Deep Brain Stimulation Devices Market – Global Industry Analysis 2024
Deep brain stimulation market has gained traction owing to technological advancements and high prevalence rate of Parkinson’s disease and dystonia disease. Most of the device sales are concentrated in developed regions namely North America and Europe. Emergence of deep brain stimulation market has revolutionized the overall treatment approach to mental health care. These devices are can improve motor functions by 70% in Parkinson’s patients.
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The economic impact of mental illness is long lasting. As per Coherent Market Insights, there are over 7 million people suffering from Parkinson’s disease as of 2015, with around 1.7 million and 60,000 cases diagnosed each year in China and the U.S., respectively. Over half of the deep brain stimulation market share is currently captured by the U.S. Industry players are expected to establish their footprint in emerging markets by creating awareness among patients and healthcare providers. This would help them expand their business presence and generate high return on investment (ROI). Some of the ongoing clinical research suggests deep brain stimulators to be highly effective in treatment approach towards Alzheimer patients. Positive FDA nod for Alzheimer treatment could further commercialize the deep brain stimulation market size. Many more players are expected to enter the market in near future.
Key takeaways of the market are:
North America was estimated to account for around 53% of overall deep brain stimulation market revenue in 2015. However, the market in the region is expected to lose considerable market share to emerging regions – Asia Pacific and Latin America. There is high market opportunity and large un-met need for brain aneurysm treatment in Asia Pacific.
Asia Pacific is the only market projected to register a double-digit growth rate of 13% over the forecast period. Prevalence of Parkinson’s disease is relatively low compared to Europe however, patient count suffering from Parkinson’s disease in the region is expected to reach around 5.1 million by 2024. Sales of brain stimulators is expected to witness steep rise over the forecast period. Most of the demand is expected to be generated from China, followed closely by Japan.
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Deep brain stimulators finds application widely in treatment of Parkinson’s disease. This application segment is expected to dominate the market throughout the forecast period. However, other application segments such as essential tremor and dystonia are also expected to gain significant market share over the forecast period.
Medtronic Inc, St. Jude Medical, Inc., Boston Scientific Corporation are the leading deep brain stimulation market players. Medtronic Inc., dominated the deep brain stimulation market size (in terms of revenue) in 2015. According to statistics released by the company in 2016, over 140,000 patients has received Medtronic deep brain stimulator for Parkinson’s disease and dystonia. All leading players are focusing on introducing product innovations in order to differentiate their offerings to remain competitive in this industry. Also, leading players are focusing on obtaining certifications and accreditations in order to build brand value among their customers. This is projected to help these companies capture a greater chunk of deep brain stimulation market in the long run. In 2015, while Boston Scientific received CE mark for Vercise Primary Cell (PC), Medtornic Inc. received FDA approval for its full body MR conditional deep brain stimulation systems.
New entrants are expected to intensify the industry rivalry in near future. NeuroPace, Inc., Adaptive Neuromodulation GmbH (ANM), NeuroSigma, Inc., and Aleva Neurotherapeutics SA are few of the key players that are expected to commercialize their deep brain stimulators in the near future.
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