Vagus Nerve Stimulation Market is geared to grow at a CAGR of 10% from 2023 to 2032 | insightSLICE
The global Vagus Nerve Stimulation market size was estimated to be US$ 425 million in 2021 and is expected grow at a CAGR of 10% between 2023 to 2032.
Vagus nerve stimulation (VNS) therapy stops seizures by giving the brain regular, moderate electrical pulses. These pulses are sent via a device that mimics a pacemaker.
The autonomic nervous system that controls body’s functions, including heart rate, is composed of vagus nerves. After travelling through the neck, which is situated between the chest and the belly, the bottom part of the brain is eventually reached.
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The VNS device, sometimes known as the “pacemaker of the brain,” is inserted into the chest wall beneath the skin. It has a wire that attaches to the vagus nerve in the neck.
Vagus nerve stimulators treat uncontrollable epilepsy and depression that have defied treatment. Furthermore, COVID-19 survivors have since shown neurologic signs, which is anticipated to create a favourable environment for market growth.
The key players of the Global Vagus Nerve Stimulation Market are:
These technological advancements are predicted to hasten the market growth for vagus nerve stimulation throughout the forecast year. Some top businesses in the vagus nerve stimulation industry are Cyberonics, Neurospace, electroCore, Medtronic, LivaNova LLC, Cerebral Rx, MicroTransponder, Inc., and NERVANA LLC.
The FDA has also approved using an implanted VNS to treat epilepsy and depression. Also approved in Europe is a novel noninvasive VNS device that can treat epilepsy, depression, and pain without requiring surgical implantation.
Hence, the introduction of cutting-edge noninvasive procedures and the shift in healthcare professionals’ treatment strategies from medicine to electrical stimulation for neurological tremor disorders are the main drivers fueling the market’s expansion.
Between 2021 and 2026, the market for Vagus Nerve Stimulator is expected to grow rapidly as a result of increased biotechnology investment and the prevalence of neurological illnesses.
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Factors driving the expansion of the vagus nerve stimulation (VNS) Market
- The increasing prevalence of neurological and lifestyle-related illnesses.
- Outside investment for R&D.
- Demand for minimally invasive surgeries.
- Chronic illnesses, including epilepsy and depression, can be treated using vagus nerve stimulation devices, stimulating the vagus nerve with electrical impulses. An electrode and a vagus pacemaker are the two main parts of VNS.
The leading market segments of Global Vagus Nerve Stimulation Market
The market’s dominance by implantable VNS devices in 2022—with a revenue share of over 59.0%—was due to a surge in patients with epilepsy, depression, and various headache conditions.
The implanted VNS devices target the pain site and change nerve activity by electrically stimulating a specific nerve, making this treatment method more efficient.
In the Vagus Nerve Stimulator Market, epilepsy accounted for the highest share in 2020 and it is anticipated to rise at a CAGR of 10.2% from 2018 to 2026. This is ascribed to the vagus nerve stimulator’s efficiency in treating depressions resistant to treatment and epilepsy.
It is utilised in patients who have recovered their ability to grasp objects with their hands. It is also utilised to treat cardiovascular illnesses and other neurological conditions such as migraines.
Due to the increased popularity and accessibility of non-invasive devices, the demand for depression-resistant therapy is also rising. Treatment-Resistant Depression is predicted to be the market with the highest growth rate and CAGR from 2021 to 2026.
Hospitals accounted for the highest market share for vagus nerve stimulators in 2020, and it is predicted that they will continue to expand through 2026 at a CAGR of 9.7%.
The focus of national and local government organisations on treating patients in outpatient settings and the patients with diseases that can be treated in outpatient settings is linked to this.
There is no hospital stay necessary. Due to the expanding number of specialised clinics and the adequate reimbursement schemes they offer, the demand for vagus nerve stimulators is rising. Speciality Clinics are anticipated to develop fastest and have the most significant CAGR from 2023 to 2032.
Regional performance of Vagus Nerve Stimulation Market
North America dominated with a significant contribution of 39% in the global vagus nerve stimulator market in 2020. The increased diagnosis and reimbursement regulations for vagus nerve stimulators explain this.
The market in this region is expanding due to increased patient awareness among the patient population, new treatment choices, an increase in neurological diseases, and patients’ resistance to antidepressants.
However, due to the rising demand for noninvasive devices, the rising popularity of noninvasive devices, regulatory approvals for these noninvasive devices, and the presence of a sizable market, Asia Pacific is predicted to develop at a higher CAGR over the projected period of 2021–2026.
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Factors limiting growth of vagus nerve stimulation (VNS) Market
Although epilepsy, depression, and other chronic disorders are becoming more common in developed and developing countries, there are several obstacles impeding the widespread deployment of VNS devices.
One of the critical factors preventing market expansion is the lower rates of neurological disease treatment in emerging countries. Only a tiny percentage of patients are now receiving treatment, and a significant majority still prefer conventional drugs to treat these problems.
Global Vagus Nerve Stimulation Market Key Segments:
- Implantable VNS Devices
- External VNS Devices
By End User
- Ambulatory Surgical Centers (ASCS)
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
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