Deep Brain Stimulation Devices Market for Parkinson’s Disease: Introduction
According to the report, the global deep brain stimulation devices market for Parkinson’s disease was valued at US$ 0.85 Bn in 2020 and is projected to expand at a CAGR of 5.1% from 2021 to 2028. Parkinson’s disease is one of the most common chronic and progressive neurological disorders, which is characterized by postural instability, bradykinesia, akinesia, and tremors due to loss of dopamine producing neurons in substantia nigra of the mid-brain.
Increase in Government Initiatives: Key Driver
Surge in the geriatric population and rise in demand for minimally invasive surgical techniques fuel the growth of the global market. Moreover, change in preferences of patients and healthcare professionals to adopt surgical DBS devices over drug therapy is projected to fuel the expansion of the global DBS devices market in the near future. This is due to considerable side effects and loss of effectiveness of drug and other therapies. This is anticipated to drive the DBS devices market for Parkinson’s disease over the next few years.
Increase in the number of neurological disorders such ischemic stroke, Alzheimer’s disease, essential tremors, trauma, and Parkinson’s disease (PD) is a primary factor boosting the growth of the global deep brain stimulation devices market.
North America to Dominate Deep Brain Stimulation Devices Market for Parkinson’s Disease
Based on product type, the global deep brain stimulation devices market for Parkinson’s disease has been segmented into single-channel deep brain stimulator, and dual-channel deep brain stimulator. In terms of end-user, the global deep brain stimulation devices market for Parkinson’s disease has been classified into hospitals, ambulatory surgical centers, neurological clinics, and others.
The global deep brain stimulation devices market for Parkinson’s disease has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period, accounting for 38.60% share by 2028. The market in the region is anticipated to reach US$ 0.48 Bn by 2028.
North America's largest market share can be attributed to increase in the number of patients undergoing surgical therapy that utilizes DBS devices for treating Parkinson’s disease and surge in geriatric population. Additionally, favorable government reimbursement policies and the risk of side effects related to medication treatments are expected to fuel the growth of the market in the region.
Major players operating in the global deep brain stimulation devices market are Medtronic, Inc., St. Jude Medical, Inc., and Boston Scientific Corporation. These companies have commercialized several significant DBS devices in the global market such as Libra, Activa, Vercise and others. Other companies active in the market include Aleva Neurotherapeutics SA, Adaptive Neuromodulation GmbH (ANM), NeuroSigma, Inc. and NeuroPace, Inc. DBS products of these players are not yet commercially available in the market, as these are still under clinical trial. Companies focus on introducing innovative products that are easy to use for physicians as well as patients. These companies aim to make the devices more portable, affordable, efficient, and effective.
Each of these players has been profiled in the deep brain stimulation devices market for Parkinson’s disease report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments.
Global Deep Brain Stimulation Devices Market for Parkinson’s Disease: Segmentation
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