Deep Brain Stimulation Devices Market is Projected to Expand at a CAGR of 11% Between 2014 and 2020
Posted: Jan 19, 2019
Global players within the deep brain stimulation devices for Parkinson’s disease are employing the strategy of tapping onto the unmet needs of the patient population in the Asia Pacific region. Key players within the market are also taking efforts for improving the awareness level among the public regarding Parkinson’s disease, its treatment options, and consequences. As per Transparency Market Research (TMR), the market players would benefit tremendously if they focus on extending the product life but at the same time ensuring that the price of the devices remain reasonable. Names of the key players operating in the market include: St. Jude Medical, Inc., Boston Scientific Corporation, Aleva Neurotherapeutics SA, and Medtronic, Inc.
As per the report, the market for deep brain stimulation devicesfor Parkinson’s diseases will cross US$3.2 bn by the end of 2020. On the basis of geography, the market is led by North America and this is expected to continue for the rest of the forecast period. The region is expected to lead on account of the high demand for advanced devices, high population of aged people, and high disposable income of the people. There are several research and development activities which is undertaken by the government of the U.S. and this will boost the development of innovative drugs and devices. Europe is the second largest regional market for deep brain stimulation devices for Parkinson’s diseases. Asia Pacific will also be a lucrative regional market and is on the third position.
Rising Popularity of Minimally Invasive Procedures Fuelling Adoption of Brain Stimulation Devices
According to a market expert from TMR, "the growing popularity of minimally invasive procedures will drive the demand for deep brain stimulation devices for Parkinson’s Disease. Deep brain stimulation surgical therapy is currently gaining traction and has risen to a popular therapy of choice when the Parkinson’s disease in the patient is at its advanced stage. As drug therapy has many side effects, doctors and patients are increasingly opting for deep brain stimulation surgical therapies. In addition to this, the efficacy of drug therapy cannot be determined in terms of certainty. This is another factor which is driving doctors and patients to choose deep brain stimulation surgical therapy over drug therapy.
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Another factor which is aiding the growth of this market is the favourable reimbursement scenario across many parts of the world. Moreover, the growing acceptance of these devices on a wide scale will also bolster the demand for deep brain stimulator devices. Market players are also contributing to the growth of the market by putting their efforts towards research and development, which in turn is leading to the introduction of innovative and advanced devices.
Government Policies May Restrict Adoption of Deep Brain Stimulation Devices
However there are a few factors which are anticipated to go against the growth of the global deep brain stimulator market. One of the key factors hampering the growth of this market is the associated risks involved with deep brain stimulation procedures. The Affordable Care Act in the US and other such policies implemented by governments will also limit the use of deep brain stimulation devices for Parkinson’s Disease.
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The data and information presented in this review are based on a TMR report titled as "Deep Brain Stimulation Devices Market for Parkinson’s Disease – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020."
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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