The
Global Deep Brain Stimulation Market was valued at US$ 720.9 Million in 2016,
according to a new report by published by Coherent Market Insights. Increasing
Parkinson’s disease prevalence rate along with product innovation is expected
to boost overall demand for deep brain stimulation systems across the globe in
the near future.
Deep
brain stimulation market has gained traction owing to technological
advancements and high prevalence rate of Parkinson’s disease and dystonia
disease. Most of the device sales are concentrated in developed regions namely
North America and Europe. Emergence of deep brain stimulation market has
revolutionized the overall treatment approach to mental health care. These
devices are can improve motor functions by 70% in Parkinson’s patients.
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The
economic impact of mental illness is long lasting. As per Coherent Market
Insights, there are over 7 million people suffering from Parkinson’s disease as
of 2015, with around 1.7 million and 60,000 cases diagnosed each year in China
and the U.S., respectively. Over half of the deep brain stimulation market
share is currently captured by the U.S. Industry players are expected to
establish their footprint in emerging markets by creating awareness among
patients and healthcare providers. This would help them expand their business
presence and generate high return on investment (ROI). Some of the ongoing
clinical research suggests deep brain stimulators to be highly effective in
treatment approach towards Alzheimer patients. Positive FDA nod for Alzheimer
treatment could further commercialize the deep brain stimulation market size.
Many more players are expected to enter the market in near future.
Key takeaways of the market are:
·
North America was estimated to account for
around 53% of overall deep brain stimulation market revenue in 2015. However,
the market in the region is expected to lose considerable market share to
emerging regions – Asia Pacific and Latin America. There is high market
opportunity and large un-met need for brain aneurysm treatment in Asia Pacific.
·
Asia Pacific is the only market projected to
register a double-digit growth rate of 13% over the forecast period. Prevalence
of Parkinson’s disease is relatively low compared to Europe however, patient
count suffering from Parkinson’s disease in the region is expected to reach
around 5.1 million by 2024. Sales of brain stimulators is expected to witness
steep rise over the forecast period. Most of the demand is expected to be
generated from China, followed closely by Japan.
·
Deep brain stimulators finds application widely
in treatment of Parkinson’s disease. This application segment is expected to
dominate the market throughout the forecast period. However, other application
segments such as essential tremor and dystonia are also expected to gain
significant market share over the forecast period.
To
know the latest trends and insights prevalent in this market, click the link
below: https://www.coherentmarketinsights.com/market-insight/deep-brain-stimulation-devices-market-84
·
Medtronic Inc, St. Jude Medical, Inc., Boston
Scientific Corporation are the leading deep brain stimulation market players.
Medtronic Inc., dominated the deep brain stimulation market size (in terms of
revenue) in 2015. According to statistics released by the company in 2016, over
140,000 patients has received Medtronic deep brain stimulator for Parkinson’s
disease and dystonia. All leading players are focusing on introducing product
innovations in order to differentiate their offerings to remain competitive in
this industry. Also, leading players are focusing on obtaining certifications
and accreditations in order to build brand value among their customers. This is
projected to help these companies capture a greater chunk of deep brain
stimulation market in the long run. In 2015, while Boston Scientific received
CE mark for Vercise Primary Cell (PC), Medtornic Inc. received FDA approval for
its full body MR conditional deep brain stimulation systems.
·
New entrants are expected to intensify the
industry rivalry in near future. NeuroPace, Inc., Adaptive Neuromodulation GmbH
(ANM), NeuroSigma, Inc., and Aleva Neurotherapeutics SA are few of the key
players that are expected to commercialize their deep brain stimulators in the
near future.
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