In a groundbreaking revelation, Future Market Insights (FMI) presents a recent intelligence study unveiling a remarkable surge in the Global Vagus Nerve Stimulator Industry. Implantable vagus nerve stimulators currently dominate the market, contributing significantly to its revenue. The study predicts a robust year-on-year revenue growth of more than 9% in 2019, affirming the market’s bright future.
This growth surge is fueled by a paradigm shift within the industry. The Vagus Nerve Stimulator landscape is experiencing a gradual transition from implantable devices to non/minimally invasive alternatives, paving the way for the ascension of transcutaneous Vagus Nerve Stimulators (VNS) over the next couple of decades. The global medical community’s growing interest in these innovative approaches reflects a transformative wave that is set to reshape the industry.
Furthermore, the Compound Annual Growth Rate (CAGR) from 2018 to 2026 is projected at an impressive 10.6%, indicating sustained growth and investment opportunities in the Global Vagus Nerve Stimulator Industry.
- 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.
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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 Global Vagus Nerve Stimulator Industry, 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 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 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 Global Vagus Nerve Stimulator Industry in Europe. VNS sales in Europe will also benefit from the strong presence of leading industry manufacturers in the region”.
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.
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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 Global Vagus Nerve Stimulator Industry 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 stimulator.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 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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