Vagus Nerve Stimulator Market on a Steady Growth Trail; FMI Provides Projections in Light of COVID-19 Pandemic in its New Revised Report
VALLEY COTTAGE, N.Y. – Of the total global population inflicted by neurological disorders, approximately 50% suffers from an epileptic disorder, research and surveys say.
Vagus nerve stimulation is witnessing a rapidly expanding applicability beyond epilepsy, in the recent past.
Research uncovers potential efficiency of vagus nerve stimulation in the obesity management of depression patients.
Positive outcome of vagus nerve stimulation in treatment-resistant depression and epilepsy surgery indicate promising opportunities approaching in the near future.
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Driven by a paradigm shift from implantables to non/minimally invasive devices, the vagus nerve stimulator (VNS) landscape is gradually encouraging the growth of transcutaneous VNS to be witnessed over the next couple of decades. Moreover, growing R&D efforts in the integration of next-generation technology to bypass the shortcomings of implantable VNS is likely to shape the future of vagus nerve stimulator marketplace.
However, currently, implantable vagus nerve stimulator accounts for a whopping share in the revenue of VNS market. As indicated by a newly published intelligence study by Future Market Insights, the global vagus nerve stimulator market is likely to demonstrate robust year on year revenue growth of more than 9% in 2019.
Europe Steals the Limelight, Crossing US$ 100 Million Revenue in 2019
North America currently holds a massive revenue share in the vagus nerve stimulator market, and FMi projects continued dominance of this region over other regional markets in comping years. However, the report forecasts emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players in the near future. Europe will reportedly cross the US$ 100 million mark in 2019, reflecting the most lucrative opportunities for vagus nerve stimulator manufacturers.
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“At present, Europe and APEJ hold a collective revenue share of over 40% in market, of which the former is gradually moving towards extending its individual market value share up to 1/4th of the global revenue,” explains a senior research analyst at FMI. Adding further, the analyst says, “Favorable regulatory and reimbursement scenario across Europe and relatively easy availability of VNS systems are most prominently driving the growth of vagus nerve stimulator market in Europe. VNS sales in Europe will also benefit from the strong presence of leading industry manufacturers in the region”.
Taxonomical Insights – By Type, Application, and End User
- By the type of vagus nerve stimulator, implantable stimulator continues to bring in the most of the revenue to market.
- Epileptic seizures secure the spot of the most sought after application type in vagus nerve stimulator landscape.
- Hospitals remain the largest end user of vagus nerve stimulator. FMI research indicates that specialty clinics and home care settings are emerging as attractive end user candidates in recent years.
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Thorough competition analysis of vagus nerve stimulator landscape reveals a few important developmental strategies that are ruling the minds of VNS manufacturers at present.
- Besides geographical expansion, leading players in vagus nerve stimulator market are focusing on the extension of their existing offerings portfolio, according to the report.
- In an effort to address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- A number of companies are also directing their strategic focus on a stronger distribution network.
- Strategic partnerships with local and regional distributors and retailers hold immense importance for the competitors in VNS landscape.
- Long-term contractual collaborations with recognized hospitals, research and pathology laboratories, and CROs are emerging as a growing trend among manufacturers of vagus nerve stimulator
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