Transparency Market Research Report Added "Deep Brain Stimulation Devices Market" to its database.
Albany, NY -- (SBWIRE) -- 04/17/2015 -- According to a new market report published by Transparency Market Research "Deep Brain Stimulation Devices Market for Parkinson's Disease - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" the global deep brain stimulation devices market for Parkinson's disease was valued at USD 1.79 billion in 2013 and is expected to grow at a CAGR of 8.9% from 2014 to 2020, to reach an estimated value of USD 3.21 billion in 2020.
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Growing number of neurological disorders such ischemic stroke, Alzheimer's disease, essential tremors, trauma and especially Parkinson's disease (PD) are primary factors responsible for the growth of deep brain stimulation devices market. Parkinson's disease is one of the most common chronic and progressive neurological disorders, which is characterized by postural instability, bradykinesia, akinesia and tremors due to loss of dopamine producing neurons in substantia nigra of the mid-brain.
In addition, Growth in geriatric population pool along with augmented demand for minimally invasive surgical techniques has boosted the overall growth of this market. Moreover, change in the preferences of patients and healthcare professionals to adopt surgical DBS devices over drug therapy would also boost the DBS devices market in future. This is majorly due to considerable number of side effects and loss of effectiveness of drug and other therapies; which is further expected to drive the DBS devices market for Parkinson's disease in coming years.
According to the Parkinson's Disease Foundation (PDF), it has been estimated that approximately 10 million individuals globally and more than one million Americans are suffering from Parkinson's disease. It has also been estimated that approximately 60,000 people are diagnosed with Parkinson's disease in the U.S. each year. Wide range of options is available for treating Parkinson's disease that includes drug therapy, surgical therapy, physical therapy and stem cell therapy. However, surgical therapy that utilizes implantation of DBS devices is mostly preferred in the advanced stages of Parkinson's disease, while in early stages drug therapy is mostly preferred.
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The global deep brain stimulation devices market is segmented geographically into North America, Europe, Asia Pacific and Rest of the World (RoW). Among these, North America accounts for the largest market share in the deep brain stimulation devices market for Parkinson's disease and is valued to be around USD 0.77 billion in 2013. Some of the key factors responsible for the largest market share of North America are increasing number of patients undergoing surgical therapy that utilizes DBS devices for treating Parkinson's disease and rising geriatric population in the region. In addition, favorable government reimbursement policies and the risk of side effects related to medication treatments are further expected to boost the growth of this market in the region. The North American DBS devices market is followed by Europe, Asia Pacific and Rest of the World. Some of the key factors responsible for the low market share of Asia Pacific and RoW regions in this market include lack of awareness, lack of favorable government support and other insurance policies as well as high cost of these devices.
Some of the major players operating in this market are Medtronic, Inc., St. Jude Medical, Inc. and Boston Scientific Corporation. These companies have commercialized several significant DBS devices in the global market, such as Libra, Activa, Vercise and others. Other companies that are prominently active in this market include Aleva Neurotherapeutics SA, Adaptive Neuromodulation GmbH (ANM), NeuroSigma, Inc. and NeuroPace, Inc. The DBS products of these players are not yet commercially available in the market as they are still under clinical trials. Companies are intensively focusing on introducing innovative products that are easy to use for physicians as well as patients. These companies are also aiming to make the devices more portable, affordable, efficient and effective.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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