07 June 2020
Visiongain has launched a new pharma report Deep Brain Stimulation Devices Market Report 2020-2030: Forecasts by Type (Dual-channel Deep Brain Stimulator, Single-channel Deep Brain Stimulator), Application (Dystonia, Epilepsy, Essential Tremor, Obsessive Compulsive Disorder, Parkinson's Disease, Other Applications), End User (Ambulatory Surgical Centers, Hospitals, Neurological Clinics, Other End Users), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global deep brain stimulation devices market is anticipated to grow at a lucrative CAGR of xyz% and anticipated to reach USD xyz billion by 2020 owing to several patients suffering from involuntary movements associated with dystonia, Parkinson’s disease, and multiple sclerosis and rising adoption of minimally invasive procedures.
The increase in the prevalence of Parkinson’s disease is anticipated to fuel market growth for DBS devices. For example, according to the Parkinson's Disease Foundation, more than 10 million people worldwide are suffering from Parkinson's disease as of 2016. The findings published by the organization showed that the incidence rate of PD increases with age and that only 4 percent of people were diagnosed with PD before the age of 50. According to Parkinson's statistics, the number of people suffering from PD in Canada is expected to reach more than 163,700 by 2031 which is anticipated to fuel Canadian market growth.
The growing prevalence of epilepsy is also projected to fuel global DBS devices market growth. For example, according to data published by the CDC, around 1.2 percent of the U.S. population suffered from active epilepsy in 2015, which was around 3.4 million people, including 3 million adults and 470,000 children. Thus, the high prevalence of PD and epilepsy worldwide is projected to overall market growth.
North America dominated the global deep brain stimulation devices market owing to the presence of developed healthcare facilities coupled with growing healthcare expenditure. Also, the market will continue to be driven by the existence of the target population and increased R&D investment by important business organizations. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to the growing presence of cancer cases in markets such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost the deep brain stimulation devices market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global deep brain stimulation devices market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the deep brain stimulation devices market.
For instance, in August 2019; Boston Scientific Corporation announced the U.S. Food and Drug Administration (FDA) approval of its ImageReady™ MRI labeling for the Vercise Gevia™ Deep Brain Stimulation (DBS) System to be used in a full-body magnetic resonance imaging (MRI) environment. This system, with the Vercise Cartesia™ Directional Lead, is designed to treat the symptoms of Parkinson's Disease (PD) by delivering precisely targeted electrical stimulation in the brain to provide optimal symptom relief and better control of unwanted side effects.
The comprehensive market report features companies such as Abbott Laboratories (St. Jude Medical), ALEVA NEUROTHERAPEUTICS SA, Beijing PINS Medical Co. Ltd, Boston Scientific Corporation, Cyberonics, Inc, Fisher Wallace, Functional Neuromodulation Ltd, Medtronic PLC, Neuronetics Inc., NeuroPace Inc., Nevro Corporation, PINS Medical Co., Ltd., and Renishaw PLC among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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