SEATTLE, Feb. 28, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Vagus Nerve Stimulators market size was valued at US$ 445.1 million in 2018, and is projected to exhibit a CAGR of 9.0% over the forecast period (2018–2026).
Key Trends and Analysis of the Vagus Nerve Stimulators Market:
In the recent past, various major players in the market received approvals and launched their new vagus nerve stimulators in key markets. Frequent approvals and launches of such innovative and advanced products is expected to create conducive environment for vagus nerve stimulators market growth over the forecast period.
Request Sample Pages of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/2514
For instance, in November 2018, electroCore, Inc. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for an expanded label for gammaCore [non-invasive vagus nerve stimulator (nVNS)] therapy for adjunctive use for the preventive treatment of cluster headache in adult patients.
Key players in the market are indulged in robust research and development activities for the development of novel vagus nerve stimulation therapies. Various key players have their vagus nerve stimulators in late phase clinical trial, which are expected to get approval in the near future. Hence, presence of such robust pipeline of new vagus nerve stimulator is expected to drastically drive the vagus nerve stimulators market growth over the forecast period.
For instance, in October 2018, SetPoint Medical announced the completion of enrollment in the U.S. Food and Drug Administration (FDA) pilot Investigational Device Exemption (IDE) study evaluating its proprietary bioelectronic device to treat patients with drug refractory rheumatoid arthritis (RA)
In February 2019, LivaNova Plc, announced that the U.S. Centers for Medicare & Medicaid Services (CMS) finalized its National Coverage Determination (NCD) for the LivaNova vagus nerve stimulation therapy (VNS Therapy) System for treatment-resistant depression (TRD). Such favorable reimbursement regulations in the U.S. for VNS is also expected to increase its adoption and drive vagus nerve stimulators market growth
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vagus-nerve-stimulators-market-2514
Key Market Takeaways:
- The market is expected to exhibit a CAGR of 9.0% during the forecast period (2018–2026). This growth is attributed to frequent approval and launch of new vagus nerve stimulators and increasing number of incidents of depression, migraine, and epilepsy.
- North America vagus nerve stimulators market is expected to hold a dominant position and is expected to show significant growth over the forecast period. This is owing to presence of key players in the region. LivaNova PLC is the leading player in vagus nerve stimulator market with various products. LivaNova PLC earns around 84% of its revenue from the U.S.
- Vagus nerve stimulators are widely used in the management and treatment of diseases such as epilepsy, depression, and migraine. High prevalence of such diseases in key regions is expected to be a major factor driving growth of the market over the forecast period. For instance, according to the data published by the National Institute of Mental Health, depression was one of the most common mental disorders in the U.S. in 2016. An estimated 16.2 million adults in the U.S. had at least one major depressive episode. This number represented 6.7% of all the U.S. adults.
- Furthermore, key players incentivize physicians to issue prescriptions and thus, increase market penetration. For instance, electroCore, Inc., in 2018, began a voucher program providing new patients with a one-time 31-day therapy at no charge to the patient.
- Vagus nerve stimulators have received approval for treatment of various disorders such as depression, migraine, and epilepsy. However, there are lot of alternative treatment options such as pharmaceutical drugs, antiepileptic medications, antidepressants, anticonvulsants, and others. Hence, presence of alternative treatment options for the treatment of these diseases is expected to be a major factor drastically affecting the adoption of vagus nerve stimulator devices and in turn, is expected to hinder the market growth over the forecast period.
- Some of the major players operating in the vagus nerve stimulators market include electroCore, Inc., LivaNova, PLC, SetPoint Medical Corporation, MicroTransponder, Inc., Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, and tVNS Technologies GmbH.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.