By 2024 Deep Brain Stimulation Market is Expected To Exceed More Than US$ 1.4 Billion
Deep brain stimulation (DBS) surgery is carried out as part of treatment of various neural debilitating conditions such as Parkinson’s disease, dementia, and Alzheimer’s disease. Patients fitted with a deep brain stimulation device can get long-term relief from debilitating symptoms of Parkinson’s disease. There is significant reduction in side-effects caused due to medications, though medications may be required in some patient post-surgery. The DBS device is mainly placed in one of the three FDA approved target sites in Parkinson’s disease. Most commonly preferred target sites are the Globus Pallidus Interna (GPi) and Subthalamic Nucleus (STN).
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The global deep brain stimulation devices market was valued at US$ 664.4 million in 2015 and is expected to expand at a CAGR of 8.2% during the forecast period (2016 – 2024).
Aging increases the risk of Alzheimer’s disease, Parkinson’s disease and dementia. Thus, growing geriatric population is a major factor driving demand for deep brain stimulation devices. Though drug therapies are available for treating these diseases, surgical procedures are recommended in later stages of the condition. Furthermore, deep brain stimulation devices reduce the side effects and improves patient condition by reducing incidence of tremors. Patients are inclined towards adoption of minimally invasive procedures, as these require low healing time and leave behind minimal scars. Surgeons too prefer such procedures as it significantly reduces risk element from accidental damage to surrounding tissue. This is another factor fueling demand for deep brain stimulation devices globally. However, as these devices need to be implanted in the brain, it is extremely challenging and in turn reduces acceptance of DBS devices among patients.
Increasing demand for minimally-invasive treatment options in emerging economies to create opportunities in the respective deep brain stimulation devices market
Parkinson’s and Alzheimer disease involves long-term administration of medications, making it unaffordable to major section of the population in emerging economies in Asia, Africa, and Latin America. Advent of minimally-invasive technology has led to increase in demand for such procedures and devices for treatment of chronic disease conditions such as diabetes, stroke, Parkinson’s disease, blood clot, and Alzheimer’s disease. Deep brain stimulation devices being an effective minimally-invasive therapy for Parkinson’s patients, is projected to gain significant growth traction in emerging economies such as India, China, Brazil, Israel, and North African countries. This in-turn is expected to fuel the deep brain stimulation devices market growth.
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Increasing incidence of Parkinson’s disease to drive the deep brain stimulation devices market growth
According to the Parkinson’s disease Foundation, there are over 10 million people suffering from Parkinson’s disease worldwide as of 2016. As per findings published by the organization, incidence rate increases with age, and only 4% of people with PD are diagnosed before the age of 50 years. In U.S. alone, incidence is as high as 60,000 each year as noted by the Parkinson’s disease Foundation. According to Parkinson’s Australia Inc., there were approximately 11,544 new cases of PD diagnosed in Australia in 2014, while as per stats released by Parkinson Canada, the number of people suffering from Parkinson’s disease in the country is projected to increase to over 163,700 by 2031 (double than the prevalence in 2011). Increasing incidence of PD across the globe is projected to drive growth for deep brain stimulation devices market.
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