Rising Adoption of Noninvasive Brain Stimulation Devices to Drive Transcranial Magnetic Stimulator Market Growth
The Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 638.4 Mn in 2022 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transcranial magnetic stimulation (TMS) is a noninvasive procedure that uses magnetic fields to stimulate nerve cells in the brain to improve symptoms of depression, migraines, Parkinson's disease, Alzheimer's disease and other neurological and psychiatric disorders. TMS works by inducing small electric currents in the brain via a carefully positioned magnetic coil placed near the head. It allows for painless and harmless manipulation of cortical excitability and connectivity.
Market Dynamics:
The rising geriatric population suffering from neurological disorders along with the growing adoption of noninvasive procedures are expected to drive the demand for transcranial magnetic stimulators over the forecast period. According to the World Health Organization, the number of people aged 65 years and older is expected to increase from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. The number of people aged 80 years or older is projected to increase threefold between 2010 and 2050. Neurological disorders are more prevalent among the geriatric population driving the need for more effective treatment options such as transcranial magnetic stimulation.
Market Key Trends:
The Transcranial Magnetic Stimulator Market Size has been witnessing increasing adoption of advanced technologies like rTMS for treatment of various neurological and psychiatric disorders. The demand for non-invasive brain stimulation devices to treat depression, migraines, Alzheimer's disease and other such conditions is growing significantly. Manufacturers are focussing on development of newer and more effective TMS devices with advanced features like connectivity to digital platforms for remote treatment monitoring and management. They are also striving to make such devices compact and portable for better convenience and accessibility of patients.
SWOT Analysis:
Strengths: Non-invasive nature makes TMS therapy safer than other treatment options. Growing body of clinical evidence supporting efficacy for various mental disorders.
Weaknesses: High costs of TMS devices limit widespread adoption. Require specialized technicians to operate devices professionally.
Opportunities: Expanding applications in treatment of PTSD, epilepsy and other neurological conditions present new avenues. Emergence of portable and wearable TMS technology opens up opportunities in home healthcare settings.
Threats: Significant research investment required for developing new applications. Stringent regulations delays market approvals and entry of new products. Reimbursement policies remain a challenge for commercialization.
Key Takeaways
The global transcranial magnetic stimulator market is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period 2023 - 2030, due to increasing geriatric population and rising prevalence of neurological and psychiatric disorders worldwide. The U.S. dominates the regional landscape due to supportive healthcare policies and significant adoption of rTMS therapy for treatment-resistant depression.
According to recent market analyses, the TMS market accounted for US$ 638.4 Mn in 2023 and is estimated to reach over US$ 1,500 Mn by 2030. Factors such as growing awareness about advantages of non-invasive brain stimulation over drug therapies and expanding applications in militating chronic pain are contributing to rising adoption.
Key players operating in the transcranial magnetic stimulator market are Magstim, Brainsway, Nexstim, Neuronetics, Remed, Yiruide, Dr. Langer Medical, MAG & More, Deymed, MagVenture, eNeura, Neurosoft, Neuro-Electrics, TCT Research, MagPro Compact, Axilum Robotics, Onward Medical, Rogue Resolutions, Avision, RAPID Biomedical. These companies are focusing on new product launches, geographical expansions and strategic partnerships to bolster their market position.
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