Deep Brain Stimulation Devices Market Growth & Trends
The global deep brain stimulation devices market is anticipated to reach USD 2.50 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.8% from 2022 to 2030. The surge in incidences of neurological disorders, growing awareness about deep brain stimulation therapy, and the introduction of technologically advanced products are attributing to the growth of the market. The COVID-19 outbreak had a negative impact on the market as the majority of elective neuro procedures including DBS surgery were suspended to free-up limited space in healthcare settings to treat COVID-19 patients. However, patients suffering from the COVID-19 — have subsequently shown neurologic symptoms that are expected to create a favorable environment for the market growth in the coming years. For instance, as per the study in Lancet, 1 in 3 COVID-19 patients who recovered have neurological, or mental health disorders. Such instances will surge the demand for deep brain stimulation (DBS) devices.
The incidence of neurological disorders such as Parkinson’s disease, epilepsy, and depression is increasing globally, which is expected to positively impact the market growth. For instance, as per the Depression and Bipolar Support Alliance, about 17.3 million people in the U.S. are suffering from a major depressive disorder. As a result, a large number of people suffering from such conditions & disorders is expected to boost the demand for DBS devices during the forecast period.
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Deep Brain Stimulation Devices Market Report Highlights
Based on product, the dual channel segment dominated the market in 2021 with a share of 57.12%. Growing adoption of double-channel DBS devices for the treatment of numerous neurological disorders, such as PD, dystonia, Alzheimer’s, & epilepsy driving the segment growth.
Based on application, Parkinson’s disease segment dominated the market in 2021 with a share of 65.13% owing to the rising prevalence of PD globally. According to the UCB report, around 100,000 people in Canada are living with PD, and more than 6,600 new cases are diagnosed yearly.
In the end-use scope, the hospitals dominated the market in 2021 with a share of 51.88% owing to an increase in the number of DBS surgeries performed in hospitals and a surge in the prevalence of neurological disorders.
North America dominated the market with the highest revenue share of 51.59% in 2021. This is due high prevalence of psychological disorders, availability of highly skilled physicians, and rise in awareness about treatments in this continent.
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