Market Research Future (MRFR) in their recent article on the vagal nerve stimulation market declared that the vagal nerve stimulation market is expected to rise by 8.68% CAGR during the forecast period (2017-2023). It would attain significant market valuation by the end of 2023. Vagal nerve stimulation is the process to get the vagal nerve stimulated with electrical impulses. The vagal nerve, also known as the vagus nerve, runs from the brainstem to abdomen via neck and chest. The procedure involves the implantation of a stimulator under the skin on the chest where a wire connects it with the left vagal nerve.
Upon activation, the machine sends a signal to the brainstem which then triggers certain parts of the body. Vagal nerve stimulation works great with issues like pain, depression, and epilepsy. MRFR, while discussing the vagal nerve stimulation market, included segmental analysis and factors that can be decisive in the coming years.
As one of the major market factors, non-invasive techniques can take the market ahead in the coming years. Other than this, biotechnology and pharmaceutical companies are investing in the market substantially to promote growth and develop new products. Increased application of the sector in curing various diseases and rising supports in reimbursing the cost is bound to take the market forward.
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Despite such advantages, the high cost of the treatment can prohibit the market from having the predicted CAGR during the forecast period. But innovations can always steer the market clear out of any long-time sluggishness.
Competitive Analysis:
Notable players influencing the vagal nerve stimulation market, as per the reports of MRFR, are EnteroMedics Inc. (US), Cyberonics, Inc. (US), LivaNova PLC (UK), Boston Scientific Corporation (US), ElectroCore Medical LLC (US), ImThera Medical (US), NeuroMetrix, Inc. (US), and Inspire Medical Systems, Inc. (US).
In 2018, electroCore of New Jersey launched a non-invasive vagal nerve stimulator that can be used in treating a cluster headache. The latest version is called Sapphire. When placed on the vagus nerve, it sends electric current towards the brain to disrupt the causes of pain.
Segmentation:
MRFR in their report on the global vagal nerve stimulation market segmented the market by products, application, and end-user.
- Based on the products, the vagal nerve stimulation market includes implantable VNS devices and external VNS devices. Due to the rising demand for non-invasive materials, the external VNS devices segment can witness growth.
- Based on the Application-wise, the vagal nerve stimulation market comprises depression, epilepsy, migraine, and others. Anti-seizure drugs do not guarantee complete relief from epilepsy, that is why the demand for such treatment can grow.
- Based on the end-user, the vagal nerve stimulation market consists hospitals, ambulatory surgical centers, and others.
Regional Analysis:
MRFR, for a region-specific analysis, segments the vagal nerve stimulation market into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Well-developed technology keeps the Americas at the forefront of the global market. The region is quite aware of the prevalent neurological disorders and opts for better remedies which give the regional market substantial boost. High healthcare spending capacity of the populace can be considered an essential factor which can promote the market rapidly in the coming years. Governments are also investing substantially to take research and development ahead.
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Europe’s growth can be attributed to the robust infrastructure like that of the Americas and the presence of several market players who are developing strategies to take the market forward.
The APAC market is a revelation for many big investors. The market has a lot of potentials in terms of cost-effectivity, labor, and other factors. Growth potential in the region is quite substantial, so the major players are trying to create bases in the region as a plan for their expansion.
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