Deep Brain Stimulators Market Is Expected To Reach USD 1.6 Billion By 2020: By Grand View Research, Inc.
Global deep brain stimulators market is expected to reach
USD 1,592.9 million by 2020, according to a new study by Grand View Research,
Inc. Increasing prevalence of Parkinson’s disease coupled with rising
demand for cost effective & minimally invasive surgical procedures are the
factors attributing towards the growth of deep brain stimulators market.
According to statistics published by Parkinson Disease Foundation,
approximately 10 million people were suffering from this disease in 2010 and
the number was anticipated to grow manifolds over the forecast period thereby contributing
to the overall industry growth.
The significant increase in the
adoption of DBS by neurologist for the treatment of Parkinson’s disease,
essential tremors, obsessive compulsive disorder and Dystonia is expected to
drive the market growth in coming years. Pending commercialization approval
from the U.S. FDA for use of DBS in treatment of refractory epilepsy is also
expected to boost the market growth in near future. Furthermore, introduction
of technologically advanced selective current steering and fractionation of
electric current is further expected to enhance the usage of deep brain
stimulators in the near future.
U.S. deep brain stimulators market, by application,
2012-2020 (USD Million)
Browse full research report on Deep
Brain Stimulators Market
Further key findings from the report suggest:
- DBS found
wide application in Parkinson’s disease treatment and is expected to grow
at CAGR of above 18.0% due to associated benefits such as fewer side
effects, improvised motor symptoms for longer time period and tracking of
momentary fluctuations. In addition, shifting of preference from
conventional oral medications to DBS, due to drug resistant nature of
Parkinson’s disease is further expected to increase adoption of DBS over
the forecast period.
- Obsessive
compulsive disorder followed Parkinson’s disease in terms of revenue share
due to failure of conventional serotonin reuptake inhibitors (SSRi)
treatment and offered benefits such as adjustable & reversible
stimulations, and nondestructive nature of treatment.
- North America
held the dominant share, accounting for over 50.0% in 2013. Presence of
sophisticated healthcare infrastructure, increasing awareness levels of
patients and healthcare personnel and supportive reimbursement policies
are some of the key reasons driving growth of deep brain stimulators
regional industry.
- Asia Pacific
region is expected to be fastest growing market for DBS and grow at CAGR
of over 18.0% during the forecast period. Constantly improving healthcare
facility, presence of high unmet needs and rising expenditure levels are
accounted for its significant growth.
- Key players
of deep brain stimulators industry include Aleva Neurotherapeutics SA,
Boston Scientific Corporation, St. Jude Medical, and Medtronic Plc.
Increasing clinical applications of DBS systems and extensive R&D
pertaining to development of advanced technology are the factors
propelling industrial growth. Players are adopting competitive strategy
such as new product development for sustaining the competition.
For more information: http://www.grandviewresearch.com
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