Deep Brain Stimulators (DBS) Market Will Reach $1.59 billion By 2020 New Report Published By Grand View Research
Deep Brain Stimulators (DBS) Market Market Size - $529.5 million in 2013 And Expected to Grow At a CAGR of 17.1% From 2014 To 2020: Grand View Research
Global deep brain stimulators market is expected to reach USD 1.59 billion by 2020, according to a new study by Grand View Research, Inc. Increasing incidence rates of target neurological disorders such as Parkinson’s and demand for minimally invasive surgical procedures are some primary factors expected to drive the deep brain stimulators market. Deep brain stimulators have witnessed a significant rise in usage rates and are now considered viable substitutes to conventional therapies. Higher efficacy exhibited by the former is a key reason attributing to the aforementioned conclusion. Introduction of technological advancements such as fractionation of electric current and selective current steering are also expected to improve device usage rates.
Deep brain stimulators are FDA approved when it comes to treating Parkinson’s, dystonia and OCD (obsessive compulsive disorder) etc. Moreover, the use of these devices for diseases such as trigeminal neuralgia, Tourette syndrome, Alzheimer’s, refractory epilepsy, cluster headache and movement disorders by multiple sclerosis are awaiting FDA approval. The potential inclusion of new application areas is expected fuel the future growth of the market.
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Further key findings from the study suggest:
• Parkinson’s disease was the largest application segment of the market in 2013. Use of deep brain stimulators for treating this disease renders symptomatic relief from medicine induced dyskinesia and therefore, these devices are expected to witness a rapid growth in demand during the forecast period.
• OCD (obsessive compulsive disorder) was also one of the leading application segments in 2013. DBS has proven to be the most efficient treatment option pertaining to OCD and is expected to witness a rapid growth in usage rates over the next six years.
• North America was the largest regional market, accounting for over 50.0% of market share in 2013. Presence of sophisticated healthcare infrastructure and reimbursement policies and increasing awareness levels of patients and healthcare personnel are some key factors expected to drive regional market growth during the forecast period.
• Asia Pacific is identified as the most lucrative market. Rapidly improving healthcare infrastructure, presence of high unmet medical needs and increasing healthcare spending levels in the emerging markets of China and India are some factors attributing to its growth.
• Some key manufacturers of deep brain stimulators include St. Jude Medical, Medtronic Plc, Boston Scientific Corporation and Aleva Neurotherapeutics SA.
• The market is marked by the presence of extensive R&D investments targeting the development of technologically advanced systems catering to new application areas. Moreover, manufacturers participate in endeavors directed towards capitalizing on the untapped opportunities available in the emerging Asia Pacific and Latin American markets.
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For the purpose of this study, Grand View Research has segmented the global deep brain stimulators market on the basis of application and region:
Global Deep Brain Stimulators Application Outlook (Revenue, USD Million, 2012 – 2020)
• Pain Management
• Essential Tremor
• Obsessive Compulsive Disorder (OCD)
• Parkinson’s Disease
Deep Brain Stimulators Regional Outlook (Revenue, USD Billion, 2012 – 2020)
• North America
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com
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