Deep Brain Stimulation Devices Market to Report a CAGR of 11% Between 2014 and 2020
Posted: Apr 07, 2019
Deep Brain Stimulation Devices Market: Snapshot
The rise in the global geriatric population, increasing number of patients suffering from Parkinson’s diseases (PD), and growing awareness about neurological movement disorders among patients have triggered the growth of the deep brain stimulation devices market. Globally, neurological disorders are one of the major causes of morality and accounts for approximately 12% of the deaths per annum. Of these, cerebrovascular diseases account for 85% deaths. Parkinson’s disease is the most common neurological disorders after Alzheimer’s disease. Symptoms associated with this disease include tremors, slowness of movement, muscle stiffness, and trouble with balance. Drug therapy is the most effective treatment option available to control PD in the initial stages. Though there are several stages of PD, surgical treatment using deep brain stimulation (DBS) devices is more frequently used to control symptoms of disease. DBS devices are an effective, clinically proven, and legally approved advanced treatment option for milk to serve PD.
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The market for deep brain stimulation devices for Parkinson’s diseases is expected to grow at a robust rate of 11% during the forecast period of 2014 to 2020. The opportunity in the market is estimated to reach US$3.2 bn by the end of 2020. The growing burden of PD on healthcare systems, along with the uncertainty of economic conditions in some developed economies such as the U.S. and Europe has forced original equipment manufacturers (OEMs) to develop cost-effective devices for PD treatment.
North America to Maintain Most Prominent Demand for DBS Devices
Geographically, the global market for deep brain stimulation devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America currently serves the maximum demand for DBS devices for Parkinson’s disease, and is expected to maintain its leading position throughout the forecast period from 2014 to 2020, growing at a CAGR of 9.3% in terms of revenue. The region is expected to gain market share of 44.2% by the end of 2020. The key factors attributed to their leading position in the global market are high prevalence and incidence rate of Parkinson’s diseases in the region, aging population, demand for advanced deep brain stimulation devices and presence of high disposable income in the region.
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The U.S. was the largest market for DBS devices for the treatment of Parkinson’s disease. According to the centers for Disease Control and Prevention, Parkinson’s disease is the 14th leading cause of death in the U.S. At present, approximately 1 million to 1.2 million people in the U.S. are suffering from Parkinson’s disease. The U.S. is a major R&D and technology center in the world and holds a key share in the healthcare industry with advanced technologies, presence of top companies, and relentless developments. Significant R&D activities are currently being undertaken by the U.S. Government to introduce innovative drugs and devices to help the society in disease management.
Canada is another prominent market for DBS devices for the treatment of Parkinson’s disease. According to the Parkinson’s Society Canada, approximately 100,000 people in Canada suffer from Parkinson’s disease. The disease affects nearly 1% of the population above 65 years of age and 2% of those about 70 years of age. Canada’s healthcare system has implemented a publicly funded insurance program wherein the costs are controlled by both hospitals and doctors. North America was followed by Europe as the widest market for the DBS devices for Parkinson’s diseases. The region is expected to contribute to 33.7% of the demand by the end of the forecast period of 2014–2020. Asia Pacific, though currently accounts for the third most prominent market for deep brain stimulation devices, it is expected to expand at a healthy CAGR of 8% during the forecast period of 2014–2020.
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Some of the key players in global deep brain stimulation devices market are Aleva Neurotherapeutics SA, Boston Scientific Corporation, Medtronic, Inc., and St. Jude Medical, Inc.
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