Austin, July 26, 2024 (GLOBE NEWSWIRE) -- The Vagus Nerve Stimulation Market Size was valued at USD 456.88 million in 2023 and is expected to reach USD 1074.62 million by 2032 and grow at a CAGR of 10.48% over the forecast period 2024-2032.
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Advancements in neurological disorder diagnosis and treatment and, a significant increase in acceptance of neuromodulation therapies are major factors that lead to drive the growth of the vagus nerve stimulation (VNS) products market. The increase in the types of neuromodulation devices approved by the FDA has gone up 15% over the last five years, according to data from that federal agency, and indicative of broader comfort levels within medicine. Results of VNS therapy in patients with conditions like epilepsy and depression have shown great promise: thus, the National Institute of Neurological Disorders and Stroke (NINDS) indicates that healthcare providers are becoming increasingly more likely to use this technique. Recent efforts by government bodies like the National Institutes of Health (NIH) which has funded multiple clinical trials in neuromodulation would continue the growth path for VNS therapies.
Vagus nerve stimulation (VNS)products, as well, are prophesied to achieve impetus on the back of a rising count of neural disorders like migraine and epilepsy which they seek. The Centers for Disease Control and Prevention (CDC) estimates there are 3.4 million individuals with epilepsy in the United States, and migraine is experienced by more than a billion people globally according to the WHO. The increasing prevalence, recently estimated to be nearly 1 in every 100 children with ASD, has emphasized the importance of developing efficient treatment options including VNS therapy for these individuals. The need for VNS devices is expected to escalate, according to market analysis the growth rate will be at 8% per annum. According to government statistics, neurological spending for the past decade has advanced by 20%, hence contributing towards augmenting the VNS industry landscape. In addition, neurostimulation therapies are expected to be more available globally as national health agencies continue their efforts to encourage research and brain stimulation development.
Vagus Nerve Stimulation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 480.52 million |
| Market Size by 2032 | USD 1191.83 million |
| CAGR | 10.62% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
The major players are MicroTransponder Inc., Parasym Ltd, LivaNova PLC, Neuropix Company Ltd., Soterix Medical Inc., tVNS Health GmbH, Beijing PINS Medical Co., Ltd, SetPoint Medical Corporation, electroCore, Inc. and others.
Segmentation Dynamics
By end-use, the hospitals segment accounted for 52% market share in the Vagus Nerve Stimulation market. The surge in the prevalence of neurological disorders is one of the factors contributing to this growth, along with a rise in VNS surgeries performed at hospitals. Moreover, the availability of advanced technological devices and favorable reimbursement policies are expected to bolster the hospital segment throughout the forecast period. For example, Medtronic has individualized services to help with securing and maintaining coverage and payment for different DBS devices.
In addition to this, the technology of the hospital is advancing and current technologies are already in use for better treatment in hospitals. Not just making the treatment process convenient, these devices are also aiding in delivering better results within minutes. The majority of all diagnostic tests and treatments for neurological diseases (like epilepsy) are made in hospitals.
Regional Insights
Asia Pacific is expected to grow at a CAGR of 11.8% forecast period from 2024 – 2032. This is in part due to the increasing incidence of neurodegenerative diseases in the region, and partly driven by a large unmet need for effective treatments with long-term efficacy. Increased awareness about treatments for neurological diseases and enhancements in the clinical development framework of developing economies are anticipated to fuel market growth.
Furthermore, the existence of high-growth opportunities in developing nations such as Japan, China, and India is expected to boost market growth. Moreover, organizations such as the Asia-Pacific Centre for Neuromodulation (APCN) formed to conduct studies & promote understanding of vagus nerve stimulation benefits are expected to drive regional growth.
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Recent Developments
- FDA approval came for The MicroTransponder Vivistim Paired VNS System as a medication rehabilitation system designed for the treatment of patients with moderate to severe upper limb motor impairment following chronic ischemic stroke in August 2021.
- In March 2020, the Symmetry VNS Therapy System (for difficult-to-treat depression) gained CE Mark clearance for LivaNova.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Vagus Nerve Stimulation Market Segmentation, By End-Use Industry
8. Vagus Nerve Stimulation Market Segmentation, By Type
9. Vagus Nerve Stimulation Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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