many pharmaceutical and biotechnology companies. Increased focus of regulatory establishments on addressing the need for effective drug development, the high prevalence of patients with neurological disorders, also the increasing geriatric population are influencing the market players and government bodies to conduct research in the neurosciences. The Canadian Association for Neurosciences announced a 25% increase in the science budget in 2022, and a 10% rise in tri-council funding. This ensures an evident increase in investments and financial protection for researchers and their teams for development of novel DBS treatments.

The global deep brain stimulation market has been divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). According to an NINDS (National Institute of Neurological Disorders and Stroke: a part of the US National Institute of Health) report updated in April 2022, North America dominated the market due to factors such as the presence of advanced and innovative healthcare infrastructure in this region, the high prevalence of neurological disorders such as Parkinson's disease and epilepsy, and government initiatives favoring neurologically affected patients.

The Asia Pacific may also experience significant market growth. The increase in patients suffering from neurodegenerative diseases, increase in research on neurological disorders, as well as improved clinical practices are factors contributing to market growth in this region. However, high growth can be observed in Asian countries such as Japan and South Korea, which can promote the development of this market due to increased number of patients, and the presence of specific organizations devoted to neurological research.

This report entails a thorough quantitative analysis of the deep brain stimulation device trends from 2022 to 2030. The global deep brain stimulation devices have been analyzed from four perspectives: product, application, end-user, and region. Based on the products this market is further into a single channel and double channel. According to the applications, this market is classified into Parkinson’s disease, pain management, epilepsy, dystonia, depression, OCD (obsessive-compulsive disorder) and dementia. Based on the end-users it is grouped into CROs, hospitals, ambulatory surgical centers, and academic research centers

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