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The findings of a thorough intelligence analysis undertaken by Future Market Insights (FMI) reveal a paradigm-shifting increase in the Global Vagus Nerve Stimulator Industry. According to the report, implanted vagus nerve stimulators are the main factor generating significant revenue growth, with a strong 9% annual growth rate anticipated for 2019.
The environment of the business is changing dramatically, with a progressive trend away from implanted devices and towards non- or minimally invasive alternatives. This development paves the way for transcutaneous Vagus Nerve Stimulators (VNS) to become more popular in the next years. The worldwide medical community’s rising interest in these novel treatments is reflected in FMI’s insightful analysis, which represents a revolutionary wave that has the potential to completely change the sector.
Of the total global population afflicted by neurological disorders, approximately 50% suffer from an epileptic disorder, according to research and surveys. This statistic underscores the critical importance of advancements in Vagus Nerve Stimulator technology, especially as it directly addresses the needs of a significant portion of the affected population.
- Vagus nerve stimulation is witnessing a rapidly expanding applicability beyond epilepsy, in the recent past.
- Research uncovers the potential efficiency of vagus nerve stimulation in the obesity management of depression patients.
- The positive outcome of vagus nerve stimulation in treatment-resistant depression and epilepsy surgery indicates promising opportunities approaching shortly.
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Europe Steals the Limelight, Crossing US$ 100 Million Revenue in 2019
North America currently holds a massive revenue share in the Global Vagus Nerve Stimulator Industry, and FMi projects continued dominance of this region over other regional markets in the coming years. However, the report forecasts the emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players shortly. Europe will reportedly cross the US$ 100 million mark in 2019, reflecting the most lucrative opportunities for vagus nerve stimulator manufacturers.
“At present, Europe and APEJ hold a collective revenue share of over 40% in market, of which the former is gradually moving towards extending its individual market value share up to 1/4th of the global revenue,” explains a senior research analyst at FMI. Adding further, the analyst says, “Favorable regulatory and reimbursement scenario across Europe and relatively easy availability of VNS systems are most prominently driving the growth of vagus nerve stimulator market in Europe. VNS sales in Europe will also benefit from the strong presence of leading industry manufacturers in the region”.
Taxonomical Insights – By Type, Application, and End User
- The type of vagus nerve stimulator, implantable stimulator continues to bring in most of the revenue to the market.
- Epileptic seizures secure the spot of the most sought-after application type in the vagus nerve stimulator landscape.
- Hospitals remain the largest end-users of vagus nerve stimulators. FMI research indicates that specialty clinics and home care settings emerge as attractive end-user candidates in recent years.
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A thorough competition analysis of the vagus nerve stimulator landscape reveals a few important developmental strategies that are ruling the minds of VNS manufacturers at present.
- Besides geographical expansion, leading players in the Global Vagus Nerve Stimulator Industry are focusing on the extension of their existing offerings portfolio, according to the report.
- To address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- Some companies are also directing their strategic focus on a stronger distribution network.
- Strategic partnerships with local and regional distributors and retailers hold immense importance for the competitors in the VNS landscape.
- Long-term contractual collaborations with recognized hospitals, research and pathology laboratories, and CROs are emerging as a growing trend among manufacturers of vagus nerve stimulators.
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