Vagus nerve Stimulators are electronic devices that are placed inside the abdominal area. The idea behind it is that when placed near the spleen there will be relief of symptoms associated with Vagus Nerve compression, which includes pain, spasms, vomiting, and nausea. The primary factor that could aid growth of the market is rapidly growing cases of neurological and cardiovascular disorders. As per the World Health Organization (WHO), around 17.9 million people die of cardiovascular diseases every year. As per the Alzheimer Association, in 2021, around 6.2 million people in the U.S. aged 65 years and above are living with Alzheimer’s dementia. This, in turn, has led to rapid demand for vagus nerve stimulators, which helps to improve heart rate variability with better vagal reflexes. Hence, such factors can stimulate growth of the vagus nerve stimulators market.
As far as geographical impact is concerned, North America is exhibiting a positive outlook in the vagus nerve stimulators market since there is the presence of modern healthcare systems and technological advancements in healthcare practices. On the contrary, Asia Pacific seems to be gaining robust traction due to high incidence of neurological disorders in the region. Recently, in February 2021, electroCore Inc. received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its gammaCore, a vagus nerve stimulator for preventive treatment of adolescent migraine.
Vagus Nerve Stimulators are a specific category of therapeutic devices that are used in the treatment of diseases and conditions that affect the functioning of the brain. While their main function is to relieve pain associated with Vagus Nerve Compression, they can also help with refractory spasticity associated with some brain injuries. Despite these accelerating factors, certain challenges can still impede market growth. For instance, high cost associated with these devices can limit growth of the vagus nerve stimulators market. Besides, the lack of reimbursement policies in emerging economies can potentially restrict market growth in the near future.
Vagus Nerve Stimulators are a relatively new therapeutic device that has shown promising results in the treatment of depression, especially in patients who are unresponsive to other medications. It has been found that using Vagus Nerve Stimulators effectively treats depression when combined with counseling and behavior modification techniques. Elderly people, typically aged 60 years and above are most vulnerable to cardiovascular and neurological disorders. With the rapidly increasing geriatric population, the demand for vagus nerve stimulators is likely to surge. According to the WHO, by 2050, the global population aged 65 years and above is expected to reach around 2 billion increasing from 900 million in 2015. Hence, such factors can augment growth of the vagus nerve stimulators market.
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