Vagus Nerve Stimulator Market Analysis: Increase in Demand for Management of Refractory Seizures Expected to Drive Revenue Growth
Over three decades ago, it was discovered that vagus nerve’s intermittent electrical stimulation develops a series of neural process inhibition, which is responsible to alter the activities of the brain and terminate seizures. This investigation paved the way for development of a device called vagus nerve stimulator. The neuro stimulator device reduces the intensity and frequency of seizures to almost half during the management of refractory seizures. In a clinical study, it has been found that after 48 hours of stimulation of the vagus nerve, vagus nerve stimulator can promote neurogenesis in the dentate gyrus of rat hippocampus. Recent studies have proved the effectiveness of vagus nerve stimulator in management of obesity in patients with depression.
Vagus nerve stimulator has also gained significant popularity with positive results in epilepsy surgery and treatment-resistant depression. According to the latest research by the company, the global vagus nerve stimulator market is projected to account for over US$ 1.129.5 Mn, in terms of value, by 2028 end. The report on the global vagus nerve stimulator market is expected to witness significant growth potential with an average Y-o-Y growth rate pegged at 10.6% through 2028.
Over the years, the burden of neurological diseases is increasing in the emerging countries. This has increased the usage of implantable vagus nerve stimulator in neurological patients, since its inception in 2005. The WHO estimates that neurological disorders are responsible for 4.5-11% of all illnesses in low- and high-income economies. This prevalence is relatively high as compared to cancer, respiratory and gastrointestinal disorders. It is expected that the disease burden is expected to increase further over the forecast period. In addition, neurological disorders contributed to 92 million disability-adjusted life-years in 2005 and are projected to be 103 million in 2030 worldwide.
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The vagus nerve stimulator implanted devices are currently being approved for the treatment of refractory epilepsy and depression only. However, results from many ongoing clinical studies are in pipeline, awaiting to notify about the appropriate use of vagus nerve stimulator devices in other applications. The market for vagus nerve stimulator is expected to grow significantly due to favorable reimbursement policies in the developed countries. As per the Center for Medicare & Medicaid Services database, many vagus nerve stimulator devices are covered under the reimbursement criteria. Besides, many health systems are also putting in efforts to provide these products at affordable prices. Manufacturers are investing in their products so as to meet the expectations of the end users. As implantable devices are associated with possible epileptic side-effects, a paradigm shift towards increase in demand for external vagus nerve stimulator devices is witnessed in the recent years. Additionally, the external vagus nerve stimulator is more effective in terms of treatment as well as affordable for the patients.
Macroeconomic indicators such as increasing healthcare expenditure and prioritizing service quality will increase the adoption of quality equipment and consequently drive the growth of the global vagus nerve stimulator market. According the current GDP forecast report by IMF, healthcare spending will increase by 6% Y-o-Y.
On the grey side, the use of implantable vagus nerve stimulators is associated with major complications, for instance, occurrence of cardiac dysrhythmias both at the time of implantation as well as post-operative implantation. After examining the effects in 130 patients implanted with a vagus nerve stimulators between 2000 and 2013, it was observed that there is an increased response rate from 22.1 to 43.8% from the first to fifth year of vagus nerve stimulators implantation. Though the functional anatomy and physiology of the left and right vagus nerve is consistent, the cause of this complication remains uncertain
Preview Analysis On Vagus Nerve Stimulator Market: Manufacturers Launching Non-invasive Products to Gain Competitive Edge: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028: https://www.futuremarketinsights.com/reports/vagus-nerve-stimulator-market
The report offers a comprehensive taxonomy of vagus nerve stimulator market based on product type, end user, application type and region. Based on product type, the vagus nerve stimulator market is segmented into implantable and noninvasive (tVNS) based. According to the company, the implantable segment accounted for over 99.3% revenue share in the global vagus nerve stimulator market in 2017. However, the growing popularity of noninvasive ones (vagal nerve stimulator) might limit the segment’s growth in the near future.
The vagus nerve stimulator finds application in pain management, epileptic seizures, obesity, depression and anxiety. By application, epileptic seizures is projected to be the major application segment in terms of revenue in the global vagus nerve stimulators market. These vagus nerve stimulators are used by hospitals, ambulatory surgical centers, specialty clinics and home care settings. The vagus nerve stimulator market has been analysed across regions of North America, Latin America, Europe, Asia Pacific Excluding Japan, Japan and MEA. Asia Pacific is expected to be the most lucrative regional market for vagus nerve stimulator during the forecast period.
The report tracks some of the key companies operating in the global vagus nerve stimulator market, including ElectroCore LivaNova LLC, Cerbomed GmbH, ReShape Lifesciences, Inc. NERVANA LLC, ReShape Lifesciences, Inc. Beijing PINS Medical Co., Ltd, Parasym Health, etc.
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