The Vagus Nerve Stimulators Market is estimated to be valued at Us$ 684.85 Mn in 2023 and is expected to exhibit a CAGR Of 9.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The vagus nerve stimulators market consists of implantable devices and external stimulators used for treating epilepsy, depression, and other neurological and psychiatric conditions. Vagus nerve stimulation therapy involves delivering mild electric pulses to vagus nerve using implantable devices or external stimulators. The therapy is used as an adjunct or alternative to medication and aimed to reduce seizure frequency or severity in epilepsy patients or symptoms of depression.
Market Dynamics:
Growth of the global vagus nerve stimulators market is primarily driven by rising prevalence of epilepsy worldwide. According to World Health Organization (WHO), around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. In addition, increasing R&D in the field of neuromodulation technologies is also supporting market growth. For instance, introduction of novel remote programming and battery longevity features have made vagus nerve stimulators more effective and user-friendly. However, high costs associated with vagus nerve stimulation therapy and lack of complete cure limiting long-term adoption are some factors expected to hinder the market growth.
SWOT Analysis
Strength: Vagus nerve stimulation (VNS) therapy is a safe and effective treatment option for patients suffering from drug-resistant epilepsy and treatment-resistant depression. It offers an alternative treatment method for patients who do not respond well to medications. The therapy is approved by regulatory bodies such as FDA based on its clinical trial results.
Weakness: VNS devices require surgery for implantation which makes the treatment invasive in nature. There is a risk of complications associated with the surgery such as infection, nerve damage, and device malfunction. The high costs associated with VNS devices and surgery limit their adoption.
Opportunity: There is a large pool of patients who are not adequately treated with conventional therapies representing a lucrative market opportunity. Emerging applications of VNS in conditions like Alzheimer's disease, obesity, and migraine offers significant growth prospects. Technological advances are enabling the development of less invasive and cheaper VNS devices.
Threats: Presence of alternative non-invasive neuromodulation therapies like rTMS poses competition. Stringent regulatory approvals and reimbursement policies delay the market entry of new products. Unfavorable results from post-market surveillance studies can hamper the growth. Dependence on limited manufacturer's and suppliers impact the steady supply of products.
Key Takeaways
The Global Vagus Nerve Stimulators Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing prevalence of drug-resistant epilepsy and treatment-resistant depression.
Regional analysis: North America dominates the global market owing to the high adoption of VNS therapy and presence of major players in the region. Asia Pacific exhibits the fastest growth over the forecast period led by expanding healthcare infrastructure and large patient pool in India and China. Japan, South Korea and Australia are other significant regional markets.
Key players operating in the Vagus nerve stimulators market are LivaNova PLC, electroCore, Inc., SetPoint Medical Corporation, Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, tVNS Technologies GmbH, BioControl Medical, NeurAxis, Inc., Soterix Medical Inc., MicroTransponder Inc., Boston Scientific Corporation, Cyberonics, Inc., EnteroMedics Inc., ReShape Lifesciences Inc., and Cerbomed GmbH.
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