by The transcranial magnetic stimulator market has gained significant traction over the past few years. Transcranial magnetic stimulators are medical devices that apply electromagnetic induction to induce weak electric currents within the brain to stimulate nerve cells and alter the activity of neural circuits. They are used to diagnose and treat certain neurological and psychiatric disorders such as depression, bipolar disorder, schizophrenia, and stroke rehabilitation. Transcranial magnetic stimulation is a non-invasive method that does not require surgery and provides an alternative to electroconvulsive therapy. The benefits of transcranial magnetic stimulation include improved efficacy, fewer side effects, and quick administration. It enables treatment without affecting consciousness and allows repeat stimulation sessions as required for treatment.
The Global transcranial magnetic stimulator market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 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.
The key opportunities in the Transcranial Magnetic Stimulator Market Size include increasing prevalence of neurological and psychiatric disorders and growing geriatric population worldwide. Additionally, improvement of healthcare infrastructure and R&D funding are expected to boost market growth during the forecast period.
Technological advancements such as navigation-guided transcranial magnetic stimulation and connected digital healthcare offer improved accuracy, efficiency and patient care. They are also enabling home-use of transcranial magnetic stimulators in treatment of certain indications.
Market Drivers
The primary driver boosting the transcranial magnetic stimulator market growth is rising incidence of neurological and psychiatric disorders globally. According to WHO, around 450 million people suffer from neurological or mental disorders worldwide. Furthermore, growing awareness about benefits of non-invasive therapeutic modalities and favorable reimbursement policies in developed nations are fueling the adoption of transcranial magnetic stimulators.
Current challenges in Transcranial Magnetic Stimulator Market
The transcranial magnetic stimulator market is currently facing challenges related to stringent government regulations, inadequate reimbursement policies, and limitations of transcranial magnetic stimulator therapy. The approval process for new devices and technologies is long and rigorous. The reimbursement scenario for TMS therapy varies significantly across countries and regions which limits its adoption. Also, TMS therapy may not be effective for all types of mental disorders which requires validation through further clinical research.
SWOT Analysis
Strength: Non-invasive nature of TMS therapy reduces risks associated with other brain stimulation procedures. Growing body of clinical evidence establishing efficacy of TMS for various neurological and psychiatric conditions.
Weakness: High cost of TMS devices limits widespread adoption. Long-term effects of repetitive transcranial magnetic stimulation are still being researched.
Opportunity: Emerging applications of TMS for additional neurological disorders provides new growth opportunities. Technological advancements are helping overcome existing limitations and improve outcomes.
Threats: Strong competition from alternative brain stimulation therapies. Intellectual property disputes between industry players.
Geographical regions of market concentration
North America accounted for the largest share of the global transcranial magnetic stimulator market in terms of value in 2020. This is attributed to factors such as availability of reimbursement, substantial healthcare spending, rising prevalence of mental illnesses, and advanced healthcare infrastructure in the region.
Fastest growing region
The Asia Pacific region is expected to witness the highest growth during the forecast period. This is due to growing awareness about transcranial magnetic stimulation therapy, increasing healthcare expenditures, large patient pool suffering from neurological disorders, and improving networks of healthcare facilities in developing countries.
