Vagus Nerve Stimulators Is Estimated To Witness High Growth Owing To Rising Prevalence Of Epilepsy
Vagus nerve stimulation (VNS) therapy involves delivering mild, intermittent pulses of electrical energy via a bipolar lead placed around the left vagus nerve in the lower neck. The global vagus nerve stimulation market is dominated by 3 key players namely LivaNova PLC, electroCore, Inc., and SetPoint Medical Corporation.
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:
Rising prevalence of epilepsy is expected to drive growth of the vagus nerve stimulators market over the forecast period. According to World Health Organization (WHO), around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. Moreover, increasing research collaborations and development of technologically advanced products by key players is also expected to augment the market growth. For instance, in November 2021, MicroTransponder Inc. and SetPoint Medical Corporation announced a partnership to collaborate on developing next-generation implantable neuromodulation systems to treat chronic pain and related conditions.
The global vagus nerve stimulators market is dominated by 3 key players namely LivaNova PLC, electroCore, Inc., and SetPoint Medical Corporation. The vagus nerve stimulator systems offered by these companies are FDA approved and are widely adopted. For instance, LivaNova’s VNS Therapy System has been used to treat over 100,000 patients globally. However, high costs associated with VNS therapy and availability of alternative treatment options are some of the factors expected to hinder market growth over the forecast period.
SWOT Analysis
Strength: Vagus nerve stimulators can treat various conditions like epilepsy and depression effectively by stimulating the vagus nerve in the neck. They often provide cost-effective treatment options compared to prolonged drug therapies. The technology behind these devices has advanced significantly over time, improving efficacy and tolerability.
Weakness: The surgical procedure involved in implanting vagus nerve stimulators carries risks like infection, nerve damage, and unwanted stimulation of tissues. Some patients may experience side effects like hoarseness of voice and shortness of breath. Dependence on batteries needing periodic replacement is another limitation.
Opportunity: Expanding applications in treating chronic conditions apart from epilepsy and depression like migraine, heart disease and Alzheimer's can drive future growth. Ongoing research on non-invasive stimulation techniques removes the need for implantation and widens the potential patient pool. Growing geriatric population prone to neurological disorders increases market potential globally.
Threats: Changing reimbursement policies could impact sales adversely. Low health budgets in developing nations restrict market uptake. Emerging alternate neuromodulation therapies like deep brain stimulation offer competition. Stringent regulatory approvals for new applications delay market entry and increase costs. Patent expiries make room for generic competitors.
Key Takeaways
The global Vagus Nerve Stimulators Market Share is expected to witness high growth at a CAGR of 9.0% during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 684.85 Mn and is projected to reach over US$ 1,231.52 Mn by 2030.
Regional analysis: North America currently dominates the global market due to advanced healthcare infrastructure and widespread medical insurance coverage facilitating rapid adoption of new therapeutic technologies. However, Asia Pacific is likely to witness fastest growth over the coming years driven by growing medical tourism, increasing healthcare investments and expanding patient pool in major countries like China and India. Key players are strengthening regional presence through strategic collaborations and product launches catered to local requirements.
Key players: 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. Major players are focusing on developing less invasive stimulation techniques and expanding indications to stay ahead of competition.
For More Details On The Report, Read: https://blogger-veritas.blogspot.com/2023/12/the-global-vagus-nerve-stimulators.html
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