The new report by Expert Market Research titled, ‘Global Transcranial Magnetic Stimulator Market Size, Share, Report and Forecast 2023-2028’, gives in-depth analysis of the global transcranial magnetic stimulator market, assessing the market based on its segments like type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 962.5 Million
- Forecast CAGR (2023-2028): 9%
- Forecast Market Size (2026): USD 1614 Million
During the forecast years, the industry is projected to expand due to an increase in the prevalence of neurological disorders. When they work for many hours on computers, IT professionals are constantly exposed to harmful radiations. In addition, today’s youth are engrossed in their cell phones. As a result, constant exposure to radiation via devices can affect an individual’s nervous system, resulting in a variety of neurological disorders. This factor will have a long-term positive effect on industry development, as the prevalence of neurological disorders will drive up demand for transcranial magnetic stimulators.
Transcranial Magnetic Stimulator Industry Definition and Major Segments
TMS (transcranial magnetic stimulation) is a non-invasive brain stimulation technique that uses magnetic induction forces to stimulate a specific region of the brain. Electricity is used to induce electromagnetic induction, and these signals pass through the cranium to a specific receptor region of the brain.
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Based on type, the industry can be divided into:
- Deep Transcranial
- Repetitive Transcranial
The industry can be broadly categorised based on its applications into:
- Alzheimer’s Disease
- Parkinson’s Disease
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Transcranial Magnetic Stimulator Market Trends
The rising prevalence of neurological disorders such as schizophrenia and other disorders, the growing geriatric population leading to an increase in brain disorders associated with age, and the applications of the transcranial magnetic stimulation technique in the diagnosis and treatment of neurological disorders are expected to drive the transcranial magnetic stimulators market during the forecast period.
However, one of the major constraints in the transcranial magnetic stimulators market during the forecast period is likely to be the scientifically confirmed high efficacy of electroconvulsive therapy in the treatment of psychotic depression and the rising number of patients adopting the therapy. Because of factors such as a large patient population suffering from depression and other psychological and neurological disorders, an increasing number of devices obtaining regulatory approvals, rising demand for new and advanced stimulators, and favourable reimbursement policies, North America is expected to dominate the global transcranial magnetic stimulators market.
Treatment-resistant depression affects an estimated 3.5 million to 4 million people in the United States alone, according to the Center for Disease Control and Prevention (CDC). In the global market, there has been an increase in alliances and partnerships between companies and research universities for the advancement of devices and technology, as well as the broadening of the applications of transcranial magnetic stimulators. However, the market for transcranial magnetic stimulators in Asia Pacific is expected to grow due to an increase in the incidence of psychological disorders in the region, rising health-care spending, and increased demand for new techniques to treat these disorders.
Key Market Players
The major players in the market are Brainsway Ltd. (TLV: BWAY), Magstim, Nexstim, Inc, NeuroCare Group GmbH, MagVenture, Inc., eNeura Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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