May 22, 2024
Transcranial Magnetic Stimulator Market

Transcranial Magnetic Stimulator Market Is Expected To Be Flourished By Rising Approvals For Transcranial Magnetic Stimulators

Transcranial magnetic stimulation (TMS) is a non-invasive procedure used to stimulate specific areas of the brain by introducing weak electric currents using rapidly changing magnetic fields. It is used in clinical research and practice to study normal brain function and in treating psychiatric and neurologic conditions. TMS can be used to treat depression, anxiety, schizophrenia, and other neuropsychiatric disorders. It is painless and has minimal risk and side effects compared to other techniques. Furthermore, TMS is being used in clinical research for treatment-resistant cases of depression.

The global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 billion  in 2023 and is expected to exhibit a CAGR of 5.4%  over the forecast period from 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global transcranial magnetic stimulator market is driven by rising product approvals for transcranial magnetic stimulators. For instance, in November 2021, Brainsway received 510(K) clearance from the U.S. FDA for its Deep TMS helmet for the treatment of major depression disorder. Similarly, in April 2021, NeoNeuro A/S also received FDA clearance for its Deep TMS device for treatment-resistant depression. Such product approvals are expected to boost the demand for transcranial magnetic stimulators during the forecast period.

Market Dynamics

The rising approvals for transcranial magnetic stimulators, as referred to in the heading, is a key driver propelling the growth of the transcranial magnetic stimulator market. Transcranial magnetic stimulation, compared to electroconvulsive therapy, is safe and bears minimal risk, which has led to increasing adoption of transcranial magnetic stimulators in psychiatry. Moreover, with increasing incidence of depression and other neurological disorders, demand for non-invasive brain stimulation techniques such as transcranial magnetic stimulation is growing significantly. Also, growing application of transcranial magnetic stimulation in neurology, pain management, and neuroscience research are positively impacting the market growth.

Segment Analysis

The global Transcranial Magnetic Stimulator market is dominated by the therapeutic devices sub segment. This sub segment accounts for over 70% of the total market share owing to the wide usage of TMS devices for the treatment of neurological disorders like depression, Parkinson’s disease etc. TMS devices help in non-invasive brain stimulation and are being extensively used by neurologists and psychiatrists to treat various mental health conditions.

PEST Analysis

Political: Governments across various countries are supporting research and development activities in neuroscience which is boosting the adoption of TMS devices. Favorable reimbursement policies are also aiding the market growth.
Economic: Rising healthcare spending coupled with growing disposable incomes has increased investment in advanced neurostimulation devices. The demand for non-invasive solutions is driving the sales of TMS devices.
Social: Increasing prevalence of neurological and mental disorders is creating awareness about new treatment options like TMS. Growing acceptance of brain stimulation therapies is fueling the market expansion.
Technological: Leading manufacturers are focusing on innovations to develop upgraded TMS systems with improved functionality and safety. Integrating therapist guidance features in devices is enhancing user-friendliness.

Key Takeaways

The global Transcranial Magnetic Stimulator Market Demand is expected to witness high growth over the forecast period led by rising geriatric population and growing cases of neurological illnesses. The global transcranial magnetic stimulator market is estimated to be valued at US$ 1.42 billion  in 2023 and is expected to exhibit a CAGR of 5.4%  over the forecast period from 2023 to 2031.

North America currently dominates the market backed by advanced healthcare infrastructure and availability of favorable reimbursements.

Major players operating in the Transcranial Magnetic Stimulator market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc. Key players operating in the market are focused on product approvals and partnerships to strengthen their market presence. They are also making collaborative efforts for the development of novel TMS devices. The future looks positive with ongoing research for expanding therapeutic applications of magnetic stimulation devices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it