New York, June 19, 2023 (GLOBE NEWSWIRE) -- The global Epilepsy Treatment Market is set to reach a valuation of US$ 14.7 billion by the end of 2033. Widespread availability of technologically advanced medical devices for epilepsy treatment and significant increase in product approvals and launches have led the global epilepsy treatment market to reach US$ 6.5 billion in 2022. The market is projected to expand at a CAGR of 7.7% over the forecast period (2023 to 2033).
Epilepsy affects a significant number of people across the world. The increasing prevalence of epilepsy has highlighted the need for more research and development to address the diverse needs of the patient pool. Despite the availability of antiepileptic drugs (AEDs), a significant number of individuals with epilepsy still experience inadequate seizure control or adverse effects from current treatments.
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To meet this unmet medical need, key players in the market are focusing on exploring more effective drug therapies as well as launching new medical devices to improve seizure management and enhance the quality of life for patients.
- For example, in November 2021, the Subject Expert Committee (SEC) under the Central Drugs Standard Control Organization (CDSCO) approved the waiver of phase 3 clinical trial and granted Torrent Pharmaceuticals permission to produce and market an additional strength of the fixed-dose combination drug amlodipine besylate USP. The drug strength is equivalent to amlodipine 10 mg plus olmesartan medoxomil USP 40 mg tablet.
- In February 2019, Medtronic introduced deep brain stimulation (DBS) for drug-refractory epilepsy at Emory University in Atlanta, Georgia. This marked the launch of the first commercially implanted deep brain stimulator for patients with epilepsy. The availability of DBS as a surgical treatment option is significant for patients who do not respond to medication, providing them with access to an important alternative for managing their condition.
Many companies have entered the market, and more are coming in with their innovative and advanced technologies and software. Therefore, frequent product approvals and launches for various neurological treatments are likely to drive market growth in the coming years.
Key Takeaways from Market Study
- The global epilepsy treatment market is forecasted to reach US$ 14.7 billion in value by 2033.
- The treatment type segment held 72.8% of the global market in 2022.
- The focal seizures segment accounted for 61.1% of the global market in 2022.
- By distribution channel, hospital pharmacies held a market share of 16.8% in 2022.
- By service provider, hospitals held a market share of 31.8% in 2022.
- North America dominated the global market with the U.S. contributing US$ 1.9 billion in 2022.
“Adoption of technologically advanced products and favorable reimbursement scenario for epilepsy treatments are expected to boost the epilepsy treatment market over the forecast period,” says an analyst at Persistence Market Research.
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Market Competition
Key Players in the Epilepsy Treatment Market are Medtronic Plc., GlaxoSmithKline, Sun Pharmaceutical Industries Ltd, Novartis India Ltd, Teva Pharma Ltd, Zydus Cadila Healthcare Ltd., Boston Scientific Corporation, ElectroCore, Inc., LivaNova PLC, NIHON KOHDEN CORPORATION, Natus Medical Incorporated, Neuro Soft, Pfizer Inc., Abbott Laboratories, Sanofi S.A., Cipla Ltd., Torrent Pharmaceuticals Ltd and more
To meet the increasing consumer expectations and address growing competition in the field of epilepsy treatment, manufacturers of therapeutic drugs for epilepsy are taking proactive measures. These include initiatives such as augmenting research and development expenditures through clinical partnerships to develop cost-effective products.
- Boston Scientific Corporation obtained clearance from the United States Food & Drug Administration in April 2022 for its image-guided programming software. The software was developed in collaboration with Brainlab’s Vercise Neural Navigator with STIMVIEW XT.
- In June 2020, Empatica and BARDA (Biomedical Advanced Research and Development Authority) entered into a partnership aimed at boosting research and development activities.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the epilepsy treatment market in its latest study, presenting the historical demand assessment for 2012 to 2022 and projections for 2023 to 2033.
The research study is based on
- diagnosis & treatment type (diagnosis [inpatient, outpatient], treatment type [drugs {lamotrigine, phenytoin, carbamazepine, valproic acid, others}, surgery treatment, other treatments],
- devices {monitoring devices, electrocorticography (ECoG) electrodes, intraoperative patient monitoring devices}, neurostimulation devices {responsive neurostimulation, deep brain stimulation, vagus nerve stimulation}]),
- seizure type (generalized seizures, focal seizures, both),
- distribution channel (hospital pharmacies, retail pharmacies, drug stores, online pharmacies),
- service provider (hospitals, ambulatory surgical centers, diagnostic centers, specialty clinics), across seven key regions of the world.
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For additional insights on how the growth of the epilepsy treatment market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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