Transcranial magnetic stimulation (TMS) is a non-invasive procedure that uses magnetic fields to stimulate nerve cells in the brain and is being used for treatment of various neurological disorders such as depression, schizophrenia, epilepsy, Parkinson’s disease and others. Some key advantages of TMS includes its non-invasive nature, lack of systemic side effects and fast remission of depressive symptoms. The growing prevalence of neurological disorders such as major depression disorder and Alzheimer’s disease has propelled the demand for new treatment options like TMS.
The global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising prevalence of neurological disorders represents a key growth opportunity for transcranial magnetic stimulator market. According to the Alzheimer's Association, over 6 million Americans of all ages are living with Alzheimer's dementia in 2021. This number is expected to grow to around 13 million by 2050. Similarly, as per WHO estimates, over 300 million people are living with depression worldwide. TMS provides an effective alternative to medications and other therapies to treat such conditions. With limited treatment options currently available, the use of TMS presents a major opportunity to address the large patient pool suffering from neurological diseases. Development of innovative TMS devices with improved capabilities is expected to further drive the adoption of TMS therapy.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate for the transcreanial magnetic stimulator market as it requires high capital investment for R&D and infrastructure. Established players have achieved economies of scale which makes it difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes like medications and standard brain stimulation techniques. Different models also allow buyers to choose suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the dominance of few established players like Medtronic. Suppliers face pressure on pricing and profit margins.
Threat of new substitutes: The threat of substitutes is moderate as there are alternative treatment options available. However, TMS has advantages over medications in terms of side effects.
Competitive rivalry: Competition is high amongst established players due to their large product portfolios and geographical presence.
SWOT Analysis
Strengths: Non-invasive nature reduces risks. Advantages over pharmacological treatments. Effective treatment for various neurological and psychiatric conditions.
Weaknesses: Requires specialized skills to operate machines. Limited long term data on efficacy and safety. High costs of machines limits accessibility.
Opportunities: Untapped growth potential in developing markets. Expanding applications in new therapeutic areas. Combination therapies to maximize benefits.
Threats: Safety concerns over repeated sessions. Limited reimbursements impact demand. Substitute treatments impact sales.
Key Takeaways
The Global Transcranial Magnetic Stimulator Market Size is expected to witness high growth over the forecast period. Rapidly growing geriatric population suffering from neurological disorders is driving demand. Favorable regulatory approvals are also supporting adoption. The global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Regional analysis: North America holds the largest share of the overall market owing to advanced healthcare infrastructure and rising awareness regarding rTMS therapies. Asia Pacific is expected to grow at the fastest pace led by improving access, patient affordability and expansion of key players in this region over the next few years.
Key players: Key players operating in the transcreanial magnetic stimulator market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others. Players are focusing on new product launches, collaborating with hospitals and expanding in emerging regions to strengthen their market presence.
Get More Insights Here
Comments
0 comment