by The Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 638.4 Mn in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transcranial magnetic stimulation (TMS) is a noninvasive brain stimulation technique used for various neuropsychiatric and neurological disorders, such as depression, Parkinson’s disease, Alzheimer’s disease, and schizophrenia. TMS uses magnetic fields to stimulate nerve cells in the brain to improve symptoms. It helps modulate cortical excitability and synaptic activity in various parts of the brain that are involved in mood disorders, motor control, and other higher functions.
Market Dynamics:
The increasing incidence of depression and expanding applications of transcranial magnetic stimulators are expected to drive the market growth over the forecast period. According to World Health Organization (WHO), over 300 million people suffer from depression globally. Moreover, the COVID-19 pandemic has further increased the cases of depression globally. The effectiveness of TMS in treatment-resistant depression (TRD) is a major factor fueling the adoption of TMS therapy. Also, continuous technological advancements by manufacturers to develop improved TMS devices are further propelling the market growth. Furthermore, growing awareness regarding advantages of non-invasive brain stimulation therapies over medications and expanding reimbursement for TMS therapy is anticipated to offer lucrative growth opportunities for the market.
SWOT Analysis
Strength: Transcranial Magnetic Stimulator has minimal side effects, non-invasive, and painless procedure which is preferred by patients. it allows focal stimulation of brain areas involved in various neurological and psychiatric disorders. TMS is reimbursed by insurance which makes it more affordable treatment option.
Weakness: TMS requires specialized and expensive equipment making it less accessible in remote regions. Long-term effects and efficiency of TMS for various conditions still needs more research validation. Individual responses to TMS can vary requiring personalized treatment protocols.
Opportunity: Increasing incidence of neurological and psychiatric disorders like depression, Parkinson’s disease indicates huge market potential. Growing geriatric population vulnerable to such conditions offers new growth avenues. Developing economies with improving healthcare infrastructure present untapped markets.
Threats: Strong competition from alternative treatment options like electroconvulsive therapy (ECT), pharmaceutical drugs, and invasive neurostimulation devices. Stringent regulatory approval process and regular compliance requirements increase operation costs. Reimbursement policies vary across regions and conditions limiting revenue generation.
Key Takeaways
The Transcranial Magnetic Stimulator Market Size is expected to witness high growth, exhibiting a CAGR of 12.4% over the forecast period, due to increasing prevalence of neurological and psychiatric disorders worldwide.
Regional analysis: The US market captured over 30% revenue share in 2023 owing to high adoption, availability of advanced healthcare facilities and favorable reimbursement landscape. Europe is expected to grow at a significant rate during the forecast period driven by large patient pool and supportive regulatory environment in countries like Germany and UK. Asia Pacific region presents immense opportunities attributed to unmet clinical needs, improving access and focus on neurological healthcare upgrade in countries like China and India.
Key players: Key players operating in the Transcranial Magnetic Stimulator market are Magstim, Brainsway, Nexstim, Neuronetics, Remed, Yiruide, Dr. Langer Medical, MAG & More, Deymed, MagVenture, eNeura, Neurosoft, Neuro-Electrics, TCT Research, MagPro Compact, Axilum Robotics, Onward Medical, Rogue Resolutions, Avision, RAPID Biomedical. These players are focusing on new product launches, geographic expansions and collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
