by 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:
Vagus nerve stimulation therapy (VNS Therapy) is a safe, effective treatment for drug-resistant epilepsy and depression. Vagus nerve stimulators deliver mild pulses of electrical energy to the vagus nerve and are intended to prevent or reduce the severity of seizures. They are implantable devices that work with the vagus nerve in the neck that travels to the areas of the brain involved with sensation, movement, and cardiovascular and gastrointestinal function. VNS Therapy is believed to change the way neurotransmitters, which are chemical messengers that help control brain functions, communicate with brain cells. This is thought to help reduce or prevent seizures.
Market Dynamics:
The growth of the vagus nerve stimulators market can be attributed to the increasing prevalence of drug-resistant epilepsy worldwide. For instance, according to the Epilepsy Foundation, as many as 3 million people in the U.S. have epilepsy and about 1 million people have epilepsy that cannot be controlled with medications. Additionally, growing applications of VNS therapy for depression treatment acts as a driver. VNS therapy, along with antidepression medication, may help some people with chronic or treatment-resistant depression feel better. However, lack of skilled professionals for implant installation may hinder the market growth during the forecast period. Additionally, the high costs associated with the devices and therapy may also restrain the market growth.
Segment Analysis
The Vagus nerve stimulators market can be segmented into implantable and non- implantable devices. The implantable segment currently dominates the market and is expected to continue its dominance over the forecast period. This is because implantable devices provide long term treatment and relief for neurological disorders like epilepsy and depression as compared to non-implantable devices.
PEST Analysis
Political: Regulations around the approval process for medical devices are well defined helping the industry grow. However, pricing pressures from governments can hamper high growth.
Economic: Rising healthcare spending globally and increasing incidence of neurological disorders is fueling market growth. High device costs can negatively impact the market.
Social: Growing awareness about neurological disorders and benefits of VNS therapy is driving the adoption of these devices. However, social stigma around certain disorders can impact treatment rates.
Technological: Advancements in device miniaturization, battery life and wireless technologies aid new product development and greater adoption. Interoperability issues need to be addressed.
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 incidence of epilepsy, depression and other neurological disorders. The market size for 2023 is estimated to be US$ 684.85 Mn.
Regional analysis: North America currently dominates the Vagus nerve stimulators market due to supportive reimbursement policies and higher patient awareness. Asia Pacific is poised to be the fastest growing market over the forecast period supported by rising healthcare spending and improving access to advanced treatments.
Key players: Key players operating in the Vagus nerve stimulators market include 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. These players are focusing on new product launches and geographical expansion to solidify their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
