The global deep brain stimulation devices market was valued at $881.9 million in 2018, and is projected to reach $2,802.6 million by 2026, registering a CAGR of 15.5%. Deep brain stimulation is defined as a surgery that involves the implantation of an electrical device in the body. This device is responsible for sending electrical signals to the areas of brain, which are responsible for body movement. Furthermore, the devices which are used to monitor the stimulation of brain are called as deep brain stimulation devices. These devices are used in the treatment of various neurological disorders such as Parkinson's disease, epilepsy, essential tremor, dystonia, obsessive compulsive disorder, and others. In addition, deep brain stimulation devices are also used to block pain signals by sending an electrical impulse near the spine region.
Rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D are the factors that drive the growth of the global deep brain stimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products, and surge in aging population also propels the deep brain stimulation devices market growth as they are more susceptible to neurological disorders such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. The major barriers for the growth of the deep brain stimulation devices market include side effects such as allergic reaction and tingling or prickling of the skin due to implantation of deep brain stimulation device into the body and increase in device cost. However, the availability of other treatment options such as drug therapies and surgeries restrict the growth of the deep brain stimulation devices market.
Deep Brain Stimulation Devices Market Segmentation
The deep brain stimulation devices market is classified on the basis of application, end user, and region. Based on application, the market is classified into Parkinson's disease, epilepsy, essential tremor, dystonia, obsessive compulsive disorder, and others. On the basis of end user, the market is categorized into hospitals, ambulatory surgical centers, neurological clinics, and others. Region wise, the deep brain stimulation devices market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).
Parkinson's Disease segment is projected as one of the most lucrative segment.
Application Segment Review
On the basis of application, the Parkinson’s disease segment acquired the major share of the market in 2018 and is expected to maintain this lead during the forecast period. Furthermore, the segment is also expected to exhibit fastest growth rate during the forecast period, owing to surge in prevalence of Parkinson worldwide. In addition, surge in awareness toward the treatment options available for the disease also fuels the growth of the deep brain stimulation devices market.
By End User
Hospitals segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
End-user Segment Review
According to end user, the hospital segment accounted for the highest deep brain stimulation devices market share in 2018. In addition, the segment is also expected to exhibit fastest growth rate during the forecast period, owing to rise in number of hospitals worldwide. Furthermore, neurological disorders are diagnosed and treated by the use of advanced equipment used by a professional neurologist, who are available in specialty hospitals. Thus, this leads to surge in growth of the hospital segment in the deep brain stimulation devices market.
In 2018, North America accounted for the major share of the deep brain stimulation devices market size and is expected to continue this trend, owing to higher number of R&D activities, presence of skilled technicians, and wide availability of technologically advanced deep brain stimulation devices. Moreover, surge in prevalence of various neurological disorders is another factor that boost the deep brain stimulation devices market in the region. On the other hand, Asia-Pacific is estimated to register the fastest growth during the forecast period, owing to rise in healthcare expenditure and surge in prevalence of various neurological disorders such as epilepsy and others.
The global deep brain stimulation devices market is highly competitive and the prominent players in the market have adopted various strategies for garnering maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Aleva Neurotherapeutics SA, Boston Scientific Corporation, Functional Neuromodulation Ltd., Beijing PINS Medical Co., Ltd., Medtronic plc, NeuroPace Inc., Nevro Corporation, and Neuronetics Inc.
North America segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Key Benefits for Stakeholders:
- This report entails a detailed quantitative analysis along with the current global deep brain stimulation devices market trends from 2019 to 2026 to identify the prevailing opportunities along with the strategic assessment.
- The deep brain stimulation devices market forecast is studied from 2019 to 2026.
- The deep brain stimulation devices market size and estimations are based on a comprehensive analysis of key developments in the deep brain stimulation devices industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market
Key Market Segments:
- Parkinson's Disease
- Essential Tremor
- Obsessive Compulsive Disorder
By End User
- Ambulatory Surgical Centers
- Neurological Clinics
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Global Deep Brain Stimulation Devices Market Report Highlights
By END USER
Key Market Players
Aleva Neurotherapeutics SA, Boston Scientific Corporation, Nevro Corporation, NeuroPace Inc., Abbott Laboratories, Medtronic Plc, Neuronetics Inc., Functional Neuromodulation Ltd, Beijing PINS Medical Co., Ltd
The utilization of deep brain stimulation devices is expected to witness a significant rise with increase in diagnosis of neurological disorders. The deep brain stimulation devices market has piqued the interest of healthcare providers, owing to several benefits offered by these devices to treat neurological disorders and improve the quality of life of the patients. There have been remarkable technological advancements in these devices to provide advanced treatment options for the management of symptoms of neurological disorders. As the market is nascent and growing at a steady rate in developed nations, the Asia-Pacific and LAMEA regions are expected to offer high growth opportunities to the key players. According to the perspectives of the CXOs, rise in incidence of neurological disorders, technological advancements, and increase in emphasis on management of symptoms of neurological disorders, such as Alzheimer's and Parkinson’s disease are the factors that drive this market growth. However, lack of reimbursement and high cost of these devices hamper the market growth.
Rise in geriatric population that is susceptible to neurological disorders and increase in amount of stress in daily life add to the growth of the neurological disorders. In addition, emerging markets are gaining more importance for majority of the deep brain stimulation device manufacturers and distributors. Furthermore, rapid growth was observed in the shipment of these devices to provide improved healthcare services in emerging nations, and this is expected to offset the challenging conditions in mature markets such as North America and Europe. As per the CXOs, North America is expected to dominate the market, followed by Europe.