Vagus Nerve Stimulators Market Is Estimated To Witness High Growth Owing To Increased Adoption In Treating Neurological Diseases
Vagus Nerve Stimulators Market
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 stimulators are medical devices that send electrical pulses to stimulate the vagus nerve. It is used in treating neurological disorders such as epilepsy, depression, migraine, etc. The vagus nerve stimulation positively affects brain health and reduces symptoms. It is a safe and non-invasive alternative for drug-resistant neurological disorders.
Market key trends:
The vagus nerve stimulators market is expected to witness significant growth owing to increasing prevalence of neurological diseases such as epilepsy, depression, migraine, etc. For instance, according to WHO, around 50 million people worldwide have epilepsy making it one of the most common neurological diseases globally. Also, major players are involved in developing advanced and innovative devices to make vagus nerve stimulation therapy more effective and widely accessible. For example, electroCore, Inc. launched gammaCore non-invasive vagus nerve stimulator in 2018 to treat cluster headaches and migraines. The increasing R&D activities focused on expanding the indications of vagus nerve stimulation therapy are expected to boost the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to established distribution channels and intellectual property protection. However, large capital requirements and need for regulatory approval pose challenges for new companies.
Bargaining power of buyers: Moderate since buyers have few alternatives and buying decisions are usually made by physicians. However, insurance coverage and reimbursement issues impact purchase decisions.
Bargaining power of suppliers: Moderate as key components are sourced from few specialized suppliers. Suppliers differentiate through innovation but customer base is concentrated.
Threat of new substitutes: Low as vagus nerve stimulation has few alternatives for treatment-resistant depression, epilepsy and other conditions. New generation devices improve outcomes.
Competitive rivalry: Intense as major players continuously invest in R&D and acquire smaller companies. Competition occurs on product design, cost and customer experience.
SWOT Analysis
Strengths: Non-invasive medical procedure. Clinical evidence demonstrating efficacy. Established brands with proven track record.
Weaknesses: High costs of devices and surgical implantation. Adverse effects in some patients. Reimbursement challenges limits widespread adoption.
Opportunities: expanding into new therapeutic areas like obesity, migraine and inflammatory conditions. Growing geriatric population prone to neurological disorders.
Threats: Stringent regulatory approval delays market access. Presence of alternative treatment options. Reimbursement policies vary globally impacting revenue.
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 prevalence of neurological disorders worldwide. North America currently dominates the market holding over 40% share due to favorable reimbursement policies and availability of advanced healthcare facilities.
Regional analysis Asia Pacific is fastest growing region for vagus nerve stimulators market growing at over 10% CAGR. Rising healthcare expenditure in China and India is increasing awareness and adoption.
Key players operating in the vagus nerve stimulators market are LivaNova PLC, electroCore, Inc., SetPoint Medical Corporation, Beijing PINS Medical Co., Ltd.. LivaNova is the market leader with over 30% share owing to its flagship VNS Therapy System devices.
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