The global deep brain stimulation monitoring market was valued at $881.9 million in 2018, and is projected to reach $2,802.6 million by 2026, registering a CAGR of 15.5%.
Deep brain stimulation is an electrical process of stimulating, inhibiting, modifying, regulating, and altering the activity in the central, autonomous, or peripheral nervous system in the human body. Deep brain stimulation devices send electrical impulse to the spine region wherein these signals block the pain signals from reaching the brain. These devices deliver electrical stimulation to the patient’s brain, spinal cord, and peripheral nervous system. Deep brain stimulation monitoring devices are particularly used for the treatment of neurological disorders such as epilepsy, chronic pain, Parkinson’s disease, depression, and other diseases. Advancements in the neurological technologies is delivering relief to the patients affected by psychiatric and neurological disorders.
According to the data published by WHO, there are around 50 million cases of dementia across the globe among which 60-70% is Alzheimer’s and 10 million are added every year. Dementia is the fifth leading cause of death worldwide. Furthermore, the incidence rate for Parkinson’s disease is 4.5-19 per 100,000 population every year.
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Rise in prevalence of lifestyle diseases such as depression and chronic pain, increase in number of neurological disorders, and investment for neurological R&D are the factors that drive the growth of the global deep brain stimulation devices market. Moreover, rise in demand for minimal invasive surgery, adoption of technologically advanced products, and surge in aging population also propels the growth of the market as they are more susceptible to neurological disorders, such as Epilepsy, Parkinson’s disease, Alzheimer’s disease, and chronic pain. The major barriers for the growth of the deep brain stimulation devices marketare side effects such as allergic reaction and tingling or prickling of the skin due to implantation of deep brain stimulation device into the body and increase in device cost. However, availability of other treatment options such as drug therapies and surgeries restrict the growth of the market.
The deep brain stimulation devices marketis classified on the basis of application, enduser, and region. Based on application, the market is classified into Parkinson’s disease, epilepsy, essential tremor, dystonia, obsessive compulsive disorder, and others. On the basis of application, it is categorized into hospitals, ambulatory surgical centers, neurological clinics, and others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players operating in the deep brain stimulation devices marketincludeAbbott Laboratories, AlevaNeurotherapeutics SA, Boston Scientific Corporation, Functional Neuromodulation Ltd., Beijing PINS Medical Co., Ltd., Medtronic plc, NeuroPace Inc., Nevro Corporation, and Neuronetics Inc. The other companies operating in the market are Electro Medics, ElectroCore, Neuros Medical, ElectroCore LLC, NeuroMetrix, EnteroMedics Inc., Neuronetics Inc., and SPR Therapeutics.
KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
– It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
– Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
– The key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
– Parkinson’s Disease
– Essential Tremor
– Obsessive Compulsive Disorder
By End User
– Ambulatory Surgical Centers
– Neurological Clinics
– North America
o Rest of Europe
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
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LIST OF KEY PLAYERS PROFILED IN THE REPORT
– Abbott Laboratories
– Aleva Neurotherapeutics SA
– Boston Scientific Corporation
– Functional Neuromodulation Ltd.
– Beijing PINS Medical Co., Ltd.
– Medtronic plc
– NeuroPace Inc.
– Nevro Corporation
– Neuronetics Inc.