Market Trends of Deep Brain Stimulation Devices Industry
Parkinson's disease segment is expected to hold a significant market share during the forecast period
The increasing prevalence of Parkinson's disease globally has created a higher demand for effective treatment options. DBS has emerged as a valuable therapy for managing Parkinson's symptoms and improving patients' quality of life. For instance, according to the article published by the NIH in January 2023, Parkinson's disease (PD), after Alzheimer's disease, is the second-most common neurodegenerative disorder, mainly in people aged 50 years or older. However, 5 to 10 per cent of people with PD are diagnosed before age 50, and around 500,000 Americans are diagnosed with PD yearly. Therefore, the high prevalence of PD is projected to drive the demand for advanced DBS technologies for treatment, thereby driving market growth. In addition, according to an article published by the Government of Canada in April 2022, more than 90,000 individuals aged 40 and older are currently suffering from PD in Canada. The advancements in DBS technology, such as more precise targeting and programming capabilities, have enhanced the efficacy and safety of the treatment.
Additionally, growing awareness among patients and healthcare professionals about the benefits of DBS for Parkinson's disease has contributed to market growth. Furthermore, ongoing research and development activities, product launches, partnerships to improve DBS technologies, and expanding indications have propelled the market forward. For instance, in August 2022, Aster Medcity Hospital and Medtronic plc partnered to build a comprehensive and advanced DBS program for Parkinson's patients in India. The program aims to improve PD management by allowing surgeons to make more accurate DBS therapy treatment decisions.
Hence, due to the abovementioned factors, the Parkinson's Disease segment will likely grow significantly during the forecast period.
North America is expected to hold a significant share in the market and is expected to do the same during the forecast period
The geographical analysis of the deep brain stimulation devices market shows that North America holds a significant market share in the global market. This is due to the rising prevalence of various neurological disorders in the region, the presence of prominent players, and the increasing number of product launches. For instance, as per the data updated by the CDC in May 2022, approximately 3 million adults in the United States are currently having Epilepsy. In addition, as per the data updated by the American Psychiatric Association in October 2022, Obsessive Compulsive Disorder (OCD) affects around 2-3% of people in the United States annually. Therefore, the region's high prevalence of various neurological disorders is projected to create a high demand for advanced DBS devices, augmenting regional market growth. In addition, the presence of different prominent players in the region and their active participation in launching advanced DBS devices is also driving the regional market growth. For instance, in July 2022, Abbott received breakthrough device designation from the US FDA for using its DBS system in treatment-resistant depression in the United States. In addition, in April 2022, Boston Scientific Corporation received the US FDA approval for its latest image-guided programming software, Vercise Neural Navigator, with STIMVIEW XT. The DBS device visualizes both lead placement and stimulation modeling of the brain anatomy of patients living with PD or essential tremors.
Thus, the regional market is expected to witness significant growth during the forecast period due to the abovementioned factors.
