by Vagus nerve stimulation therapy involves using an implantable medical device called a vagus nerve stimulator to treat certain medical conditions affecting the brain and nervous system by delivering electrical pulses to vagus nerve. The therapy involves surgically implanting a small device called a vagus nerve stimulator just under the skin below the collarbone. The device is connected to the vagus nerve in the neck by a small wire. Vagus nerve stimulation is used to treat drug-resistant epilepsy, treatment-resistant depression, and other neurological and psychiatric conditions. Rising prevalence of neurological and psychiatric disorders, growing applications of VNS beyond its approved indications, and increasing adoption of VNS therapy over drug therapy due to fewer side effects are driving the growth of the global vagus nerve stimulators market.
The global 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 Dynamics
The global vagus nerve stimulators market is expected to be flourished by growing adoption of vagus nerve stimulation therapy. Rising prevalence of neurological and psychiatric disorders such as epilepsy and treatment-resistant depression is one of the key drivers of the market. According to World Health Organization, around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. Growing applications of VNS beyond its approved indications such as autism, obesity, fibromyalgia is further expected to drive market growth. VNS therapy also has fewer side effects compared to drug therapy, due to which its adoption is increasing over drug therapy for certain conditions. However, high costs associated with VNS devices and surgery and limited insurance coverage in certain regions may restrain market growth.
Segment Analysis
Vagus Nerve Stimulators market has two key segments: implantable vagus nerve stimulators and external vagus nerve stimulators. Implantable vagus nerve stimulators dominate the market owing to their advantages of providing constant and consistent stimulation as compared to external stimulators which require to be placed externally. Implantable stimulators have systems implanted inside the body which can deliver electrical pulses to vagus nerve for months without any interruption.
PEST Analysis
Political: The government policies and regulations related to usage of medical devices play a key role in the market growth. Governments provide various reimbursement programs which boost adoption of vagus nerve stimulators.
Economic: Rising healthcare spending across countries and expanding medical infrastructure and facilities further propel the demand for vagus nerve stimulators. Growing economic conditions allow people to spend more on advanced treatment options.
Social: Increasing awareness regarding management of neurological disorders and availability of new therapies positively impact the market growth. People are more willing to adopt novel medical procedures for treating health issues.
Technological: Continuous innovations in stimulating devices including miniaturization of components, improved battery life, and wireless connectivity between implanted and external components support the market expansion. Advances offer enhanced treatment effectiveness and patient comfort.
Key Takeaways
The global Vagus Nerve Stimulators Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
North America region dominates the market currently owing to the availability of advanced healthcare facilities and prominent market players in the region. The United States captures the majority share of the North American vagus Nerve Stimulators market.
Key players operating in the Vagus Nerve Stimulators 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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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
