Number of pages: 100 | Report Format: PDF | Published date: 12 July, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global deep brain stimulation device market was pegged at US$ 1.03 billion in 2021 and is expected to witness a CAGR of 9.60% during the forecast period.
A deep brain stimulation device is used to treat patients with many neurological diseases such as Parkinson’s disease, obsessive-compulsive disorder, epilepsy, etc. The device generates electrical impulses that regulates some irregular instincts. The technique is only recommended when the medication approach is no longer applicable or is ineffective to treat the condition, high preference for slightly invasive operating procedures, are factors responsible to grow this market. As the number of neurological disorders is rising perpetually, the market for deep brain stimulation devices is going to show significant growth in the forecast period.
The factors contributing to the global deep brain stimulation device market growth are rising cases of depression, an increased number of patients suffering from involuntary movement diseases, rising research, and development studies in treatment of neurological diseases, an increase in the adoption of novel treatment technologies, and a large pool of geriatric population that is more prone to neurological disabilities.
However, risk of allergic reactions and infection, and the availability of alternatives such as surgeries, and drug therapies can limit the growth of this market.
The global deep brain stimulation device market has been analyzed from four perspectives: Products, Applications, End-User, and Region.
Global Deep Brain Stimulation Device Market by Product
According to the product segment, the global deep brain stimulation devices market has been grouped into single-channel, and dual-channel. Between these, dual-channel devices have dominated the market, owing to factors high safety profile, and wider usage of dual-channel devices in surgical procedures. Demand for single-channel devices is expected to grow significantly in the global deep brain stimulation devices market, as many healthcare professionals believe it can provide neurologists with a wide range of programming options. Moreover, as technological advancements are increasing steadily there will be an increase in many new products with advanced functions that can increase the growth of this market.
Global Deep Brain Stimulation Device Market by Application
On the basis of applications, the global deep brain stimulation devices market is classified into pain management, Parkinson’s disease (PD), epilepsy, dystonia, depression, essential tremor, and OCD (obsessive-compulsive disorder). Among these, Parkinson’s disease has acquired the dominating position in the market, mainly due to large patient base. According to the WHO (World Health Organization) report in June 2022, in the last 25 years, the prevalence of Parkinson's disease has more than doubled. As per the 2019 estimates, there are over 8.5 million people worldwide who have Parkinson's disease. Currently, PD caused 5.8 million disability-adjusted life years in 2019, an increase of 81% since 2000, and 329 000 deaths, an increase of more than 100% since 2000.
Furthermore, increased awareness about the treatments for these diseases, as well as technological advancements resulting in innovative products with advanced features can boost the growth of this market.
Global Deep Brain Stimulation Device Market by Region
Based on region, the global deep brain stimulation devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Among these, North America dominated the market owing to factors such as the presence of advanced and innovative healthcare infrastructure in this region, high prevalence of neurological disorders like Parkinson’s disease, and epilepsy, and government initiatives favoring treatment and management of neurological diseases. For instance, the establishment of NINDS (National Institute of Neurological Disorders and Stroke) by the U.S National Institute of Health. This institute aims to find ways to detect neurological disease progression and has also funded research and collected human samples and clinical data for the discovery of biomarkers that will improve the development of new therapeutics.
Asia Pacific is also anticipated to show significant growth in the market. Factors contributing to this growth are the rise in patients suffering from neurodegenerative diseases, and improved clinical practices, preference of devices in treatment in spite of surgical operations, rise in geriatric population more prone to neurological diseases. However, high growth can be observed in the key countries in Asia such as Japan, and South Korea that can promote the development of this market owing to factors such as, an increased number of patients, and the presence of particular organizations which are focused on neurological research.
Some of the prominent players operating in the global deep brain stimulation device market includes:-