Vagus Nerve Stimulation Market
Number of pages: 100 | Report Format: PDF | Published date: February 28, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 428.6 million |
|
Revenue Forecast in 2030 |
US$ 1,050.12 million |
|
CAGR |
10.5% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, Biomaterial Type, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global vagus nerve stimulation market was valued at US$ 428.6 million in 2021 and is expected to register a revenue CAGR of 10.5% to reach US$ 1.05 billion by 2030.
Vagus Nerve Stimulation Market Fundamentals
Vagus nerve stimulation (VNS) is a medical treatment that involves delivering electrical impulses to the vagus nerve in order to control and cure a variety of illnesses, such as depression and epilepsy. In this procedure, the stimulator is implanted beneath the skin on the chest, where the wire connects with the left vagal nerve. VNS is a method of preventing seizures by sending electrical impulses to the brain via the vagus nerve. The VNS device is known as the brain’s pacemaker. These simulators are used to treat intractable epilepsy as well as treatment-resistant depression.
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Vagus Nerve Stimulation Market Dynamics
The global vagus nerve stimulation market has been steadily growing due to several factors contributing to the rise in demand for VNS therapy. A key driver of this market is the consistent increase in the prevalence of depression, epilepsy, and other neurological conditions. The patient pool for such conditions has been increasing, especially in developing countries, due to the changing lifestyles and implications of stress. Therefore, the demand for non-invasive treatments, such as VNS, has significantly increased.
Another major market driver in the field of VNS is the increasing demand for novel treatment technologies, such as minimally invasive stimulator implantation and wireless monitoring. Incorporating such technologies has improved the accessibility to VNS, thus increasing the demand for VNS therapy. The growing awareness among patients and healthcare providers about the benefits of VNS therapy also supports market development. The rise in the amount of clinical evidence demonstrating the effectiveness of VNS for various conditions is propelling the demand for the treatments.
Conversely, the high cost of VNS therapy can be a barrier in some regional markets, especially where access to general healthcare is limited. Due to the novelty of VNS therapy, the lack of awareness and understanding of the treatment among healthcare professionals can have a negative impact on the market.
Overall, the global vagus nerve stimulation market is expected to grow considerably during the projected period. The surge in the market is attributed to the rising prevalence of neurological and lifestyle-related disorders, such as migraine, epilepsy, and depression, due to the increasing geriatric population and unhealthy lifestyles. Additionally, the increasing adoption of targeted therapy due to the side effects of drugs, the rising demand for add-on therapy, and the growing demand for minimally invasive surgeries also contribute to market development. Furthermore, the increasing number of novel product approvals due to increasing technological advancements, and growing funding for R&D activities by major market players are propelling market growth. Moreover, rising government initiatives for neurological diseases due to unmet needs for these disorders further drive market expansion.
However, device-related complications, stringent regulatory policies, lack of skilled professionals, and the high cost of surgical implantation are some of the hurdles in the market development.
Vagus Nerve Stimulation Market Ecosystem
The global vagus nerve stimulation market has been analyzed from five perspectives: product, application, biomaterial type, end-user, and region.
Vagus Nerve Stimulation Market by Product
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Based on product, the global vagus nerve stimulation market has been segmented into implantable VNS devices and external VNS devices.
The implantable VNS devices segment dominates the market with the largest revenue share. Rising number of patients with epilepsy, migraine, and depression are major factors attributed to the growth of implantable VNS, thereby propelling market growth. Implantable VNS devices are widely utilized for the treatment of serve cases, such as when the patient stops responding to drugs, severe seizures, and intensive depression, thus raising the demand for implantable and encouraging market growth. Additionally, the rise in efforts of major market players to gain approval for advanced technologies and products further contributes to market growth.
The external VNS devices segment is estimated to show significant growth in terms of revenue CAGR during the forecast period. This is mainly due to continuously growing incidences of epilepsy and depression. Additionally, the rising demand for non-invasive therapy further drives the growth of this segment.
Vagus Nerve Stimulation Market by Application
Based on the application, the global vagus nerve stimulation market has been segmented into migraine, depression, epilepsy, and others.
The epilepsy segment leads the market with the largest revenue share. The growth of this market can be attributed to the high prevalence of epilepsy, thus raising the demand for treatments and diagnosis. Additionally, rapidly growing awareness about epilepsy treatments, increasing number of strategic collaborations/partnerships among the market players, and rising regulatory approvals further boost the market development.
Vagus Nerve Stimulation Market by Biomaterial Type
Based on the biomaterial type, the global vagus nerve stimulation market has been segmented into polymer, metallic, and ceramic.
The metallic segment accounts for the largest revenue share in the global market, owing to the high utilization of metallic biomaterials in implantable devices. Additionally, growing R&D activities for VNS therapies, thus resulting in technological advancements in metallic biomaterials, are propelling market revenue growth. The polymeric segment is estimated to gain high-demand opportunities during the projected period, owing to their flexibility, fabrication, and compatibility. Additionally, the growing prevalence of stress and depression further fuels the growth of the segment.
Vagus Nerve Stimulation Market by End-users
In terms of the end-user, the global vagus nerve stimulation market is segmented into hospitals, neurology clinics, ambulatory surgical centers, and others.
The hospitals segment dominates the market with the largest revenue share. This can be attributed to a large patient pool and increase in the demand for psychological treatment due to growing incidences of depression and stress. Additionally, the presence of well-trained professionals and better facilities and services further fuels the growth of this segment.
Vagus Nerve Stimulation Market by Region
Based on region, the global vagus nerve stimulation market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global vagus nerve stimulation market with the largest revenue share in 2021. This regional market growth is ascribed to an increase in government financing and activities in the region to raise awareness of epilepsy and difficult-to-treat depression, rapid technological improvements, the presence of prominent manufacturers, and increased R&D expenditures.
Asia Pacific is expected to develop as a prominent market for vagus nerve stimulation. The growing prevalence of neurological illnesses is a major factor driving the demand for vagus nerve stimulators. Governments in the region’s growing economies are increasingly supporting modern healthcare methods, thereby propelling regional market growth.
Vagus Nerve Stimulation Market Competitive Landscape
The prominent players operating in the global vagus nerve stimulation market are:
The global vagus nerve stimulation market was valued at US$ 428.6 million in 2021.
The implantable VNS segment dominates the global vagus nerve stimulation market with the largest revenue share.
The global vagus nerve stimulation market is projected to reach US$ 1.05 billion by 2030.
The device-related complications, stringent regulatory policies, lack of skilled professionals, and the high cost of surgical implantation are some of the hurdles in market development.
LivaNova LLC, Cerebral Rx, MicroTransponder Inc., electroCore Inc., and Parasym are among the top market players.
*Insights on financial performance is subject to availability of information in public domain