Global deep brain stimulators market is expected to reach USD 1,592.9 million by 2020, according to a new study by Grand View Research, Inc. Increasing prevalence of Parkinson’s disease coupled with rising demand for cost effective & minimally invasive surgical procedures are the factors attributing towards the growth of deep brain stimulators market. According to statistics published by Parkinson Disease Foundation, approximately 10 million people were suffering from this disease in 2010 and the number was anticipated to grow manifolds over the forecast period thereby contributing to the overall industry growth.
The significant increase in the adoption of DBS by neurologist for the treatment of Parkinson’s disease, essential tremors, obsessive compulsive disorder and Dystonia is expected to drive the market growth in coming years. Pending commercialization approval from the U.S. FDA for use of DBS in treatment of refractory epilepsy is also expected to boost the market growth in near future. Furthermore, introduction of technologically advanced selective current steering and fractionation of electric current is further expected to enhance the usage of deep brain stimulators in the near future.
U.S. deep brain stimulators market, by application, 2012-2020 (USD Million)
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Further key findings from the report suggest:
- DBS found wide application in Parkinson’s disease treatment and is expected to grow at CAGR of above 18.0% due to associated benefits such as fewer side effects, improvised motor symptoms for longer time period and tracking of momentary fluctuations. In addition, shifting of preference from conventional oral medications to DBS, due to drug resistant nature of Parkinson’s disease is further expected to increase adoption of DBS over the forecast period.
- Obsessive compulsive disorder followed Parkinson’s disease in terms of revenue share due to failure of conventional serotonin reuptake inhibitors (SSRi) treatment and offered benefits such as adjustable & reversible stimulations, and nondestructive nature of treatment.
- North America held the dominant share, accounting for over 50.0% in 2013. Presence of sophisticated healthcare infrastructure, increasing awareness levels of patients and healthcare personnel and supportive reimbursement policies are some of the key reasons driving growth of deep brain stimulators regional industry.
- Asia Pacific region is expected to be fastest growing market for DBS and grow at CAGR of over 18.0% during the forecast period. Constantly improving healthcare facility, presence of high unmet needs and rising expenditure levels are accounted for its significant growth.
- Key players of deep brain stimulators industry include Aleva Neurotherapeutics SA, Boston Scientific Corporation, St. Jude Medical, and Medtronic Plc. Increasing clinical applications of DBS systems and extensive R&D pertaining to development of advanced technology are the factors propelling industrial growth. Players are adopting competitive strategy such as new product development for sustaining the competition.
For more information: http://www.grandviewresearch.com