Pune, July 11, 2024 (GLOBE NEWSWIRE) -- Deep Brain Stimulation [DBS] Devices Market Size Analysis:
“According to SNS Insider Research, The Deep Brain Stimulation (DBS) Devices Market size is valued at USD 1.25 Billion in 2023 and is anticipated to surpass USD 3.10 Billion by 2032, with a compound annual growth rate (CAGR) of 11.12% over the forecast period 2024-2032.”
The high prevalence of various types of neurological diseases such as Epilepsy is expected to drive demand for deep brain stimulation devices which in turn provide a thrust in growth avenues during the forecast time frame. One of the world's most common neurological diseases Epilepsy affects around 50 million people worldwide, harmonizing to facts documented on WHO key facts for the February period in 2023. The same source cited that One in 200 people have an Epilepsy diagnosis, with the vast majority (80%) of these living in low- and middle-income countries.
Moreover, Leading market players are further engaged in launching novel and advanced DBS devices across numerous countries globally to facilitate the growth of the industry. For example, in August 2022, Medtronic Private Limited (India), a subsidiary of Medtronic plc (Ireland) unveiled the SenSight directional lead system for DBS therapy to manage movement disorders and Epilepsy. Medtronic plc also announced the launch of its DBS system Percept PC in South Korea to help control tremors and Parkinson's disease patients. These are the first products billed as including extracellular, closed-loop neural recording technology with administered DBS therapy for treating neurological patients.
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Major Players Analysis Listed in this Report are:
- Abbott Laboratories
- Beijing Pinchi Medical Equipment Co., Ltd.
- Boston Scientific Corporation
- Fisher Wallace Laboratories
- Functional Neuromodulation Ltd.
- Medtronic
- NeuroPace Inc.
- Renishaw PLC
- Aleva Neurotherapeutics S.A.
- LivaNova PLC
- Other Players
Deep Brain Stimulation [DBS] Devices Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.25 Billion |
| Market Size by 2032 | US$ 3.10 Billion |
| CAGR | CAGR of 11.12% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •Rapidly Aging Population is responsible for rising neurological disorders which is Generating the Need for Deep Brain Stimulation Devices •Surging Demand for Deep Brain Stimulation Devices because of the Rising Popularity of Minimally Invasive Procedures. |
Segmentation Dynamics
Parkinson's disease is estimated to achieve a 66.01% market share over the forthcoming years. The growing population of Parkinson's disease patients worldwide has resulted in an increasing need for successful therapeutic solutions. Deep brain stimulation devices are an effective treatment for symptoms associated with Parkinson's disease, and they can significantly improve the quality of life in many patients. The second most common neurodegenerative disorder in people aged 50 years or older is Parkinson's disease, according to the NIHs article dated January 2023. Therefore, the rising prevalence of Parkinson's disease is expected to increase consumer demand for new treatment possibilities through advanced DBS technologies, which in turn will lead to deep brain stimulation device market growth.
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Furthermore, more than 90,000 of those in the age group of 40 or older are living with Parkinson's disease documented by the Canadian Federal Government in an April study. In the past several years, advancements in DBS technology - including improved overall targeting and programming features together with limitations of side effects profile- have increased therapeutic efficacy skyrocketing deep brain stimulation devices market growth.
Major Segments and Sub-Segments Listed in Deep Brain Stimulation [DBS] Devices Market are:
By Product
- Single Channel
- Dual Channel
By Application
- Pain Management
- Epilepsy
- Essential Tremor
- Obsessive Compulsive Disorder (OCD)
- Depression
- Dystonia
- Parkinson’s Disease
- Others
By End-Use
- Hospitals
- Neurology Clinics
- Ambulatory Surgical Centers
- Research Centers
Regional Analysis
Based on geography, North America dominates a significant share of 52.3% of the global market. The high share is owing to the market growth driver factors such as emerging the high prevalence of different neurological disorders, market-leading players’ presence, and a greater number of product pipeline products. For example, as per the statement of the CDC in May 2022, presently, approximately 3 million adults in the United States are having Epilepsy. Moreover, in October 2022, the American Psychiatric Association stated that in the United States, anxiety disorder Obsessive Compulsive Disorder Imperative OCD annually affects about 2-3% of people. Therefore, the higher cases of different neurological disorders in the North American region are anticipated to generate a high demand for advanced deep brain stimulation devices skyrocketing the market growth.
Recent Developments
- In March 2023, Michigan Tech Researchers created a 'Smart' Deep Brain Stimulation System, March 2023 in Focused on a Closed-loop deep brain stimulation device system that changes the stimulus signals based on symptoms from Parkinson's patients.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Deep Brain Stimulation (DBS) Devices Market Segmentation, By Product
8. Deep Brain Stimulation (DBS) Devices Market Segmentation, By Application
9. Deep Brain Stimulation (DBS) Devices Market Segmentation, By End-Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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