The transcranial magnetic stimulator market is estimated to be valued at US$ 638.4 Mn in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Transcranial magnetic stimulator (TMS) is a non-invasive technique used for stimulating small areas of the brain by means of focussing intense and brief magnetic field impulses on the region of interest. The device consists of a stimulating coil, which produces short magnetic pulses when electric current is passed through it. It is generally used in treatment of neuropathic disorders such as major depressive disorder, schizophrenia, addiction disorders, Alzheimer's disease and Parkinson's disease among others. TMS therapy is gaining popularity as an alternative to pharmacological and surgical treatments owing to its safety and effectiveness.
Market Dynamics:
Rising prevalence of neuropathic disorders across the globe is a key driver augmenting growth of the TMS market. According to WHO, around 450 million people suffer from such disorders globally. In addition, improving accessibility of TMS devices major healthcare facilities worldwide is expected to boost adoption. Moreover, increasing R&D investments by manufacturers in development of innovative and portable TMS devices is anticipated to offer lucrative opportunities over the forecast period. However, high costs associated with TMS procedures and lack of trained professionals may limit market growth to some extent.
Segment Analysis
The global Transcranial Magnetic Stimulator Market Size is divided into three key segments based on application - Diagnostics & Research, Therapy, and Others. Among these, the Therapy segment currently dominates with the largest market share owing to the increasing usage of rTMS technology for the treatment of various neurological and psychiatric disorders such as depression. This non-invasive therapy has shown positive results and fewer side effects as compared to medication.
PEST Analysis
Political: Governments across various countries are supporting the use of alternative treatment options for mental health disorders due to growing awareness. They are approving policies to promote the adoption of novel medical devices like TMS.
Economic: The rising healthcare expenditure to deal with the growing prevalence of neurological conditions and the presence of favorable reimbursement schemes are fueling the market growth economically.
Social: Growing social acceptance of brain stimulation therapies and reductions in stigma associated with mental illnesses are propelling their demand.
Technological: Continuous R&D investments by players have led to rapid technological advancements in TMS devices. The introduction of multi-coil rTMS devices and devices integrated with neuronavigation systems has further widened their clinical applications.
Key Takeaways
The global Transcranial Magnetic Stimulator market size is expected to reach US$ 638.4 Mn in 2023, expanding at a high CAGR of 12.4% during 2023 - 2030. The growth can be attributed to the rising geriatric population who are prone to neurological disorders and increasing adoption of rTMS for mental health conditions.
Regionally, North America captures the highest market share currently owing to advanced healthcare infrastructure and rising prevalence of neuropsychiatric diseases in the region. However, Asia Pacific is expected to witness the fastest growth over the forecast period backed by improving access to novel brain stimulation therapies and growing medical tourism in the region.
Key players operating in the Transcranial Magnetic Stimulator market are Magstim, Brainsway, Nexstim, Neuronetics, Remed, Yiruide, Dr. Langer Medical, MAG & More, Deymed, MagVenture, eNeura, Neurosoft, Neuro-Electrics, TCT Research, MagPro Compact, Axilum Robotics, Onward Medical and Rogue Resolutions. They are focusing on new product launches, geographical expansions and strategic collaborations to strengthen their market presence.
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The global Transcranial Magnetic Stimulator Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the transcranial magnetic stimulator market include Brainsway, Dr. Langer Medical, eNeura, MAG & More, Magstim, MagVenture, Neuronetics, Neurosoft, Nexstim, Remed, Yiruide, S. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Transcranial Magnetic Stimulator Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/transcranial-magnetic-stimulator-market/download-sampleMarket DynamicsMajor factors that are responsible for boosting the growth of the market over the forecast period are rising pervasiveness of neurological issue including schizophrenia and different issue, flooding geriatric populace prompting expanding cerebrum issue related with age, developing utilizations of the transcranial attractive incitement strategy in conclusion and treatment of the neurological problem, good repayments, and new and mechanically propelled items presented by producers, for example, neuro-exploring triggers in the worldwide market.
However, more patients choosing electroconvulsive therapy can create problems for the growth of the market.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.Additionally, these tools also give inclusive assessment of each segment in the global market of transcranial magnetic stimulator.Browse Global Transcranial Magnetic Stimulator Market Research Report with detailed TOC at https://www.valuemarketresearch.com/report/transcranial-magnetic-stimulator-marketMarket SegmentationThe report segments the transcranial magnetic stimulator market and analyses it with respect to the geography, intending to keep the marketer informed and help them identify the target demographics for the product or service.By TypeSingle pulse transcranial magnetic stimulatorsRepetitive pulse transcranial magnetic stimulatorsBy ApplicationTinnitusAlzheimerParkinson’s DiseasePsychiatric DisordersStrokeOthersRegional AnalysisThis section covers regional segmentation which accentuates on current and future demand for transcranial magnetic stimulator market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Further, the report focuses on demand for individual application segment across all the prominent regions.Purchase Complete Global Transcranial Magnetic Stimulator Market Research Report at https://www.valuemarketresearch.com/contact/transcranial-magnetic-stimulator-market/buy-nowAbout Us:Value Market Research was established with the vision to ease decision making and empower the strategists by providing them with holistic market information.We facilitate clients with syndicate research reports and customized research reports on 25+ industries with global as well as regional coverage.Contact:Value Market Research401/402, TFM, Nagras Road, Aundh, Pune-7.Maharashtra, INDIA.Tel: +1-888-294-1147Email: [email protected]: https://www.valuemarketresearch.com
