New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Deep Brain Stimulation Device Global Market Report 2023" - https://www.reportlinker.com/p06486500/?utm_source=GNW
Ltd., Neuronetics Inc., Functional Neuromodulation Ltd., Renishaw PLC., Cyberonics Inc., SceneRay Co.Ltd., Fisher Wallace, Brainsway Ltd, and Cleveland.
The global deep brain stimulation devices market is expected to grow from $1.25 billion in 2022 to $1.41 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The deep brain stimulation devices market is expected to reach $2.16 billion in 2027 at a CAGR of 11.2%.
The deep brain stimulation devices market consists of sales of neurostimulators, leads, extensions, and handheld controllers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Deep brain stimulation devices are specialized medical instruments that deliver an electrical current directly to areas of the brain.These electrical impulses can also adjust for the chemical imbalances within the brain that cause various conditions.
It is used to treat neuropsychological disorders.
North America was the largest region in the deep brain stimulation devices market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in deep brain stimulation devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product type of deep brain stimulation devices are single-channel deep brain stimulators, and dual-channel deep brain stimulators.A single-channel deep brain stimulator refers to a medical device that delivers an electrical current directly to areas of the brain.
The various applications include epilepsy, essential tremor, obsessive-compulsive disorder (OCD), depression, dystonia, Parkinson’s disease, pain management, and others and are used by hospitals, neurology clinics, ambulatory surgical centers, and research centers.
The increasing prevalence of neurological diseases is expected to propel the growth of the deep brain stimulation device market going forward.Medical conditions affecting the central and peripheral nervous systems are known as neurological disorders.
Deep brain stimulation devices are used to control abnormal brain activity and adjust the chemical imbalances within the brain that cause various conditions.For instance, in February 2023, according to the World Health Organization, a Switzerland-based specialized health agency, around 50 million people globally had epilepsy.
Moreover, in 2022 according to the Parkinson’s Foundation report, a US-based non-profit organization working for Parkinson’s disease patients, the new diagnosis of Parkinson’s disease reached 90,000 per year.This is a 50% increase from the previously expected rate of 60,000 diagnoses per year.
As a result, the increasing prevalence of neurological disorders is propelling the growth of the deep brain stimulation device market.
Technological advancements are a key trend gaining popularity in the deep brain stimulation device market.Companies operating in the deep brain stimulation device market are working on new product innovations with the latest technologies to sustain their position in the market.
For instance, in January 2020, Medtronic Inc., a US-based medical device company, launched a new Deep Brain Stimulation device called the Percept PC Neurostimulator with BrainSense™ technology. This device is designed to treat Parkinson’s disease and other movement disorders, and features advanced sensing capabilities that allow physicians to track and record brain activity in real-time. These signals can be recorded concurrently while giving therapeutic stimulation inside and outside the clinic.
In August 2022, Medtronic, an Ireland-based medical device company that manufactures deep brain stimulation devices collaborated with Aster MedCity, an India-based multi-specialty hospital. With this partnership, Medtronic uses its technology Deep Brain Stimulation (DBS) to improve the treatment of patients diagnosed with Parkinson’s disease.
The countries covered in the deep brain stimulation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The deep brain stimulation devices market research report is one of a series of new reports that provides deep brain stimulation devices market statistics, including deep brain stimulation devices industry global market size, regional shares, competitors with a deep brain stimulation devices market share, detailed deep brain stimulation devices market segments, market trends, and opportunities, and any further data you may need to thrive in the deep brain stimulation devices industry. This deep brain stimulation devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06486500/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
