Deep Brain Stimulation Devices Market Overview:
This device is responsible for sending electrical signals to
the areas of brain, which are responsible for body movement. Furthermore, the
devices which are used to monitor the stimulation of brain are called as deep
brain stimulation devices. These devices are used in the treatment of various
neurological disorders such as Parkinson's disease, epilepsy, essential tremor,
dystonia, obsessive compulsive disorder, and others. In addition, deep brain
stimulation devices are also used to block pain signals by sending an
electrical impulse near the spine region.
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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 deep brain stimulation devices market growth
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 market include 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, the availability of other treatment options such as drug
therapies and surgeries restrict the growth of the deep brain
stimulation devices market.
According to Allied Market Research, the global deep brain
stimulation devices 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 defined as a surgery that involves the implantation of an
electrical device in the body.
In 2018, North America accounted for the major share of the
deep brain stimulation devices market size and is expected to continue this
trend, owing to higher number of R&D activities, presence of skilled
technicians, and wide availability of technologically advanced deep brain
stimulation devices. Moreover, surge in prevalence of various neurological disorders
is another factor that boost the deep brain stimulation devices market in the
region. On the other hand, Asia-Pacific is estimated to register the fastest
growth during the forecast period, owing to rise in healthcare expenditure and
surge in prevalence of various neurological disorders such as epilepsy and
others.
Major players operating in the market include Abbott
Laboratories, Aleva Neurotherapeutics SA, Boston Scientific Corporation,
Functional Neuromodulation Ltd., Beijing PINS Medical Co., Ltd., Medtronic plc,
NeuroPace Inc., Nevro Corporation, and Neuronetics Inc.
Key Benefits for Stakeholders:
- Detailed quantitative analysis along with the current global deep brain stimulation devices market trends
- The deep brain stimulation devices market forecast is studied.
- The deep brain stimulation devices market size and estimations are based on a comprehensive analysis of key developments.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario.
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