Aug, 2020 - By CMI
Deep brain stimulation is widely used in the treatment of Parkinson ’s disease. It is estimated that over 10 million people around the globe are afflicted with Parkinson’s.
With the help of deep brain stimulation devices, a steady recovery has been reported in people battling Parkinson’s. The efficacy of deep brain stimulation devices in treating Parkinson’s has created a multi-million global market.
Demand for deep brain stimulation devices is currently higher in developed countries, with respect to developing countries. The high cost of deep brain stimulation devices is a key factor for their slow adoption in developing countries. However, as awareness and government funding on healthcare increases, it is expected that sales will grow in the near future.
It was in the year 2002 that deep brain stimulation gained the approval of the U.S. Food and Drug Administration (FDA) for treating Parkinson’s disease. It is pertinent to mention here that deep brain stimulation was not originally developed to treat Parkinson’s; in fact, it was a chronic pain management therapy.
According to the report titled “Global Deep Brain Stimulation Devices Market, By Application (Parkinson's Disease, Essential Tremor, Dystonia, Others), and By Geography - Trends, Outlook, and Forecast from 2016-2024″, published by Coherent Market Insights, the market for Deep Brain Stimulation Devices Market is expected to surpass US$ 1.4 Billion the end of 2024 at a CAGR of 8.2% during 2016–2024.
Deep brain stimulation for the treatment of Obsessive-Compulsive Disorder (OCD) – a topic that is being intensely debated in the medical fraternity. The reason for this is that a small minority of patients, who do not get relief through medication or cognitive behavior therapy, can be treated through neurosurgery, including deep brain stimulation.
The use of deep brain stimulation has been approved under the Humanitarian Device Exemption, which means only a small number of people are eligible to receive the treatment. This is because treating OCD with deep brain stimulation requires a high level of expertise and only institutions that have previous experience of administering are authorized by the FDA. FDA, while giving Humanitarian Device Exemption to deep brain stimulation treatment noted that its decision was based on a study that involved 26 patients showing a 40% reduction in their symptoms.
While deep brain stimulation treatment is still in its infancy, it should be noted that its use in treating OCD is not without the threat of side effects. Potential side effects of using deep brain stimulation in the treatment of OCD include stroke, seizure, mania, depression, and dizziness.
While the potential of deep brain stimulation in treating OCD is there, it will be a few years before it is used on a wide scale. The research will have to substantiate that the benefits outweigh the risks.
Owing to its benefits, the demand for deep brain stimulation devices is growing steadily. The global deep brain stimulation devices market was valued at US$ 664.4 million in 2015. It is projected that the market will grow at a CAGR of 8.2% during 2016-2024.
Key factors expected to drive the growth of the global deep brain stimulation devices market include its increasing application in neurosurgery and growing awareness among patients and healthcare providers about its therapeutic benefits.
The deep brain stimulation market is more established in developed countries of North America and Western Europe as compared to emerging economies. Most of the research on deep brain stimulation has been conducted in the U.S. and Europe, and government funding and support have been made available to researchers.
In emerging economies, focus on healthcare is steadily growing as years of economic progress has led to the emergence of a strong middle-class population that is seeking the best in terms of healthcare support. It is expected that the deep brain stimulation market in the Asia Pacific and Latin America will grow steadily during 2016-2024, providing lucrative growth opportunities for manufacturers.
To know more about the latest market trends and insights, read the report titled, “GLOBAL DEEP BRAIN STIMULATION DEVICES MARKET, BY APPLICATION (PARKINSON'S DISEASE, ESSENTIAL TREMOR, DYSTONIA, OTHERS), AND BY GEOGRAPHY - TRENDS, OUTLOOK, AND FORECAST FROM 2016-2024”, published by Coherent Market Insights. Click on the link below to access the report –