Presently, the implantable vagus nerve stimulator commands a significant share of the Vagus Nerve Stimulator Market’s revenue. According to a recent intelligence study published by Future Market Insights, the global vagus nerve stimulator market is poised to exhibit strong year-over-year revenue growth, exceeding 9% in 2019.
This surge is being driven by a notable shift from implantable devices to non-invasive or minimally invasive alternatives within the vagus nerve stimulator (VNS) landscape. Over the next few decades, we can anticipate the gradual rise of transcutaneous VNS. Additionally, increased research and development endeavors are focusing on the integration of cutting-edge technology to overcome the limitations associated with implantable VNS, shaping the future of the vagus nerve stimulator marketplace.
Here are some key findings:
- Research and surveys indicate that approximately 50% of the global population suffering from neurological disorders have some form of epileptic disorder.
- Vagus nerve stimulation is expanding its range of applications beyond epilepsy, demonstrating its growing versatility in recent years.
- Ongoing research is uncovering the potential effectiveness of vagus nerve stimulation in managing obesity and treating patients with depression.
- Encouraging results from vagus nerve stimulation in the treatment of depression that is resistant to other therapies and in epilepsy surgery suggest promising opportunities on the horizon.
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Europe Steals the Limelight, Crossing US$ 100 Million Revenue in 2019
North America currently holds a massive revenue share in the vagus nerve stimulator market, and FMi projects continued dominance of this region over other regional markets in comping years. However, the report forecasts emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players in the near future. Europe will reportedly cross the US$ 100 million mark in 2019, reflecting the most lucrative opportunities for vagus nerve stimulator manufacturers.
“At present, Europe and APEJ hold a collective revenue share of over 40% in market, of which the former is gradually moving towards extending its individual market value share up to 1/4th of the global revenue,” explains a senior research analyst at FMI. Adding further, the analyst says, “Favorable regulatory and reimbursement scenario across Europe and relatively easy availability of VNS systems are most prominently driving the growth of vagus nerve stimulator market in Europe. VNS sales in Europe will also benefit from the strong presence of leading industry manufacturers in the region”.
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Taxonomical Insights – By Type, Application, and End User
- By the type of vagus nerve stimulator, implantable stimulator continues to bring in the most of the revenue to market.
- Epileptic seizures secure the spot of the most sought after application type in vagus nerve stimulator landscape.
- Hospitals remain the largest end user of vagus nerve stimulator. FMI research indicates that specialty clinics and home care settings are emerging as attractive end user candidates in recent years.
Thorough competition analysis of vagus nerve stimulator landscape reveals a few important developmental strategies that are ruling the minds of VNS manufacturers at present.
- Besides geographical expansion, leading players in vagus nerve stimulator market are focusing on the extension of their existing offerings portfolio, according to the report.
- In an effort to address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- A number of companies are also directing their strategic focus on a stronger distribution network.
- Strategic partnerships with local and regional distributors and retailers hold immense importance for the competitors in VNS landscape.
- Long-term contractual collaborations with recognized hospitals, research and pathology laboratories, and CROs are emerging as a growing trend among manufacturers of vagus nerve stimulator.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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