Transcranial magnetic stimulation (TMS) is a non-invasive brain stimulation technique approved by the FDA to treat major depression by applying magnetic pulses to specific brain regions. TMS works by using electromagnets placed near the head to induce small electric currents in targeted regions of the brain via electromagnetic induction. This stimulation is believed to modulate neuronal activity in brain regions implicated in mood control. Transcranial magnetic stimulators are used in hospitals, neurology clinics, and research centers to relieve symptoms of many neurological and psychiatric conditions like depression, anxiety, bipolar disorder, pain, and migraine.
The global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the transcranial magnetic stimulator market is an increase in approvals for new devices and indications. In May 2021, Brainsway received FDA clearance for its Deep TMS system to treat Obsessive-Compulsive Disorder (OCD). In July 2020, Neuronetics received FDA clearance for its NeuroStar Advanced Therapy system to treat bipolar depression. Technological advancements are also a key trend, with more generators offering customizable waveforms for individualized treatment. Multitarget and synchronized devices aimed at specific brain network disorders are being researched which may expand TMS applications.
Threat of new entrants: Low capital requirements and established industry players make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of substitutes and established key players.
Bargaining power of suppliers: A few global players supplying raw materials exert low bargaining power due to established supply networks of manufacturing companies.
Threat of new substitutes: Substitutes like repetitive transcranial magnetic stimulation (rTMS) pose a moderate threat due to technological advancements.
Competitive rivalry: Intense competition exists among the key global players to gain more market share through product launches and innovations.
The Global Transcranial Magnetic Stimulator Market Size is expected to witness high growth over the forecast period. The global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.
Regional analysis: North America leads in the global market owing to factors such as high awareness and surge in neurological disorders. Asia Pacific exhibits fastest growth in emerging nations due to increasing healthcare expenditure and developing medical infrastructure.
Key players: Key players operating in the transcranial magnetic stimulator market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others. Medtronic dominates the global market due to its robust product portfolio and partnerships. Liva Nova PLC follows in terms of market share through product launches.