Transcranial Magnetic Stimulators Market is Expected To Reach USD 1.82 Billion By 2027 at a CAGR of 8.3%
The increase in the prevalence of Parkinson's and Alzheimer's diseases and rising awareness regarding the transcranial magnetic stimulators are driving the market.
The global Transcranial Magnetic Stimulators Market is forecast to reach USD 1.82 Billion by 2027, according to a new report by Reports and Data. Transcranial magnetic stimulation is a non-invasive surgery widely used for the treatment of the brain and neurological diseases. It uses a magnetic field to stimulate nerve cells in the brain and reduce chronic pain.
The demand for the transcranial magnetic stimulator has increased owing to the rising prevalence of neurological diseases. Increase in awareness regarding health, growing population, and changing lifestyle has further driven the market for transcranial magnetic stimulation. Neurological and mental disorders are becoming quite common across the globe, owing to the increased life expectancy and rapidly changing lifestyle.
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There are several medical factors influencing the growth of the transcranial magnetic stimulator market directly. Neurological disorders are the leading cause of disability and death across the globe currently. Increase in the patient suffering from Alzheimer’s, Multiple Sclerosis, Cerebrovascular, Parkinson’s, and Epilepsy, provide ample growth opportunities for the market.
Europe is the second-largest market witnessing moderate growth for the transcranial magnetic stimulator market. The governments in Europe are coming up with some of the initiatives to educate and to raise awareness regarding the neurological diseases. One of the initiatives, such as the European Parkinson’s Disease Association, is actively supporting research and development by campaigning to generate awareness and provide medication to patients.
Further key findings from the report suggest
- Deep transcranial magnetic stimulation is a non-invasive, non-drug, yet effective treatment for depression patients. It is a type of brain stimulation technique where pulsed magnetic fields are generated by a coil placed on the scalp. This current essentially activates the neuronal circuits at the stimulation site, resulting in symptom improvement.
- Transcranial magnetic stimulation uses magnetic fields to invigorate nerve cells in the brain to enhance symptoms of depression. It is generally used when different forms of depression treatments haven't been effective. This treatment for depression involves delivering repetitive magnetic pulses, so it's called repetitive TMS or rTMS.
- Depression can be treated, but for some people, standard treatments aren't effective. Repetitive TMS is used when standard treatments such as medications and psychotherapy don't work.
- Hospitals held the largest market share owing to the growing investments in the healthcare sector by the government. Surge in the number of hospitals across the globe and rapid modernization of it in the emerging nations are propelling the demand of the segment in the market. Hospitals are generally equipped with efficient professionals at all times to help patients with the procedure.
- Asia Pacific is anticipated grow at the fastest CAGR of 9.5% during the forecast period. Growing healthcare tourism, changing lifestyle, increase in the prevalence of chronic diseases, heavy investments in the transcranial magnetic stimulator, and a large number of product launches are some of the key factors supporting the growth in the region.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Brainsway, eNeura, MagVenture, Neurosoft, Dr. Langer Medical, MAG & More, Remed, Nexstim, Yiruide, and Neuronetics Inc., among others.
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Transcranial Magnetic Stimulators Market Segmentation:
Type Outlook (Revenue, USD Million; 2016-2027)
- Deep Transcranial Magnetic Stimulator (dTMS)
- Repetitive Transcranial Magnetic Stimulator
Application Outlook (Revenue, USD Million; 2016-2027)
- Alzheimer's Disease
- Parkinson's Disease
- Depression Disease
- Epilepsy Disease
End-User Outlook (Revenue, USD Million; 2016-2027)
- Ambulatory Surgical Centers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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