Vagus Nerve Stimulator Market size is forecast to reach $1.2 billion by 2026, growing at a CAGR of 10.9% during the forecast period 2021-2026. Vagus nerve stimulation involves delivering electrical impulses to the vagus nerve and acts as a translator. It used for epilepsy and depression among others under the skin below the patient’s clavicle. It is a part of the nervous system and controls involuntary functions such as heart rate and is used in treatment-resistant depression. It offers patients to improve conventional depression treatment. The shift of healthcare providers from medication to electrical stimulation for the treatment of neurological tremors disorders and the introduction of innovative noninvasive vague are the major factors driving the growth of the market. The increasing prevalence of neurological disorders and increasing investment in biotechnology are set to further enhance the overall market development for the Vagus Nerve Stimulator for the period 2021-2026.
Vagus Nerve Stimulator Market Segment Analysis- By Application
Epilepsy held the largest share in the Vagus Nerve Stimulator Market in 2020 and is estimated to grow at a CAGR 10.2% during the forecast period 2026. This is attributed to the effectiveness of the vagus nerve stimulator in epilepsy and treatment-resistant depressions and is used in patients that gave bladder and restoration of hand grasp. It is also used to improve other neurological conditions such as migraine and headaches along with cardiovascular diseases. The demand for treatment-resistant depression is also increasing owing to the growing prevalence and introduction of noninvasive devices. Treatment-Resistant Depression is set to the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
Vagus Nerve Stimulator Market Segment Analysis - By End User
Hospitals held the largest share in the Vagus Nerve Stimulator Market in 2020 and are estimated to grow at a CAGR 9.7% during the forecast period 2026. This is attributed to the emphasis of national and regional government agencies for the treatment of patients in outpatient settings along with the patients suffering from conditions that can be treated in outpatient settings. It does not require any hospital stay. The demand for vagus nerve stimulators is growing owing to the increasing number of specialty clinics along with the adequate reimbursement policies that are provided by it. Speciality Clinics are set to the highest growing segment and are estimated to register the highest CAGR over the period 2021-2026.
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Vagus Nerve Stimulator Market Segment Analysis – By Geography
North America dominated the Vagus Nerve Stimulator Market with a major share of 41.3% in 2020. This is attributed to the higher diagnosis coupled with reimbursement policies for vagus nerve stimulator. Higher awareness among patient population and new treatment options along with the increasing incidence of neurological conditions and resistance of patients to antidepressants are increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing number of non-invasive devices, increasing preferences for non-invasive devices, and regulatory approvals for these non invasive devices along with the presence of large market.
Vagus Nerve Stimulator Market Drivers
Growing Prevalence of Epilepsy
The growing prevalence of epilepsy is increasing the growth of the Vagus Nerve Stimulator Market. Epilepsy is a neurological condition and has a higher prevalence in developing countries. Around 50 million people are suffering from epilepsy according to the Epilepsy Foundation of America. An increasing number of patients suffering from the condition along with the electrical stimulation. Thus, increasing the growth of the Vagus Nerve Stimulator Market during the forecast period 2021-2026.
Introduction of Innovative Non Invasive Vagus Nerve Stimulation
The introduction of innovative noninvasive vagus nerve stimulation is increasing the growth of the Vagus Nerve Stimulator Demand Forecast Market. Vagus nerve stimulation controls specific functions and is implanted in the patient's body and placed on the vagus nerve. It provides electrical stimulation and offers various clinical benefits to healthcare providers and patients. Thus, increasing the growth of the Vagus Nerve Stimulator Market during the forecast period 2021-2026.
Vagus Nerve Stimulator Market Challenges
High Cost of Surgical Implantation and lower treatment Rates in Emerging Countries to Limit the Adoption of VNS Devices
Some of the factors that are set to impede the growth of the Vagus Nerve Stimulator Market are high cost of surgical implantation and lower treatment rates in emerging countries to limit the adoption of VNS devices.
Vagus Nerve Stimulator Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Vagus Nerve Stimulator Market. In 2020, the Vagus Nerve Stimulator DemandMarket share is consolidated by the top ten players present in the market. Vagus Nerve Stimulator Market, top 10 companies are Entero Medics Inc., ElectroCore Medical, Boston Scientific Corporation, Neuro Metrix Inc., and Inspire Medical Systems Inc. among others.
Acquisitions/Product Launches
In June 2019, Innovative Health Solutions got the approved of FDA for the IB stim for reduction of abdominal pain in children.
Key Takeaways
North America dominated the Vagus Nerve Stimulator Market in 2020 owing to the favourable health reimbursement policies for VNS devices and high awareness about neurological diseases. The Vagus Nerve Stimulator Market scope for different regions will be provided in the final report.
Rising need for better treatment and increasing government support for research along with the development by pharmaceutical and biotechnology technology industries are likely to aid the market growth of the Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Vagus Nerve Stimulator Market report.
High cost of surgical implantation and lower treatment rates in emerging countries to limit the adoption of VNS devices is poised to create hurdles for the Vagus Nerve Stimulator Market.
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