Deep Brain Stimulation Devices Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Pain Management, Epilepsy, Essential Tremor, Obsessive-Compulsive Disorder (OCD), Parkinson’s Disease, Depression, Dystonia, and Others); End-Use (Hospitals, Neurology Clinics, Ambulatory Surgical Centers, and Research Centers); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global deep brain stimulation devices market is expected to grow at a significant rate of around 12% during the forecast period. Deep brain stimulation (DBS) involves the application of a device called a neurostimulator, to deliver electrical signals to the areas of the brain that control movement, pain, mood, weight, obsessive-compulsive thoughts, and awakening from a coma. The rising occurrence of neurological diseases, along with the adoption of advanced technology are the important factors responsible for the growth of the deep brain stimulation devices market. Furthermore, frequent product launches also attribute to the surging demand for deep brain stimulation devices. For instance, Medtronic plc, the global leader in medical technology announced the U.S. Food and Drug Administration (FDA) approval for its SenSight™ Directional Lead System, which is the first U.S. implant used for deep brain stimulation (DBS) therapy.
Abbott; Boston Scientific Corporation; Medtronic; Aleva Neurotherapeutics; Nexstim Oyj; LivaNova PLC; NeuroPace, Inc.; Functional Neuromodulation Ltd.; SceneRay Co., Ltd.; and Neuronetics. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Application, epilepsy category to witness higher CAGR during the forecast period”
Based on the application, the market has been categorized into pain management, epilepsy, essential tremor, obsessive-compulsive disorder (OCD), Parkinson’s disease, depression, dystonia, and others. Among them, the epilepsy segment is expected to grow at the highest CAGR in the market. The rising prevalence of epilepsy and the growing awareness about advanced treatment options are the important factors responsible for the segmental growth. For instance, according to WHO, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
“Amongst End-use, ambulatory surgical centers segment to grow with a significant CAGR during the forecast period”
Based on the end-use, the market has been categorized into hospitals, neurology clinics, ambulatory surgical centers, and research centers. Among them, the ambulatory surgical center’s segment is expected to grow at a significant CAGR during the forecast period. The ASCs provide the point of care treatment, can offer low-cost treatment, and reduces waiting time in emergency cases. These factors are responsible for the segmental growth of ambulatory surgical centers.
“Asia Pacific to witness the fastest growth in the market”
For a better understanding of the market adoption of the deep brain stimulation devices industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. The major factors such as rising medical expenditure, increasing disposable income of people, along with favorable government initiatives attributes to the market growth of deep brain stimulation devices in the region. For instance, as per the world bank, the per capita healthcare expenditure of Japan accounted for USD 3988.36 in 2012, which reached USD 4587.03 in 2019.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Deep Brain Stimulation Devices Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global deep brain stimulation devices market were the three major steps undertaken to create and analyze the adoption of deep brain stimulation devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global deep brain stimulation devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the deep brain stimulation devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the deep brain stimulation devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the deep brain stimulation devices market. Further, we conducted factor analysis using dependent and independent variables such as the application and end-use of deep brain stimulation devices. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the deep brain stimulation devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global deep brain stimulation devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the deep brain stimulation devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global deep brain stimulation devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global deep brain stimulation devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the application and end-use in the global deep brain stimulation devices market.
The main objective of the Global Deep Brain Stimulation Devices Market Study
The current & future market trends of the global deep brain stimulation devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the deep brain stimulation devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application and end-use.
- Define and analysis of the regulatory framework for the deep brain stimulation devices industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the deep brain stimulation devices market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the deep brain stimulation devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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