Global Deep Brain Stimulation Devices Market is expected to grow at a CAGR of 16.01% during the forecast period 2019-2027
A new research report published by Fior Markets with the title Deep Brain Stimulation Devices Market by Product Type (Dual Channel Deep Brain Stimulators, Single Channel Deep Brain Stimulators), by Application (Parkinson’s Disease, Epilepsy, Essential Tremor, Dystonia, Obsessive Compulsive Disorder), and End User, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global deep brain stimulation devices market is expected to grow from USD 900 million in 2019 to USD 2,750 million by 2027, at a CAGR of 16.01% during the forecast period 2019-2027. North America is expected to dominate the market with an increasing number of patients of Parkinson disease, high number of R&D activities, technologically advanced stimulation devices, and availability of skilled technicians. The rise in the number of patients has led the manufacturers to develop cost-effective devices. The development of a new deep brain stimulation (DBS) device named Brio, which was approved by the FDA in the USA has contributed to the growth of the market in the region. The Asia-Pacific region is anticipated to show the highest market growth with the development of advanced healthcare technology and rising expenditure in the healthcare sector.
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Some of the notable players in the market are Abbott Laboratories, Beijing PINS Medical Co. Ltd, Aleva Neurotherapeutics SA, Renishaw PLC, Boston Scientific Corporation, Medtronic plc, Functional Neuromodulation Ltd., Nevro Corporation, NeuroPace Inc., Neuronetics Inc, and Fisher Wallace. The major strategies used by the market players are research and development to come up with advanced technology, new and innovative product launches, and developing growth strategies. WVU Medicine in West Virginia has for the first time in the region implanted a DBS device in a patient to recover from epilepsy. Thus, the penetration of the devices is growing at a rapid pace.
This study delivers a comprehensive analysis of applications, product type, end-user and, regions. On the basis of applications, the market is divided into Parkinson’s disease, dystonia, essential tremor, obsessive-compulsive disorder, and epilepsy. The Parkinson’s disease is expected to hold a majority of market share due to a rise in the number of people suffering from it. The increasing awareness among the people regarding the technologically advanced treatment options will also fuel the growth of this market segment. Based on the type of products, the market can be divided into dual channel deep brain stimulators and single-channel deep brain stimulators. The dual-channel stimulators are considered to be more technologically advanced than single-channel stimulators, driving the higher growth rate of the product. The single-channel DBS systems are increasingly being adopted in the developing countries due to their affordable price. On the basis of the end-user, the market can be divided into hospitals, neurological centres, and ambulatory surgical centres. Hospitals hold the largest market share in the segment, and the market share is expected to grow rapidly. Neurological disorders require the use of advanced equipment which are prevalent in hospitals driving the growth of the hospital segment.
The increasing prevalence of neurological diseases with changes in lifestyle, and adopting technologically advanced products will surge the market growth. The benefits of the stimulation devices like, efficacy, safety, higher patient satisfaction, better management of postsurgical complications, and others also drive the market growth.
About the report:
The global deep brain stimulation devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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