Deep Brain Stimulation Devices Market is expected to grow at a CAGR of around 12% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Deep Brain Stimulation Devices Market is expected to grow at a CAGR of around 12% from 2022-2028. The analysis has been segmented into Application (Pain Management, Epilepsy, Essential Tremor, Obsessive-Compulsive Disorder (OCD), Parkinson’s Disease, Depression, Dystonia, and Others); End-Use (Hospitals, Neurology Clinics, Ambulatory Surgical Centers, and Research Centers); Region/Country.
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The deep brain stimulation devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the deep brain stimulation devices market. The deep brain stimulation devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Deep Brain Stimulation Devices market at the global and regional levels.
Market Overview
Deep brain stimulation (DBS) uses a device called a neurostimulator to deliver electrical signals to the areas of the brain that control movement, pain, mood, weight, obsessive-compulsive thoughts, and awakening from a coma. The rising occurrence of neurological diseases, along with the adoption of advanced technology are the important factors responsible for the growth of the deep brain stimulation devices market. Furthermore, frequent product launches also attribute to the surging demand for deep brain stimulation devices. For instance, Medtronic plc, the global leader in medical technology announced the U.S. Food and Drug Administration (FDA) approval and the first U.S. implants of the SenSight™ Directional Lead System used for deep brain stimulation (DBS) therapy.
Factors such as the growing adoption of advanced devices along with the rising geriatric population also catalyze the growth of the deep brain stimulation devices market.
Some of the major players operating in the market include Some of the major players operating in the market include Abbott; Boston Scientific Corporation; Medtronic; Aleva Neurotherapeutics; Nexstim Oyj; LivaNova PLC; NeuroPace, Inc.; Functional Neuromodulation Ltd.; SceneRay Co., Ltd.; and Neuronetics.
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COVID-19 Impact
The COVID-19 pandemic had a staggering and unprecedented impact on the global market. The market for deep brain stimulation also had a negative impact by the COVID-19 pandemic. Due to government restrictions, patient visits to hospitals and diagnostic centers decreased during the pandemic, and the disruptive supply chain of the market for deep brain stimulation devices witnessed declining growth during the pandemic.
· Based on the application, the market has been categorized into pain management, epilepsy, essential tremor, obsessive-compulsive disorder (OCD), Parkinson’s disease, depression, dystonia, and others. Among them, the epilepsy segment is expected to grow at the highest CAGR in the market. The rising prevalence of epilepsy, as well as the growing awareness about advanced treatment options, are the important factor responsible for the segmental growth. For instance, as per the data of WHO, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
· Based on the end-use, the market has been categorized into hospitals, neurology clinics, ambulatory surgical centers, and research centers. Among them, the ambulatory surgical centers segment is expected to grow at a significant CAGR during the forecast period. The ASCs can provide the point of care treatment, can offer low-cost treatment, and reduces waiting time in emergency cases. These factors are responsible for the segmental growth of ambulatory surgical centers.
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Deep Brain Stimulation Devices Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. The major factors such as rising medical expenditure, increasing disposable income of people, along with favorable government initiatives attributes to the market growth of deep brain stimulation devices in the region. For instance, the per capita healthcare expenditure of Japan accounted for USD 3988.36 in 2012, which reached USD 4587.03 in 2019.
The major players targeting the market include
· Abbott
· Boston Scientific Corporation
· Medtronic
· Aleva Neurotherapeutics
· Nexstim Oyj
· LivaNova PLC
· NeuroPace, Inc.
· Functional Neuromodulation Ltd.
· SceneRay Co., Ltd.
· Neuronetics
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Deep Brain Stimulation Devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the deep brain stimulation devices market?
• Which factors are influencing the deep brain stimulation devices market over the forecast period?
• What are the global challenges, threats, and risks in the deep brain stimulation devices market?
• Which factors are propelling and restraining the deep brain stimulation devices market?
• What are the demanding global regions of the deep brain stimulation devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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