Vagal Nerve Stimulation Market 2023 – Global Overview, Opportunities, Segmentation, Key Players, For
Market Highlights
Vagus nerve stimulation is a treatment for neurological disorders like epilepsy that involves a stimulator or pulse generator, which is placed inside the body and connected to the left vagus nerve in the neck. The stimulator sends regular, mild electrical stimulations through this nerve to help calm down the irregular electrical brain activity that leads to seizures. The treatment for epilepsy works differently from patient to patient and vagus nerve stimulation therapy is a form of treatment for people with epilepsy whose seizures are not controlled with medication. Implants like electronic neck implant are important for treating neurological disorder such as epilepsy.
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According to Migraine Research Foundation, (2014), migraine was the 3rd most prevalent illness in the world. Nearly 1 in 4 U.S. households includes someone with migraine. Moreover, 12% of the population including children have migraine problem. 18% of American women, 6% of men, and 10% of children experience migraines. Mostly migraine occurs at the age of 25-55.
Increasing prevalence of neurological disorder like epilepsy, rising need for better treatment, increasing investment of biotechnology and pharmaceutical industries in R&D, and availability of funds drive the growth of the market. Moreover, increasing government support for research & development, changing lifestyle, and rapid development in technology will fuel the market growth during the forecast period. However, high cost of the treatment may slow the market growth during the review period.
The global vagal nerve stimulation or vagus nerve stimulation market is expected to grow at a CAGR of ~ 8.68 % during the forecast period 2017-2023.
Key Players
Some of key the players in the market are LivaNova PLC (UK), EnteroMedics Inc. (US), ElectroCore Medical LLC (US), Boston Scientific Corporation (US), Cyberonics, Inc. (US), NeuroMetrix, Inc.(US), ImThera Medical (US), and Inspire Medical Systems, Inc.(US).
Segmentation
The global vagal nerve stimulation market is segmented on the basis of products, application, and end user.
On the basis of products, the market is segmented into implantable VNS devices and external VNS devices.
On the basis of application, the market is segmented into depression, epilepsy, migraine, and others.
On the basis of end user, the market is segmented into hospitals, ambulatory surgical centers, and others.
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Regional Analysis
The Americas dominates the global vagal nerve stimulation market owing to the presence of huge patient population with neurological disorder such as depression, epilepsy, and migraine, high healthcare spending, and increasing government support for research & development.
Europe holds the second largest share of the global vagal nerve stimulation market. The increasing focus of various government agencies on treating epilepsy, depression, and heart attacks will have a positive impact on the growth of the market. The growing public awareness will boost the adoption of these devices in the Europe market.
Asia Pacific is the fastest growing vagal nerve stimulation market across the globe. Japan holds the major share of the regional market due to availability of technology and huge healthcare spending. Rapidly developing economy, increasing healthcare expenditure, and government initiatives for research & development will drive the market in China and India over the assessment period.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.