Deep Brain Stimulation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY (PRWEB) February 11, 2015
The global deep brain stimulation devices market for Parkinson’s disease was valued at USD 1.79 billion in 2013 and is expected to grow at a CAGR of 8.9% from 2014 to 2020, to reach an estimated value of USD 3.21 billion in 2020. Parkinson’s disease is one of the most common chronic and progressive neurological disorders, which is characterized by postural instability, bradykinesia, akinesia and tremors due to loss of dopamine producing neurons in substantia nigra of the mid-brain.
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According to the Parkinson’s Disease Foundation (PDF), it has been estimated that approximately 10 million individuals globally and more than one million Americans are suffering from Parkinson’s disease. It has also been estimated that approximately 60,000 people are diagnosed with Parkinson’s disease in the U.S. each year. A wide range of options are available for treating Parkinson’s disease that includes drug therapy, surgical therapy, physical therapy and stem cell therapy. Surgical therapy that utilizes implantation of DBS devices is mostly preferred in the advanced stages of Parkinson’s disease, while in early stages drug therapy is mostly preferred.
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The global deep brain stimulation devices market for Parkinson’s disease was valued at USD 1.79 billion in 2013 and is expected to grow at a CAGR of 8.9% from 2014 to 2020, to reach an estimated value of USD 3.21 billion in 2020. The global deep brain stimulation devices market is segmented geographically into North America, Europe, Asia Pacific and Rest of the World (RoW). Among these, North America accounts for the largest market share in the deep brain stimulation devices market for Parkinson’s disease and is valued to be around USD 0.77 billion in 2013. Some of the key factors responsible for the largest market share of North America are increasing number of patients undergoing surgical therapy that utilizes DBS devices for treating Parkinson’s disease and rising geriatric population in the region. In addition, favorable government reimbursement policies and the risk of side effects related to medication treatments are further expected to boost the growth of this market in the region. The North American DBS devices market is followed by Europe, Asia Pacific and Rest of the World. Some of the key factors responsible for the low market share of Asia Pacific and RoW regions in this market include lack of awareness, lack of favorable government support and other insurance policies as well as high cost of these devices.
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Some of the major players operating in this market are Medtronic, Inc., St. Jude Medical, Inc. and Boston Scientific Corporation. These companies have commercialized several significant DBS devices in the global market, such as Libra, Activa, Vercise and others. Other companies that are prominently active in this market include Aleva Neurotherapeutics SA, Adaptive Neuromodulation GmbH (ANM), NeuroSigma, Inc. and NeuroPace, Inc. The DBS products of these players are not yet commercially available in the market as they are still under clinical trials. Companies are intensively focusing on introducing innovative products that are easy to use for physicians as well as patients. These companies are also aiming to make the devices more portable, affordable, efficient and effective.
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