Deep Brain Stimulation Devices Market to Hit $2,508.5 Million by 2030, Rising at 9.8% CAGR | Coherent Market Insights
Deep Brain Stimulation Devices Companies Analyzed are Boston Scientific Corporation, Medtronic, Inc., St. Jude Medical, Inc. (Abbott Laboratories), Cyberonics, Inc., Neuronetics, and Aleva Neurotherapeutics SA.
Burlingame, Nov. 10, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, global deep brain stimulation device market is estimated to be valued at US$ 1,188.9 million in 2022 and is expected to exhibit a CAGR of 9.8% during the forecast period (2023-2030).
Deep brain stimulation (DBS) devices are neurological implants designed to alleviate symptoms of disease such as Parkinson’s disease. These devices deliver electrical impulses to particular brain regions in order to alleviate the symptoms. They include electrodes, which are connected to a pulse generator, which is place typically under the skin in the chest.
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Key Trends and Analysis of the Global Deep Brain Stimulation Device Market:
Major market players focusing on product approval and launch is a growing trend in the global deep brain stimulation device market. Increasing number of key players are involved in getting approval and introducing technologically advanced products. For instance, in June 2021, Medtronic, plc, received approval from the U.S. Food and Drug Administration (FDA) for its implants of the SenSight Directional Lead System. This products is utilized in Deep Brain Stimulation Therapy. Approval and launch of such novel products is trending in the market, which is further likely to boost the market growth in the coming future.
Market Key Developments:
Increasing adoption of new technologies in the hospitals is expected to drive the growth of global deep brain stimulation devices market, according to press released by MGM Healthcare in February 2020, the MGM Healthcare, Tamil Nadu, performed first Deep Brain Stimulation (DBS) surgery for Obsessive Compulsive Neurosis or OCD, a mental illness.
Moreover, increasing number of prevalence of Parkinson’s Disease is expected to drive the growth of global deep brain stimulation devices market, according to a study report published by Parkinson’s Disease Society of the United Kingdom in 2022, it was estimated that the rate of prevalence in 2017, was 1-2 people in every 100,000 aged 20-29 and 4 or 5 people in every 100,000 aged 30-39. Prevalence increased with age with the prevalence for those aged 80-84 being 1,696 per 100,000 people which is equivalent to around 1.7% of this age-group in the U.K.
For instance, in January 2021, BrainsWay Ltd., a global advanced non-invasive treatment of brain disorders, announced an exclusive distribution agreement with Gaelan Medical Trade LLC, healthcare company with extensive distribution channels in the U.A.E. The agreement establishes a multiyear framework whereby BrainsWay will supply its patented, revolutionary Deep Transcranial Magnetic Stimulation (Deep TMS) system, which is currently marketed in various markets for brain disorders including major depressive disorder (MDD) and obsessive-compulsive disorder (OCD), to now be marketed and sold throughout the U.A.E.
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Increase in prevalence of neurological diseases to boost market growth
Neurological diseases such as epilepsy and Parkinson’s disease (PD) are increasingly affecting people around the world. As a result, the demand for deep brain stimulation devices is increasing rapidly. For instance, as per the Parkinson’s disease Foundation, PD impacted over 10 million individuals around the world, in 2022; moreover, in 2021, the Parkinson’s disease incidence rate in the U.S. was 60,000. Thus, with growing number of people impacted by neurological disease, the market is anticipated to show increasing growth over the forecast future.
Growing old age population to fuel the market growth
The rise of geriatric population around the world is a major factor augmenting growth of the global deep brain stimulation devices market. Old age population is highly susceptible to chronic diseases; and neurological diseases among others are highly prevalent in this population. Diseases such as dystonia, Alzheimer’s disease, and Parkinson’s disease among other neurological diseases, are the most common to impact this population. Thus, the growing old age population is anticipated to augment the market growth in the coming future.
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||9.4%|
|Market Size in 2022||$1,188.9 million|
|2030 Value Projection||$2,508.5 Million|
|Historical Data for||2017 to 2020|
|Segments covered||By Application, By End User|
|Growth Drivers||• High prevalence of diseases such as Parkinson’s disease and epilepsy
• Frequent approval and launch of novel devices
Rise in demand for less invasive surgeries across general population is creating growth opportunities in the global deep brain stimulation device market. Deep brain stimulation is known to be a minimally invasive treatment that is mainly utilized in treating diseases such as Parkinson’s disease, dystonia, and essential tremor movement disorders. As minimally invasive treatments offer several advantages like smaller incisions, shorter recovery times, decreased scarring, and less discomfort, as compared to conventional surgical methods; the demand for this type of treatment is high across general population. In turn, the market is witnessing multiple growth opportunities.
Risk associated with deep brain stimulation procedures to hinder market pace
The risks involved with procedures of deep brain stimulation are the major factor expected to limit the market growth. Deep brain stimulation procedures are involved with risks such as bleeding in the brain and misplacement of leads, which can be highly dangerous to the patient. Thus, healthcare stakeholders are expected to raise awareness about the use of tack-up sutures and lower profile devices, co-administration, and antimicrobial impregnation. This factor adversely impacts demand for deep brain stimulation devices, in turn hindering the market growth.
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Key Market Takeaways:
Global deep brain stimulation device market is expected to exhibit a CAGR of 9.8% during the forecast period. The deep brain stimulation device market is growing rapidly in response to the growing demand for deep brain stimulation treatment to treat epilepsy among other neurological diseases.
On the basis of Application, Parkinson’s disease Segment is expected to dominate the market during the forecast period and this is attributed to the rising approvals from regulatory bodies for DBS therapies, increasing R&D activities, and growing prevalence of the disease around the world.
On the basis of End User, Hospitals and Clinics Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of DBS surgeries in hospitals and growing prevalence of disease such as essential tremor and PD.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in government initiatives and funding in the region to increase awareness around Parkinson’s disease (PD). Along with this, robust presence of major market players and availability of well-established healthcare infrastructure is also driving growth of the market in the region.
Key players operating in the global deep brain stimulation device market include Boston Scientific Corporation, Medtronic, Inc., St. Jude Medical, Inc. (Abbott Laboratories), Cyberonics, Inc., Neuronetics, and Aleva Neurotherapeutics SA.
Global Deep Brain Stimulation Device Market, By Application:
Global Deep Brain Stimulation Device Market, By End User:
Hospital & Clinics
Ambulatory Surgical Centers
Global Deep Brain Stimulation Device Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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