The global deep brain stimulation in Parkinson’s disease market is expected to reach at USD 2.16 billion by 2028 with a CAGR of 9.6%, according to a new report by Grand View Research. The rise in prevalence of neurological disease and increase in preference for targeted therapy is driving the market growth for deep brain stimulation devices for Parkinson’s disease.
Techno-medical advanced devices that are used in the treatment for neurological disorders have resulted in a great efficiency wherein the patients can receive optimal treatments. It is estimated that around 1.2% population in the U.S. suffered from epilepsy in the past few years. Growing efficiency of deep brain stimulation reduces the adverse effects. The market growth is nurtured owing to the potential benefits of deep brain stimulation devices and postoperative outcomes. These advancements enable clinical researchers for investigative studies. Therefore, immense research, clinical studies and the need for efficient clinical data is likely to trigger the market growth.
Covid-19 Effect:
Amid the pandemic, there arises enormous need for essential life services and other medical supplies for patients with chronic illness. For Covid-19 patients, ventilators will remain pivot to serve critical care until any pharmacological treatment is developed in the near future. Moreover, patients with Parkinson’s disease are likely to get affected by SARS CoV-2 through interaction with dopaminergic system in the brain or any other systemic inflammatory responses. Mainly, the geriatric patients are at a high risk as compared with young adults based on age related factors.
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The global deep brain stimulation in parkinson’s disease market size is anticipated to reach USD 1.42 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% from 2020 to 2028. Surge in the incidence of Parkinson’s Disease (PD) and growing awareness about the deep brain stimulation in PD are driving the market.
Further key findings from the report suggest:
l The Parkinson’s disease remained dominant in 2019 and continues to maintain a high dominance attributing to the new product launch and novel strategies adopted by key players
l The ambulatory surgical centers segment is anticipated to witness a high CAGR during the forecast period attributing to the demand for convenience offered in patient care, optimal treatment conditions, and low infection rate
l North America dominates the global market due to effective regulatory policies and FDA approvals for clinical trials. Rise in patient pool is expected to propel the demand for stimulation devices to treat Parkinson’s disease
l The major players are emphasizing on innovative and technological advancements owing to the rise in launch of clinical products and innovative business strategies
Rising prevalence of Parkinson’s disease has raised the demand for deep brain stimulators as an alternative therapy. Deep brain stimulation has been proved to play an important role in providing therapeutic solutions for the symptoms of Parkinson’s disease, which is expected to fuel the market growth during the forecast period.
Moreover, increasing demand for minimally invasive therapies due to improved patient outcomes is a high impact rendering driver for this market. This is due to high cost efficiency, minimal pain, safety, short duration of hospital stays, speedy recovery, and few cases of post-surgical problems. These key factors are anticipated to raise the demand for deep brain stimulators over the forecast period.
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Companies are focusing on research and development to develop technologically advanced products to gain a competitive edge in the market. For instance, in January 2020, Abbott’s Infinity DBS system has secured expanded indication approval from the U.S. Food and Drug Administration (FDA) for the treatment of Parkinson’s disease. This system will allow targeting patients’ specific area of the brain called internal globus pallidus (GPi), which is associated with Parkinson’s disease symptoms. Moreover, in October 2019, Medtronic has launched its advanced Activa patient programmer technology for DBS therapy in the U.S. at the Samsung Developers Conference. This technology offers therapy management at home for patients with Parkinson’s disease, via Samsung smartphones. These advancements in the area of DBS in Parkinson’s disease market are anticipated to boost the market growth over the forecast period.
Major Players:
l Aleva Neurotherapeutics SA
l Abbott Laboratories
l Boston Scientific Corporation
l Medtronic
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In addition, technological advancements by the key players for the improved postoperative outcomes and reduced adverse effects in the treatment of PD symptoms are anticipated to raise the demand for deep brain stimulation. For instance, in January 2020, Abbott’s Infinity deep brain stimulation system has secured expanded indication approval from the FDA for the treatment of PD. This system will allow to target patients’ specific area of the brain called internal globus pallidus (GPi), which is associated with Parkinson’s disease symptoms.
Grand View Research has segmented the global DBS in Parkinson’s disease market on the basis of product, end use:
DBS In Parkinson’s Disease Product Outlook (Revenue, USD Million, 2016 – 2028)
- Single Channel Deep Brain Stimulator
- Dual Channel Deep Brain Stimulator
DBS In Parkinson’s Disease End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals
- Neurology Clinics
- Ambulatory Surgical Centers (ASCs)
- Research Centers
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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