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The global deep brain stimulation (DBS)devices market size is expected to reach USD 1,676.8 million by 2026. The growing incidence of Parkinson’s disease around the world is a key factor likely to bolster the healthy growth of the deep brain stimulation devices market. According to the Parkinson's Foundation statistics, more than 10 million people worldwide are living with Parkinson’s disease, revealed in a report, titled “Deep Brain Stimulation (DBS) Devices Market Size, Share & Industry Analysis, By Product Type (Dual Channel Deep Brain stimulators, Single Channel Deep Brain Stimulators), By Application (Parkinson's Disease, Dystonia, Essential Tremor, Others), By End User (Hospitals, Specialty Clinics, Others) and Regional Forecast, 2019-2026” the market size stood at USD 696.4 million in 2018 and is expected to rise at a CAGR of 11.6% between 2019 to 2026.
Launch of Deep Brain Stimulation (DBS) by Medtronic will Augment Market Revenue
Medtronic plc, a medical device company, headquartered in the Republic of Ireland, announced the launch of Deep Brain Stimulation (DBS) for medically-refractory epilepsy and the first commercially implanted patient at Emory University in Atlanta, Georgia. The launch of the innovative Deep Brain Stimulation (DBS) will aid the deep brain stimulation devices market growth in the forthcoming years owing to the increasing cases of epilepsy. According to the Epilepsy Foundation, as many as 3.4 million Americans have epilepsy1, with one-third estimated to be drug-resistant. DBS therapy for epilepsy delivers controlled electrical pulses to a target in the brain called the anterior nucleus of the thalamus (ANT), which is the part involved during seizures. Moreover, the U.S. Food and Drug Administration (FDA) granted pre-market approval for Medtronic DBS Therapy for Epilepsy as an adjunctive treatment for reducing the frequency of partial-onset seizures in individuals 18 years of age or older who are refractory, or drug-resistant, to three or more antiepileptic medications. The approvals by regulatory bodies and ongoing medical trials for epilepsy is likely to create new sales opportunities for the deep brain stimulation devices market in the foreseeable future, states our lead analysists at Fortune Business Insights.
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Rising Geriatric Population will Contribute to Robust Market Demand
The geriatric population is snowballing at a high rate around the world, which will progressively foster opportunities for the market. As per the United Nations (UN), the global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million older persons worldwide. The number of older persons is expected to double again by 2050 when it is projected to reach nearly 2.1 billion.
People above the age of 60 are prone to chronic ailments, which is the main cause of neurological disorders that is seen in older people. Some of the most occurring neurological disorders include neuropathy, Parkinson’s disease, Alzheimer’s disease, Dystonia, and others. According to the National Institutes of Health (NIH), 8.5 percent of people worldwide that is around 617 million people are aged 65 and over. In addition, the growing number of old people and the prevailing neurological disorders are factors backing the deep brain stimulation devices market share.
Copious R&D Investment by Medtronic to Accelerate Business Prospects
The concentration of major companies towards R&D investment for the development of innovative stimulation devices will boost the brian stimulation devices market trends. Medtronic’s agenda towards building a strong product portfolio will consequently aid the expansion of the market. Furthermore, increasing acquisitions and partnerships between important market players will facilitate the healthy growth of the market.
Some of the Major Companies Present in the Deep Brain Stimulation (DBS) Devices Market are:
Further Report Findings:
The Deep Brain Stimulation (DBS) Devices Market is Segmented into:
Value (USD million)
By Product Type
By End User