The global Vagus Nerve Stimulator Market is experiencing a surge in demand, with a projected year-on-year revenue growth of over 9% in 2019, according to a recent intelligence study by Future Market Insights. This significant growth highlights the increasing recognition of vagus nerve stimulation (VNS) as a valuable treatment option for various conditions.
The Vagus Nerve Stimulator Market is poised for substantial growth between 2018 and 2026, driven by its diverse applications across various medical fields. This market report explores the market dynamics based on different applications, including Pain Management, Epileptic Seizures, Obesity Management, Depression, and Anxiety.
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Vagus Nerve Stimulation Market to Showcase Impressive Growth, Fueled by Rising Demand for Minimally Invasive ProceduresThe Vagus Nerve Stimulator Market, spanning applications like pain management, epilepsy control, obesity treatment, and mental health, shows promising growth from 2018 to 2026. Epilepsy management remains a dominant segment, while innovations and regional variations play key roles. North America and Europe lead in adoption, with Asia-Pacific emerging as a potential growth market. Continuous technological advancements and strategic collaborations fuel market expansion.
- Of the total global population inflicted by neurological disorders, approximately 50% suffer from an epileptic disorder, research and surveys say.
- Vagus nerve stimulation is witnessing a rapidly expanding applicability beyond epilepsy, in the recent past.
- Research uncovers the potential efficiency of vagus nerve stimulation in the obesity management of depression patients.
- The positive outcome of vagus nerve stimulation in treatment-resistant depression and epilepsy surgery indicates promising opportunities approaching shortly.
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 the coming years. However, the report forecasts the emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players shortly. 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 the 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
- The type of vagus nerve stimulator, implantable stimulator continues to bring in most of the revenue to the market.
- Epileptic seizures secure the spot of the most sought-after application type in the vagus nerve stimulator landscape.
- Hospitals remain the largest end-users of vagus nerve stimulators. FMI research indicates that specialty clinics and home care settings emerge as attractive end-user candidates in recent years.
A thorough competition analysis of the 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 the vagus nerve stimulator market are focusing on the extension of their existing offerings portfolio, according to the report.
- To address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- Several 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 stimulators.
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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