Deep Brain Stimulation Devices Market to Reach USD 2.0 Billion by 2028
Global deep brain stimulation devices market is forecasted to grow at a higher CAGR due to the rise in geriatric population and technological advancements.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global deep brain stimulation devices market was worth USD 1.1 billion in the year 2021. The market is projected to grow at a CAGR of 9.2% from 2022-2028 (forecast period), earning revenues of around USD 2.0 billion by the end of 2028. The global deep brain stimulation devices market is booming owing to the rise in individuals with Parkinson's disease (PD), dystonia, and multiple sclerosis-related involuntary movements. Additionally, the increased demand for minimally invasive procedures as a result of better patient outcomes is a significant market driver. Furthermore, the deep brain stimulation device market is supported by the advent of telehealth consultations and e-health apps to frequently monitor PD patients during the COVID-19 pandemic.
Higher Efficacy, Greater Patient Acceptance Boosting the Global Deep Brain Stimulation Market
Due to the increasingly aging population, altered lifestyles, rising rates of obesity, and high blood pressure, among other things, there are now significantly more neurological illnesses, such as Parkinson's disease. Over 50 million individuals have epilepsy, according to a World Health Organization (WHO) report released in September 2021. Alzheimer's disease is responsible for between 60 and 70% of dementia cases. An estimated 35.6 million people are afflicted with dementia, and 7.7 million new cases are identified each year.
Additionally, the market for deep brain stimulation devices is expected to expand substantially over the course of the forecast period as a result of the rise in patients with these conditions and the rising usage of these devices, which facilitate recovery. For instance, deep brain stimulation devices were reportedly utilized on over 160,000 patients globally in 2019 for a variety of neurological and non-neurological diseases, with the number rising year after year, according to the National Center for Biotechnology Information (NCBI).
Risk of IPG (Implantable Pulse Generator Associated Infection) Affects Acceptance of Deep Brain Stimulation Devices
Throughout the assessment period, the global market for deep brain stimulation devices is anticipated to grow at a positive year-on-year rate. However, there are a few variables that are predicted to work against the market's growth. The hazards associated with deep brain stimulation device operations are one of the major reasons impeding the market's growth.
For example, in deep brain systems, the implanted pulse generator (IPG) is the main power source and programmable element. However, the danger of infection from IPG is significant enough and is predicted to limit the use of deep brain stimulation devices for Parkinson's disease and other neurological conditions. As a result, healthcare organizations should raise knowledge regarding antibiotic impregnation and co-administration, as well as other surgical considerations during IPG implantation, such as using tack-up sutures and smaller profile devices.
Global Deep Brain Stimulation Devices market – By Functionality
Dual-channel deep brain stimulators and single-channel deep brain stimulators are the two product categories that make up the market. Throughout the forecast period, the dual channel deep brain stimulator segment is anticipated to maintain a significant share. This might be a result of deep brain stimulator technology continuing to progress. Deep brain stimulators with dual channels have more sophisticated technology than those with single channels. One-sided dual-channel deep brain stimulators, which deliver electrical pulse stimulation through two DEEP BRAIN STIMULATION leads, were created to simplify the procedure for bilateral treatment and increase patient comfort. So, over the projection period, growing developments in DEEP BRAIN STIMULATION stimulators will significantly boost the market growth.
Global Deep Brain Stimulation Devices Market – By Application
Based on application, the market has been further divided into Parkinson's disease, epilepsy, essential tremor, dystonia, and obsessive-compulsive disorder. The Parkinson's disease segment dominated the market for deep brain stimulation devices in 2021, accounting for over 60% of the revenue share owing to the high prevalence of Parkinson's disease worldwide. The Parkinson's Foundation estimates that 60,000 Americans are given a Parkinson's disease diagnosis each year. This is expected to encourage segment expansion during the next years.
The global deep brain stimulation devices market is currently dominated by North America in terms of revenue. According to a National Institute of Neurological Disorders and Stroke (NINDS) report, North America dominated the market due to the presence of cutting-edge and innovative healthcare infrastructure in this region, the high prevalence of neurological disorders like Parkinson's disease and epilepsy, and government initiatives that favor patients with neurological conditions. Moreover, significant market expansion potentially occurs in the Asia Pacific region. Increasing research in the neurological area, an increase in patients with neurodegenerative diseases, and enhanced clinical procedures are all driving this region's market growth. However, there is evidence of rapid growth in Asian countries like Japan and South Korea, which can foster market expansion due to the rise in patients and the emergence of institutions focused on neurological research, among other things.
Impact of COVID-19 on Global Deep Brain Stimulation Market
The unprecedented global public health emergency known as COVID-19 has had an impact on almost every business, and the long-term effects are anticipated to have an impact on industry growth throughout the course of the projected period. It is important to understand that the deep brain stimulation devices market has been negatively impacted as a result of the global restrictions brought on by the pandemic in order to ensure the inclusion of underlying COVID-19 concerns and potential future directions. With prohibitions lifted in most countries and a larger proportion of the population immunized, it is predicted that the deep brain stimulation devices market will experience positive growth during the forecast period.
The leading companies in the market include Abbott, Aleva Neurotherapeutics, Boston Scientific Corporation, LivaNova PLC, Medtronic, NeuroSigma, Inc., NeuroPace, Inc., Nexstim, and Other Prominent Players. Major market competitors use various techniques, including mergers and acquisitions, innovative therapies, and others, to stay competitive and gain an advantage over rivals.
The global deep brain stimulation devices market is consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global deep brain stimulation market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global deep brain stimulation devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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