Growing prevalence of neurological diseases has led to surge in demand for managing mental disorders. In addition, Manufacturers are increasingly focusing on incorporating advanced features in the medical devices for the treatment of the neurological diseases, which is projected to impact the global market growth of movement disorder. Fact.MR states that the global market of movement disorder is projected to reflect a CAGR of 11.1% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global movement disorders market is projected to be bound by various macro-economic and micro-economic factors. Lack of ability to move due to growing prevalence of factors such as cerebrovascular diseases, trauma, brain tumors, degenerative diseases and convulsive diseases continues to impact the global market growth of movement disorder positively. Prevalence of neurological disorders negatively affect the cognitive abilities and lead to depression, incapability to chew, swallowing, speaking and insomnia. Growing awareness regarding the prevalence of various mental diseases will further contribute towards the global market growth of movement disorder significantly.
Treatments and medications that have received an approval from FDA will further impact the global market growth of movement disorders positively. Ingrezza capsules and Xadago (safinamide) tablets are two medicines that have received an approval from FDA recently. Xadago (safinamide) tablets has been approved for the treatment of Parkinson’s disease and Ingrezza capsules has been approved for the treatment of dyskinesia. Moreover, FDA has approved brain transplantation in order to reduce various symptoms of tremor. Such factors continue to impact the global market growth of movement disorder significantly.
Manufacturers in the global market are increasingly concentrating on product development and innovations in order to gain an advantage over the other market players. With the growing demand for improved results and fast recovery, manufacturers are also focusing on integrating advanced technological developments. Companies in the global market of movement disorder are offering technologically enhanced spork, fork, everyday spoon and soup spoons. Attributed to such factors, the global market of movement disorders is projected to represent significant growth throughout the forecast period.
Sales to Remain High in Hospitals
Treatment of various neurological diseases has led to surge in adoption of the rechargeable deep brain stimulator devices. The rechargeable deep brain stimulator devices is projected to outsell the non-rechargeable deep brain stimulator devices globally. On the basis of product type, the rechargeable deep brain stimulator devices is projected to witness the highest growth in terms of revenue, recording more than US$ 500 Mn by 2026-end. On the other hand, the non-rechargeable deep brain stimulator devices product type segment is projected to reflect a robust CAGR throughout the forecast period.
By end user, the hospitals segment is projected to represent a robust revenue growth, accounting for less than US$ 100 Mn by 2017-end. In contrary to this, the clinics end user segment is projected to reflect a healthy CAGR during the forecast period. In terms of revenue, the parkinson’s disease application segment is projected to witness a significant revenue growth, recording more than US$ 400 Mn by 2026-end. By 2026-end, the dystonia application segment is projected to witness the fastest growth during the forecast period.
Major players in the global market of movement disorder are Abbott Laboratories, Medtronic Plc, Mayo Clinic and Boston Scientific Corporation.