Deep Brain Stimulation Market Size is Projected To Be Around $3.2 billion By 2025
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A research study titled, “Deep Brain Stimulation Market by Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the deep brain stimulation market is projected to be around $3.2billion by 2025.
Hundreds of millions of people all over the world are affected by neurological disorders. As per Parkinson’s Disease Foundation, more than 10 million people all over the world are affected by Parkinson’s disease. Deep brain stimulation (DBS) is used for treating different neurological diseases ranging from dystonia, epilepsy, obsessive compulsive disorder to Parkinson’s disease. Rising awareness about neurological diseases along with the efficiency of accessing the brain through DBS is contributing to the market growth. As more professionals are adopting DBS over drug therapy to avoid side effects, the market is expected to exhibit significant growth during the forecast period. DBS can be used to restore movements in cases of neurological injuries that can result into disability or paralysis. Also, DBS procedures have fewer complications as compared to procedures such as pallidotomy owing to the non-destructive nature of the DBS procedures.
Parkinson’s disease segment accounted for more than three-fourth share of the global DBS market in 2016, due to growing prevalence of this disease. According to the Parkinson’s Disease Foundation, around 60,000 patients are diagnosed with Parkinson’s disease every year in the U.S. Men are one and a half times more susceptible to Parkinson’s disease as compared to women. Although DBS is not a permanent cure for Parkinson’s disease it can surely control the symptoms to a great extent improving the quality of life of the affected patients. According to WHO, more than 50 million people across the world are suffering from epilepsy. DBS has significant applications in the treatment of epilepsy by reducing the chances of a seizure.
North America held a significant share of the global deep brain stimulation market in 2016, due to the presence of major vendors in the U.S. and advanced healthcare research and development facilities conducting research on the treatment of neurological diseases. The Asia-Pacific DBS market will show considerable growth during the forecast period. Deep brain stimulation procedure acts as a minimally invasive alternative to long term administration of medication for Parkinson’s patients. This could be beneficial with respect to affordability for patients in emerging economies.
Some of the key players in DBS market are St. Jude Medical, Medtronic Plc., Enteromedics, Boston Scientific Corporation, Aleva Neurotherapeutics SA, Zynex, and Cyberonics. These players focus on strategic acquisitions to expand their product portfolio and sustain their positions in the market. For instance, in August 2014, Medtronic acquired Sapiens Steering Brain Stimulation, to strengthen its capabilities to carry out more precise stimulation of intended target in the brain.
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Key Findings of the Research Study:
- Patient’s suffering from Parkinson’s disease experience improved motor functions as a result of DBS. People affected by epilepsy who are not suitable candidates for respective surgery, witness significant reduction in seizures.
- Parkinson’s disease market held a major share of the global DBS market due to the benefits offered by DBS for controlling the symptoms of Parkinson’s disease and allowing the patients to lead a better life with improved mobility.
- North America dominated the global DBS market in 2016, due to high adoption of technologically advanced products and availability of advanced healthcare infrastructure.
- Asia-Pacific market will exhibit promising growth over the forecast period with rapid adoption of DBS as a minimally invasive procedure affordable in this region.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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