SEATTLE, June 6, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global vagus nerve stimulators market is estimated to be valued at US$ 628.3 million in 2022 and is expected to exhibit a CAGR of 9.0% over the forecast period (2022-2030).
Key Trends and Analysis of the Global Vagus Nerve Stimulators Market:
Key trends in the market include increasing prevalence of neurological disorders such as epilepsy, depression, anxiety, migraine, among others; increasing approval of novel products, and increasing collaborations, acquisitions, and partnerships among key players. These key trends are expected to aid in growth of the global vagus nerve stimulators market.
According to an article published by The Scientific World Journal, a peer-reviewed, open access journal, in June 2020, it is estimated that migraine prevalence ranged between 2.6% and 32% among the general population in Arab countries (such as Bahrain, Iraq, Jordan, etc.), in 2019. The same source also estimates that the prevalence of migraine headache among school children of age group 6 to 18 years ranged between 7.1% and 13.7% and between 12.2% and 27.9% in medical university students in Arab countries in 2019.
Moreover, increasing approvals of novel vagus nerve stimulator products are expected to drive the market growth over the forecast period. For instance, in January 2022, electroCore, Inc., a U.S. based medical technology company announced that it has received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for its gammaCore Non-Invasive Vagus Nerve Stimulation(nVNS) for the treatment of post-traumatic stress disorder (PTSD).
Furthermore, key players operating in the global vagus nerve stimulators market are focusing on adoption of inorganic growth strategies such as distributor agreements, acquisitions, collaborations, in order to expand their market presence in the global market. For instance, in February 2021, electroCore, Inc. announced that it has entered into a distributive agreement with Medistar, an Australia based independent medical device distributor, distribution of electroCore, Inc.'s gammaCore Sapphire non-invasive vagus nerve stimulator (nVNS) in Australia.
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Key Market Takeaways:
The global vagus nerve stimulators market is expected to exhibit a CAGR of 5.1% over the forecast period, owing to rising research in development of novel vagus nerve stimulators. For instance, in February 2021, SetPoint Medical, a U.S. based biotechnology company announced that it has enrolled the first patient in its Investigational Device Exemption (IDE) study, which aims to evaluate SetPoint's proprietary bioelectronics device, a vagus nerve stimulator for treatment of rheumatoid arthritis.
Among applications, epilepsy segment is expected to account for the largest market share in 2022, owing to high incidence of epilepsy. For instance, according to data published by the World Health Organization (WHO) in February 2022, it was estimated that epilepsy is the most common neurological disease in the world, with around 50 million people suffering from epilepsy, globally, in 2019.
Key players operating in the global vagus nerve stimulators market include LivaNova PLC, electroCore, Inc., SetPoint Medical Corporation, Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, tVNS Technologies GmbH, BioControl Medical, NeurAxis, Inc., Soterix Medical Inc., MicroTransponder Inc., Boston Scientific Corporation, Cyberonics, Inc., EnteroMedics Inc., ReShape Lifesciences Inc., and Cerbomed GmbH etc.
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Detailed Segmentation:
Global Vagus Nerve Stimulators Market, By Product Type:
- Implantable Devices
- External Devices
Global Vagus Nerve Stimulators Market, By Application:
- Epilepsy
- Depression & Anxiety
- Cluster Headache & Migraine
- Others (Crohn's disease, Dyskinesia, among others)
Global Vagus Nerve Stimulators Market, By End User:
- Hospitals
- Specialty Clinics
- Others (Research Institutions, Ambulatory Surgical Centers, among others)
Global Vagus Nerve Stimulators Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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