ALBANY, New York, July 21, 2016 /PRNewswire/ --
The vendor landscape of the global deep brain stimulation devices market for Parkinson's disease includes giants such as Boston Scientific, Aleva Neurotherapeutics SA, Medtronic Inc., and St. Jude Medical Inc. The market players are increasingly outsourcing the manufacturing of DBS devices to contract manufacturing organizations (CMOs). Furthermore, the market players are targeting emerging economies in regions such as Asia Pacific by improving public awareness about Parkinson's disease, its consequences, treatment options, and associated benefits of DBS devices, a new Transparency Market Research report states. "Improving the product life and reducing the prices of DBS devices would create better prospects for the market players," a TMR analyst recommends.
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Geriatric Population Represents Key Target Market for DBS Devices
Rapidly growing geriatric population has led to the high prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, dementia, and others. This is one of the key factors driving the growth of the global DBS devices market for Parkinson's disease. Neurological disorders are one of the major causes of mortality and are responsible for around 12% of deaths every year across the globe. Parkinson's disease is the most prevalent neurological disorder after Alzheimer's disease.
Though drug therapy is termed as the most effective treatment option to control the initial stages of Parkinson's disease, surgical treatment using DBS devices is effective in the later stages of the disease. Patients and physicians increasingly prefer minimally invasive procedures for the treatment of Parkinson's disease. The availability of technologically advanced DBS devices, coupled with favorable reimbursement scenario has led to the increased acceptance of DBS devices worldwide.
However, the risks associated with deep brain stimulation procedures might play spoilsport in the growth of the market. The implementation of certain government policies such as the Affordable Care Act in the U.S. would negatively impact the market's growth during the forecast period. "The presence of a large patient pool across the emerging economies is expected to create new growth opportunities for the market," a TMR analyst states.
Browse Research Blog: http://www.tmrblog.com/2015/08/deep-brain-stimulation-devices-market.html
Progressive Increase in New Cases of Parkinson's Disease Puts New Opportunities in Focus
Among the key regions in the global DBS devices market for Parkinson's disease, North America has been a major market owing to the growing prevalence of the disease. According to the Parkinson's Disease Foundation, about 10 mn people worldwide suffer from this condition and over 1 mn of these patients are in the U.S. Around 60,000 new cases of Parkinson's disease are diagnosed every year in the region. Furthermore, the growing awareness of the disease has propelled the growth of the regional DBS devices market.
The global deep brain stimulation devices market for Parkinson's disease is projected to expand at a CAGR of 11% during the period from 2013 to 2019. The market stood at a valuation of US$4.5 bn in 2012 and is anticipated to be worth US$9.4 bn by the end of 2020.
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Global deep brain stimulation devices market for Parkinson's disease has been segmented as:
Deep Brain Stimulation Devices Market, By Geography
- North America
- Asia Pacific
- Rest of the World
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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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SOURCE Transparency Market Research