Rising count of patients suffering from neurological, treatment resistive disorders across the world is driving the market growth majorly. Stressed work environment and busier lifestyle leading to stress-induced depression are again fueling the market growth. Also, the shift in preference of medical professionals towards noninvasive techniques for treating patients is likely to boost market growth in the forecasting period. In addition to this, rising adoption of non-invasive treatment among the population is further pushing the market growth uphill.
The latest report by Value Market Research expects the Global Deep Brain Stimulator Market was valued USD 750 million in 2017 and is likely to reach at USD 1500 million by 2024 with CAGR of 9%.
DUAL CHANNEL DOMINATED THE TYPE SEGMENT
In 2017, dual channel led the segment and has accounted for over XXX% of the total market share. Use of dual channel to impart bilateral stimulation is the prime factor driving the segment growth.
BY APPLICATION, PARKINSON’S DISEASE HELD LARGEST MARKET SHARE
Parkinson’s disease dominated the application segment by accounting over maximum market share in 2017. High medication cost associated with traditional cure techniques coupled with lesser availability of alternative, effective treatment for curing Parkinson’s disease is driving the segment growth.
HOSPITALS EMERGED AS THE LEADING END-USER SEGMENT
Hospitals dominated the end-user segment and has accounted for over 2/3rd of the total market share. The rising prevalence of neurological, treatment resistive disorders such as Parkinson’s disease, essential tremor, dystonia, epilepsy, obsessive-compulsive disorder (OCD) and others are driving the segment growth.
EUROPE LED THE REGIONAL MARKET
Regionally, Europe dominated the market and has accounted for over XXX% of the total market share in 2017. Owing to approval by European Union for use of deep brain stimulation therapy for Parkinson’s disease and refractory epilepsy is driving the regional market growth.
KEY PLAYERS OF THE MARKET
St. Jude Medical, Inc., Boston Scientific Corporation, and Medtronic PLC, Inc. are the prominent players ruling the deep brain stimulator market.
As per this study the Global Deep Brain Stimulator Market was valued USD 750 MN (by revenue) in 2017 and is anticipated to reach USD 1,371.0 MN by 2024 with a CAGR of 9.0%.
Deep brain stimulation refers to a neurosurgical procedure involving implantation of small stimulator device to generate electric impulses and treat movement and neuropsychiatric disorders. Basically, the stimulator stimulates the electric impulse through implanted electrode, which is used for regulation of entire brain activity. It is useful procedure in case on Parkinson’s disease, dystonia, epilepsy, obsessive-compulsive disorder and many others.
Rising cases of Parkinson’s disease and stress-induced depression are the factors driving market growth. High demand for effective procedure to treat neurological disorder is further boosting the market growth. Rising adoption of minimally invasive and noninvasive treatment owing to various benefits is further fueling the deep brain stimulator market. Rising adoption on noninvasive treatment over drug therapy by medical professionals owing to minimum side effects is likely to upsurge the market growth in forecasting period.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of deep brain stimulator.
The broad deep brain stimulator market has been sub-grouped into type, application, and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
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