The latest market report published by Credence Research, Inc. “Vagus Nerve Stimulator Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the market growing at a CAGR of 7.4% during the forecast period from 2019 to 2027.
The global vagus nerve stimulator market is emerging efficiently from 2019 to 2027 accredited to increase in the minimally invasive surgical procedures along with enhanced vagus nerve stimulation therapies worldwide in the field of medical technology. Globally, the U.S. generated maximum revenue in 2018. The top manufacturers in the U.S. continue to focus on R&D to innovate new applications along with external VNS Devices. The increasing burden of the cerebral stroke and other neurological disorders, such as Parkinson’s, and Alzheimer’s leads to the increasing number of hospital admissions, which eventually upsurges the demand of neurosurgery devices. As per the statistics by American Neurological Association, neurological disorders impact more than 100 million U.S citizens every year, with the costs of medical expenditure for stroke and dementia alone estimated to total more than US$ 600 billion by 2030.
The major drivers are increasing number of patients suffering with neurological & lifestyle disorders and swift adoption of latest technology in the U.S market. For e.g. in 2017, the U.S. FDA approved marketing of “gammaCore” (handheld noninvasive vagus nerve stimulator/ (nVNS) therapy) manufactured by ElectroCore LLC, mainly for the preventive treatment of episodic cluster headaches. Major clinical applications for epilepsy and depression will further spur revenue growth for implantable vagus nerve stimulators. Other treatment options include seizures, electroconvulsive therapy, pain, asthma, Crohn’s disease, migraine, and other diseases. However, reimbursement cuts, pricing pressures related to surgery, and complications after surgery and less technology expansion in the developing nations expected to temper revenue growth on a global scale.
Key Market Movements:
- Globally, the vagus nerve stimulator is growing at a CAGR of 7.4% for the period from 2019 to 2027
- The U.S. dominated the global market in 2018 on account of rising number of minimally invasive surgeries, key players have concentrated on partnerships & product expansion, adoption of new techniques along with enhanced applications related to epilepsy and depression
- The Asia Pacific market is projected to register the maximum growth rate during the forecast period due to the increasing population with growing neurological disorders, increased medical expenditure and technology expansion in countries such as Japan, India, China, South Korea, Australia, Singapore and Others
- Major players in this vertical are Medtronic Plc., LivaNova Plc., BioControl Medical, EnteroMedics Inc., NERVANA LLC., ElectroCore LLC, Cerbomed GmbH, ReShape Lifesciences, Inc, Parasym Health, Innovative Health Solutions INC, Beijing PINS Medical Co., Ltd., Aleva Neurotherapeutics SA and others.
Our Blog: Home – Target Market Size