Deep Brain Stimulation Device Market
Number of pages: 100 | Report Format: PDF | Published date: July 12, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.14 billion |
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Revenue Forecast in 2031 |
US$ 2.77 billion |
|
CAGR |
10.4% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Products, Applications, End-User and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global deep brain stimulation devices market was valued at US$ 1.14 billion in 2022 and is expected to register a revenue CAGR of 10.4% to reach US$ 2.77 billion by 2031.
Deep Brain Stimulation Devices Market Fundamentals
Deep brain stimulation (DBS) is a neurosurgical procedure that treats movement problems linked to Parkinson's disease (PD), essential tremor, dystonia, and other neurological illnesses using implanted electrodes and electrical stimulation. Several brain parts are connected with electrodes during deep brain stimulation (DBS). Electrical impulses generated by these electrodes control aberrant impulses. Or the brain's cells and molecules may be affected by electrical impulses. An electronic device resembling a pacemaker positioned beneath the skin in your upper chest regulates the intensity of deep brain stimulation. The device is linked to the electrodes in the brain by a cable that passes beneath the skin.
Parkinson's disease and other neurological disorders' movement-related symptoms have been brought on by disordered electrical impulses in the parts of the brain that regulate movement. DBS blocks the erratic impulses that result in tremors and other movement-related disorders when effective. Neurosurgeons insert one or more cords, called "leads," into the brain after performing a battery of tests to establish the best location. Like a cardiac pacemaker, a very small neurostimulator (electric generator) implanted under the person's collarbone is linked to the leads via an insulated wire extension. The leads allow the neurostimulator's constant electric current pulses to enter the brain.
Deep Brain Stimulation Devices Market Dynamics
The global deep brain stimulation devices market is expected to grow significantly during the forecast period. This can be attributed to rising cases of depression, increasing prevalence of involuntary movement diseases, rising R&D activities focused on developing effective treatment solutions for neurological diseases, increasing adoption of novel treatment technologies, and rising geriatric population prone to neurological disabilities. Moreover, the market revenue growth is driven by an increase in preference for slightly invasive operating procedures and a rise in neurological disorders.
A common treatment for severe Parkinson's disease (PD), essential tremors, and dystonia is deep brain stimulation (DBS). However, deep brain stimulation technology has grown significantly over the past three decades and expanded its therapeutic uses. The World Population Ageing 2020 Highlights report from the UN Department of Economic and Social Affairs estimates that 727 million people worldwide will be 65 or older by 2020. In 2050, the population is projected to more than quadruple and approach 1.5 billion. Therefore, the market will be driven by the aging population, which is more susceptible to neurological illnesses.
DBS devices are quite successful at reducing PD-related tremors. They stimulate the basal ganglia electrically, which in PD patients leads to inhibited neuronal activity that is often spontaneous. The major causes of PD include low dopamine levels and other hereditary variables.
Furthermore, in countries like the U.S. and Canada, where the senior population is expanding, movement and psychological diseases have a high prevalence rate. For instance, the Parkinson's Foundation reports that symptoms of PD are often present by age 60 on average. The elderly population is more prone to these illnesses. The Canadian Psychological Association reports that around 2% of Canadians have an obsessive-compulsive condition. Additionally, the market is expanding due to increased FDA approvals for deep brain stimulation devices in therapeutic applications, such as tremors, severe obsessive-compulsive disorders, and dystonia. For instance, the U.S. FDA granted NeuroPace, Inc. permission to label their RNS System for MRI in March 2020. These elements should increase demand for DBS devices in these countries.
However, risks of allergic reactions and infections and the availability of alternatives, such as surgeries and drug therapies, will likely limit this market revenue growth in the next few years.
Deep Brain Stimulation Devices Market Ecosystem
The global deep brain stimulation device market is analyzed from the following perspectives by products, applications, end-user, and region.
Global Deep Brain Stimulation Devices Market by Product
Based on the products, the global deep brain stimulation devices market is segmented into single and dual channels.
The dual channel devices segment dominates the global market with a share of 52.3% in 2022. This is owing to the high safety profile and wider usage of dual channel devices in surgical procedures. Additionally, the rising incidence of debilitating neurological illnesses, the rise in PD surgeries, and the number of hospitals utilizing dual channel DBS devices all contribute to the segment's expansion. New product introductions and technology developments are fueling segment growth. For instance, in January 2020, the U.S. FDA approved Abbott's Infinity DBS system for the new indication of Parkinson's disease. The internal Globus Pallidus (GPi), a part of the brain associated with Parkinson's disease symptoms, can be targeted using this device.
Furthermore, the demand for single channel devices is expected to grow significantly in the next few years, as these devices can provide neurologists with a wide range of programming options.
Global Deep Brain Stimulation Devices Market by Application
Based on the application, the global deep brain stimulation device market is segmented into pain management, Parkinson’s disease (PD), epilepsy, dystonia, depression, essential tremor, and obsessive-compulsive disorder (OCD).
The Parkinson’s disease segment dominates the market with a share of 60.2% in 2022 due to a large patient base suffering from this disorder. According to a 2022 report by the World Health Organization (WHO), there has been a more than two-fold rise in the cases of PD in the past 25 years, as against over 8.5 million people in 2019. Moreover, PD caused 5.8 million disability-adjusted life years in 2019, an increase of 81% since 2000, and 3,29,000 deaths, an increase of over 100% since 2000. Furthermore, increased awareness about treatment solutions available for PD and technological advancements resulting in developing products with advanced features are expected to boost revenue growth in the market.
Global Deep Brain Stimulation Devices Market by End User
Based on the end users, the global deep brain stimulation devices market is segmented into hospitals, ambulatory surgical centers, and neurology clinics.
Hospitals led the total market growth in the end-use sector in 2022 with a share of 50.45%. The expansion of this market may be primarily attributable to the rise in essential tremor and Parkinson's disease prevalence, as well as the number of DBS procedures done in hospitals. Furthermore, it is anticipated that the emergence of technologically improved DBS devices and attractive reimbursement policies will propel the hospital market throughout the projected period. Medtronic, for instance, provides thorough services to establish and maintain coverage and payment for various DBS devices.
Global Deep Brain Stimulation Devices Market by Region
Based on the regions, the global deep brain stimulation devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the global market, owing to the presence of advanced healthcare infrastructure, high prevalence of neurological disorders, such as PD and epilepsy, and increase in government initiatives favoring treatment and management of neurological diseases. Institutions such as the National Institute of Neurological Disorders and Stroke (NINDS), established by the U.S. National Institute of Health, aim to develop techniques that help monitor neurological disease progression. It has also funded research and collected human samples and clinical data to discover biomarkers likely to help improve the development of new therapeutics.
In the United States, there were approximately one million persons with Parkinson's disease in 2020, according to the Parkinson's Foundation. Men are 1.5 times more likely than women in this group to suffer from Parkinson's disease. The total annual cost of Parkinson's disease in the United States, including all direct and indirect expenditures associated with treatment, disability, and other costs, and lost income resulting from patients' incapacity to work, is estimated to be US$ 25 billion. As a result, original equipment manufacturers (OEMs) were compelled to provide affordable devices for treating neurological movement disorders due to the rising financial burden of Parkinson's disease on the healthcare system and the unpredictability of the American economy.
The market in Asia Pacific is projected to register faster revenue growth during the forecast period. This can be ascribed to a rise in the number of patients suffering from neurodegenerative diseases, improved clinical practices, an increased preference toward using devices in treatment despite surgical operations, and a rise in the geriatric population, which is more prone to neurological diseases.
Deep Brain Stimulation Devices Market Competitive Landscape
The prominent players operating in the global deep brain stimulation devices market include:
Deep Brain Stimulation Devices Market Strategic Developments
Deep brain stimulation (DBS) is a neurosurgical procedure that treats movement problems linked to Parkinson's disease (PD), essential tremor, dystonia, and other neurological illnesses using implanted electrodes and electrical stimulation.
North America is dominating the global deep brain stimulation devices market.
The estimated size of deep brain stimulation devices in 2031 will be US$ 2.77 billion.
The revenue CAGR of the deep brain stimulation devices market during the forecast period will be 10.4%.
The Parkinson’s disease segment led the global deep brain stimulation devices market 2022.
*Insights on financial performance are subject to the availability of information in the public domain
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