Deep Brain Stimulation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Deep Brain Stimulation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The deep brain stimulation devices market is expected to register a CAGR of nearly 12.5% during the forecast period (2022-2027).

COVID-19 is expected to have a significant impact on the growth of the market. According to the article titled 'Deep Brain Stimulation for Parkinson's disease during the COVID-19 pandemic: patient perspective' published in April 2021 the three main reasons given by the patients for seeking deep brain stimulations surgery during the COVID-19 virus outbreak were routine clinical referral, personal safety provided by hospital care and poor control of severe Parkinson's disease symptoms. Thus, the increasing demand for the deep brain stimulation procedure is expected to drive the growth of the market during the pandemic period.

The major factors driving the growth of the market include the rapidly aging population, which is leading to risk and high prevalence of neurological disorders, growing demand for the devices, due to the rising popularity of minimally invasive procedures, and availability of technologically advanced deep brain stimulation devices.

Deep brain stimulation (DBS) is a widely used treatment for advanced Parkinson's disease (PD), essential tremors, and dystonia. However, over the last three decades, in addition to the extension of its clinical applications, there has been tremendous growth in deep brain stimulation technology.

According to the United Nations Department of Economic and Social Affairs report titled ‘World Population Ageing 2020 Highlights,’ there were 727 million persons aged 65 years or over in the world in 2020. It is expected to become more than double and reach nearly 1.5 billion in 2050. As number of elderly population are projected to increase and this population are more prone to neurological disorders which ultimately drives the market in near future.

Currently, there are multiple deep brain stimulation systems that have been approved by the European and United States regulatory agencies. The United States Food and Drug Administration (FDA) approved Boston Scientific Corporation’s Vercise Deep Brain Stimulation (DBS) System. This system is used to treat the symptoms of Parkinson's disease (PD). Additionally, researchers are enhancing their existing DBS systems, while developing the next-generation devices.

The researchers are using deep brain stimulation to target different areas of the brain and studying the treatment in different populations suffering from Parkinson’s disease. Some changes in the new systems have shown improvement in clinical outcomes. Nevertheless, these new developments in the deep brain stimulation technology are encouraging a large patient community and healthcare providers.

Hence, all such advancements in the deep brain stimulation technology have to lead to the growth of the deep brain stimulation devices market.

Key Market TrendsParkinson’s Disease Segment is Expected to Hold a Major Market Share in the Deep Brain Stimulation Devices Market

The major factor driving the growth of the segment is the rising global prevalence of Parkinson’s disease. According to the article titled ' Monoamine Oxidase-B inhibitors for the treatment of Parkinson's Disease: Past, Present and Future ' published in February 2022 the global prevalence of Parkinson's disease is estimated to be approximately 6.1 million globally, and the prevalence increases with age, reaching 1% to 3% in the population over 65 years of age. In addition, the data updated by World Health Organization (WHO) in October 2021 shows that by 2030, 1 in 6 people in the world will be aged 60 years or over.

Deep brain stimulation is the most commonly performed surgical treatment for Parkinson's disease. It is usually done in people, who have been suffering from Parkinson's disease for at least four years and have benefited from medications but have motor complications. Also, innovative product launches are expected to drive the growth of the studied segment during the forecast period. For instance, in January 2021 Medtronic launched a First-of-its kind Adaptive deep brain stimulation (aDBS) trial for evaluating the safety and efficacy of adaptive deep brain stimulation in patients with Parkinson's disease.Additionally, there is a rising technological advancement in the field of Deep brain stimulation, which is propelling the overall growth of the market.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a significant share in the market and expected to do the same in the forecast period due to the increasing prevalence of brain diseases.

According to the Parkinson's Foundation in 2020, nearly one million people in the United States were living with Parkinson's disease. Among these men are 1.5 times more likely to have Parkinson's disease than women. The combined direct and indirect costs of Parkinson’s in the United States, including treatment, disability, and similar costs, along with the lost income, owing to the patient's inability to work, are estimated to be valued at USD 25 billion per year in the United States alone. Hence, the growing burden of Parkinson’s disease on the healthcare system, coupled with uncertain economic conditions in the United States, has forced the original equipment manufacturers (OEMs) to develop cost-effective devices for the treatment of neurological movement disorders.

In January 2021 Boston Scientific Received Food and Drug Administration approval for the generation vercise Genus deep brain stimulation system which is used to treat symptoms in patients with advanced Parkinsons' disease. Hence, such product approvals and growing incidences of Parkinson’s disease have helped in driving the growth of the deep brain stimulation devices market.

Competitive Landscape

The deep brain stimulation devices market is consolidated, owing to the presence of a few major market players. Some of the market players are Abbott Laboratories (St. Jude Medical), Beijing PINS Medical Co. Ltd, Boston Scientific Corporation, Fisher Wallace, Functional Neuromodulation Ltd, Medtronic PLC, NeuroPace Inc., and Renishaw PLC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.