The global Deep Brain Stimulation Devices Market size is anticipated to reach USD 2.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028. Surge in incidence of neurological disorders, growing awareness about the deep brain stimulation devices and introduction of technologically advanced productsis attributing to the growth of market.
The incidence of neurological disorders such as Parkinson’s disease, epilepsy, and depression is increasing globally, which is anticipated to positively impact the market growth. For instance, according to Depression and Bipolar Support Alliance, around 17.3 million adults in the U.S. are suffering from major depressive disorder. Thus, large number of people suffering from such conditions and disorders is expected to boost market growth during the forecast period.
Potential benefits of Deep Brain Stimulation (DBS) devices such as long-term benefits and better postoperative outcomes, are anticipated to fuel the market growth. Additionally, these advancements help clinical researchers in investigational efficacy studies for the inclusion of DBS devices in the treatment of other neurological disorders. Such factors are expected to raise the demand for DBS devices over the forecast period.
Related Press Release @ Deep Brain Stimulation Devices Market Report
Deep Brain Stimulation Devices Market Report Highlights
- On the basis of product, the dual channel segment dominated the market in 2020 with the share of 57.2%. Growing adoption of double-channel DBS devices for treatment of numerous neurological disorders, such as PD, dystonia, Alzheimer’s, and epilepsy driving the segment
- Based on application, the Parkinson’s disease segment dominated the market in 2020 with the share of 65.2% owing to rising prevalence of PD globally. According to UCB report, around 100,000 people in Canada are living with PD at present and more than 6,600 new cases are diagnosed each year
- In the end-use segment, hospitals dominated the market in 2020 and accounted for the largest revenue share of 52.0% owing to increase in number of DBS surgeries performed in hospitals and surge in prevalence of neurological disorders
- North America dominated the market with the highest revenue share of 51.9% in 2020. This is due high prevalence of psychological disorders, availability of highly skilled physicians, and rise in awareness about treatments in this continent