Deep Brain Stimulation Devices Market for Parkinson's Disease (North America, Europe, Asia-Pacific and Latin America) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 06/23/2014 -- Deep Brain Stimulation Devices Market was valued at USD 4.5 billion in 2012 and is expected to grow at a CAGR of 11.0% from 2013 to 2019, to reach an estimated value of USD 9.4 billion in 2019.
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Rising number of neurological disorders such ischemic stroke, Alzheimer's disease, essential tremors, trauma and especially Parkinsonism are primary factors responsible for the growth of deep brain stimulation devices market. Parkinson's disease is the second most common chronic and progressive neurodegenerative disorder characterized by postural instability, bradykinesia, akinesia and tremors due to loss of dopamine producing neurons in substantia nigra of mid-brain.
In addition, rise in geriatric population along with augmented demand for minimally invasive surgical techniques have boosted the overall growth of this market. Moreover, increase in preference of patients and healthcare professionals to adopt surgical DBS devices over drug therapy owing to its significantside effects and lack of effectiveness is further expected to drive the market in coming years.
According to the Parkinson's DiseaseFoundation (PDF), it has been estimated that approximately 10 million people worldwide and one million Americans are living with Parkinson's disease. Among these, in U.S. approximately 60,000 people are diagnosed with Parkinson's disease each year. There are different treatment options available for Parkinson's disease that include drug therapy, surgical therapy, physical therapy and stem cell therapy. However, DBS surgical therapy is mostly preferred in advanced stages of the disease while in early stages chemotherapy is used.
The global deep brain stimulation devices market is segmented geographically into North America, Europe, Asia-Pacific and Latin America. Among these, North America accounts for the largest market share of deep brain stimulation devices market and is valued to be more than USD 2billion in 2012 owing to rise in number of patients who are adopting surgical therapy for Parkinson's disease and rise in geriatric population. In addition, favorable government reimbursement policies and growing side effects from medication treatment are further expected toboost the growth of the market in this region. The market for North America is followed by Europe, Latin America and Asia-Pacific. Contributing factors for the lowest market share of deep brain stimulation devices in Asia-Pacific include lack of favorable government insurance policies and high cost for surgical treatment.
The major players of this market include Medtronic, Inc., St. Jude Medical, Inc. and Boston Scientific Corporation. Other companies active in this market include Sapiens Neuro, Aleva Neurotherapeutics SA, ANM Adaptive Neuromodulation GmbH, Synaptix, Neurosigma, Inc. and Neurospace. The DBS products of these "Other" players are not yet commercially available in the market since they are still under clinical trials. Companies are heavily focusing on introducing innovative products that are easy to use for physicians as well as patients. These companies are also aiming to make them more portable.
The globaldeep brain stimulation devices market for Parkinson's disease is segmented as follows:
Deep Brain Stimulation Devices Market, By Geography
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