Transcranial Magnetic Stimulator Market Poised for High Growth Due to Rising Prevalence of Neurological Disorders

 
Transcranial Magnetic Stimulator Market

The transcranial magnetic stimulator market comprises devices that utilize magnetic fields to induce weak electric currents in specific areas of the brain. Transcranial magnetic stimulators help treat neurological disorders like depression, mood disorders, Parkinson's disease, Alzheimer's disease, and chronic pain by stimulating targeted areas of the brain non-invasively. The global prevalence of such disorders has increased significantly in recent years due to changing lifestyles and an aging population. Transcranial magnetic stimulators provide an effective alternative to pharmacological and surgical treatments with minimal side effects.

The global transcranial magnetic stimulator market is estimated to be valued at US$ 1.42 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the transcranial magnetic stimulator market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others. These players are focusing on new product launches and enhancing their geographical presence worldwide. For instance, in 2023, Medtronic launched Cervel Neurotechnology's Transcranial Magnetic Stimulator Market Size indicated for treating major depressive disorder.

The growing mental health burden globally and increasing awareness regarding non-invasive treatment alternatives present significant opportunities for transcranial magnetic stimulator manufacturers. Furthermore, favorable reimbursement policies for TMS therapy in developed markets like the U.S. and Europe are encouraging adoption.

Key players are expanding their operations in emerging markets like Asia Pacific, Latin America, and Middle East & Africa to tap the potential offered by improving access to healthcare and rising disposable incomes. For example, in 2022, LivaNova expanded its footprint in India by launching two new transcranial magnetic stimulator models.

Market drivers:

The rising prevalence of neurological and psychiatric disorders driven by growing geriatric population and changing lifestyles is a major growth driver. Transcranial magnetic stimulation provides an effective alternative to pharmaceutical drugs and surgery with minimal side effects.

Market restraints:

High costs of transcranial magnetic stimulators and therapy procedures restrict wider adoption. Lack of awareness regarding transcranial magnetic stimulators in developing regions also poses a challenge for manufacturers. Reimbursement barriers in some countries further hinder market growth. However, ongoing R&D efforts to develop affordable stimulators are expected to overcome some of these restraints.

Segment Analysis

Transcranial magnetic stimulator market is dominated by repetitive transcranial magnetic stimulation (rTMS) segment. rTMS is a non-invasive form of brain stimulation, which utilizes magnetic pulses to stimulate specific areas of the brain. It is approved by FDA for treatment of depression. Nearly 60% of total TMS procedures performed use rTMS technique due to its effectiveness and capacity to target localized regions of interest precisely.

Deep transcranial magnetic stimulation (dTMS) segment is growing at a highest rate. dTMS is an FDA-approved technique involving magnetic stimulation of deeper brain structures below the cerebral cortex, such as limbic system and basal ganglia. It offers potential advantages over conventional rTMS for treatment of various mental health conditions including obsessive-compulsive disorder. Thus, dTMS segment is emerging as an attractive alternative to rTMS.

Global Analysis

North America dominates the global transcranial magnetic stimulator market owing to high adoption of technologically advanced TMS systems and availability of reimbursement for TMS therapy. Favorable regulatory environment enabling rapid market clearance is boosting regional growth. Asia Pacific exhibits fastest growth and is anticipated to register over 6% CAGR during the forecast period. Rising healthcare expenditure, growing geriatric population prone to neurological disorders, increasing awareness about TMS therapy are driving the APAC market. Further, low-cost manufacturing in China and India alongside improving economic conditions contribute to market expansion in the region.

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