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Rising incidence rate of neurological disorders and advancements in imaging technologies are some key factors driving market revenue growth
NEW YORK, NY, UNITED STATES, November 2, 2021 /EINPresswire.com/ — The global deep brain stimulation devices market size is expected to reach USD 2.48 Billion in 2028 and register a CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising incidence rate of neurological disorders, rapidly aging population, and increasing advancements in imaging technologies are some key factors expected to drive market revenue growth over the forecast period.
Recent advancements in neuroimaging has significantly improved Deep Brain Stimulation (DBS) target visualization and facilitated more effective lead localization. Increasing utilization of Magnetic resonance imaging (MRI) and Computed tomography (CT) with DBS is enabling healthcare professionals to create a 3-D image of brain to locate the targeted area to place the electrode and reduce the possibility of any post-operative complications. These novel imaging technologies has allowed major improvements in surgical targeting and post-operative deep brain stimulation programming along with enabling a better understanding of DBS mechanism. Hence, advancements in imaging technology is increasingly allowing healthcare professionals to perform deep brain stimulation more accurately as well as to also avoid the risk of microelectrode recording.
The field of deep brain stimulation is rapidly evolving with advancements in patient selection, pulse generator technology, electrode, and target identification coupled with the development of more efficient and improved stimulation paradigms such as closed-loop stimulation. Increasing product development and approval of deep brain stimulation devices is expected to boost market growth. Currently, the U.S. Food & Drug Administration (FDA) has approved deep brain stimulation devices of three manufacturers; namely Medtronic PLC, Abbott Laboratories, and Boston Scientific Corporation to treat neurological disorders.
Increasing number of clinical trials to investigate the efficacy of closed-loop or adaptive deep brain stimulation devices is expected to boost growth of the market. A closed-loop deep brain stimulation devices employs a control algorithm to optimize the electrical stimulation parameter according to the brain clinical state. The adaptive deep brain stimulation system potentially can adjust brain stimulation automatically according to patients clinical state and significantly improve clinical outcome. This is expected to boost revenue growth of the market in the near future. However, high cost of deep brain stimulation procedure is expected to limit adoption of DBS devices and restrain market growth to a certain extent over the forecast period.
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The pharmaceutical and healthcare industries are among the fastest-growing sectors, particularly during the Covid-19 pandemic. The industry is vital for its life-saving medical innovation that improves people's health and quality of life in a country. Rapid technological advancements, continued growth in the biologics field, and an increase in medication manufacture and distribution all contribute to the pharma and healthcare industries' enormous growth. Rapid technological advancements include Artificial Intelligence (AI), blockchain, virtual reality, additive manufacturing, medical imaging and other Industry 4.0 technologies is revolutionizing pharma and healthcare industry. Pharmaceutical firms create jobs in technical assistance, scientific research, and production, as well as develop drugs to improve health, eradicate diseases, and extend life expectancy.
The global Deep Brain Stimulation Devices market research report provides a competitive strategy analysis portfolios to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding largest market share in terms of revenue in the global Deep Brain Stimulation Devices market.
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Key companies profiled in the report are:
Boston Scientific Corporation, Abbott Laboratories, Medtronic PLC, Neuronetics Inc., Beijing PINS Medical Co., Ltd., NeuroPace Inc., Functional Neuromodulation Ltd., Nevro Corporation, LinaNova PLC, and NeuroOne Medical Technologies Corp.
Some Key Highlights From the Report:
In January 2021, Medtronic PLC announced the launch of Adaptive Deep Brain Stimulation Trial (aDBS) in Parkinson’s Disease patients. The randomized study will take place at 12 leading research institutes in the United States, Canada, and Europe. Through this trail, the efficacy and safety of aDBS will be tested in Parkinson’s Disease patients.
Single-channel deep brain stimulation segment revenue is expected expand at a robust CAGR during the forecast period, attributable to increasing preference for single channel neurostimulators for its low-cost, ease of use, simplicity, low power consumption, and miniaturized dimensions.
Parkinson’s Disease segment is expected to lead in terms of revenue share over the forecast period owing to increasing number of individuals with PD globally, rising awareness about various treatment procedures available – including DBS – and availability of advanced DBS devices for PD treatment.
Ambulatory Surgical Centers (ASCs) segment revenue is expected to expand at a rapid CAGR over the forecast period due to increasing number of ambulatory care visits to treat neurological disorders and high preference among patients to visit these facilities owing to cost-effective services, convenient and easy access to services, availability of advanced equipment, and low risk of acquiring surgical site infections.
North America is expected to account for largest revenue share over the forecast period, attributable to robust presence of major players such as Abbott Laboratories, Boston Scientific Corporation, and Neuronetics Inc., among others, which are focusing on developing more advanced DBS systems and increasing number of product approvals by U.S. Food & Drug Administration (FDA).
For the purpose of this report, Reports and Data has segmented the global deep brain stimulation devices market on the basis of product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Single-Channel Deep Brain Stimulator
Dual-Channel Deep Brain Stimulator
Application Outlook (Revenue, USD Billion; 2018-2028)
Parkinson’s Disease (PD)
Obsessive Compulsory Disorder (OCD)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Ambulatory Surgical Centers (ASCs)
Academic and Research Institutes
Browse the extensive Report Description, TOC and Table of Figure @ https://www.reportsanddata.com/report-detail/deep-brain-stimulation-devices-market
The report offers extensive summary of the top companies and also provides strategic recommendations for market players and new entrants to provide a competitive edge to the readers. The reports were collected using primary and secondary research methodologies.
Regional analysis covers:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In addition to corporate strategy, Deep Brain Stimulation Devices market throws light on different properties to curb the progress of fuel or industry. The focus is more on applicable sales strategies to increase the company’s productivity to achieve higher economic performance. Research reports use effective graphical presentation techniques such as tables, charts, graphs, diagrams, and info graphics.
Important Coverage in the Deep Brain Stimulation Devices Market Report:
Detailed analysis of Global Deep Brain Stimulation Devices Market by a thorough assessment of the technology, product type, application, and other key segments of the report
Investigative study of the market dynamics including drivers, opportunities, restraints, and limitations that can influence the market growth
Comprehensive analysis of the regions of the Deep Brain Stimulation Devices industry and their futuristic growth outlook
Competitive landscape benchmarking with key coverage of company profiles, product portfolio, and business expansion strategies
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Finally, all aspects of the Deep Brain Stimulation Devices market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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