The Transcranial Magnetic Stimulator (TMS) Market is estimated to be valued at US$ 638.4 Mn in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Transcranial magnetic stimulation (TMS) is a non-invasive procedure that uses magnetic fields to stimulate nerve cells in the brain and treat neurological disorders. TMS employs magnetic fields to create weak electric currents in specific parts of the brain via electromagnetic induction. This technique is being increasingly adopted for treatment-resistant depression as it can alleviate symptoms without systemic side effects.
Market key trends:
Rising prevalence of neurological disorders such as depression, Alzheimer’s disease, and Parkinson’s disease is expected to boost the adoption of transcranial magnetic stimulators. For instance, according to the World Health Organization (WHO), around 264 million people suffer from depression globally. Further, effective yet non-invasive nature of TMS therapy is gaining acceptance as it avoids risks associated with medication or surgery. Technological advancements in TMS devices allowing improved targeting of brain regions involved in conditions like addiction, obsessive compulsive disorder, and tinnitus will further augment the market growth over the forecast period.
Threat of new entrants: Low capital requirement and established brand recognition make it difficult for new players to enter the market. Bargaining power of buyers: Large customer base with similar needs gives significant bargaining power to buyers. Bargaining power of suppliers: Few technology providers and differentiated products increase suppliers’ bargaining power. Threat of new substitutes: Alternatives like focused ultrasound and MRI guided TMS are offering competition to conventional TMS systems. Competitive rivalry: Intense competition exists among global players to gain higher market share.
Strength: Non-invasive nature and ability to treat various neurological and psychiatric conditions without use of medication. Weakness: Lack of skilled professional hamper the market growth. High cost of device limits its adoption in developing regions. Opportunity: Untapped potential in emerging markets of Asia Pacific and Latin America increased awareness and acceptance. Threats: Stringent regulatory approval procedures and reimbursement challenges in developing countries limits revenue generation.
The global Transcranial Magnetic Stimulator Market Size is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing prevalence of various neurological disorders.
Regional analysis: North America dominates the global TMS market and is expected to continue its dominance over the forecast period. This is attributed to high healthcare spending, availability of advanced devices, approval of TMS therapy for major depression disorder, and favorable reimbursements guidelines in the US and Canada. Asia Pacific exhibits the fastest growth during the forecast period, owing to rising geriatric population, growing neurology disorders, developing healthcare infrastructure and increasing awareness about non-invasive neurostimulation therapies.
Key players: Key players operating in the Transcranial Magnetic Stimulator market are Magstim, Brainsway, Nexstim, Neuronetics, Remed, Yiruide, Dr. Langer Medical, MAG & More, Deymed, MagVenture, eNeura, Neurosoft, Neuro-Electrics, TCT Research, MagPro Compact, Axilum Robotics, Onward Medical, Rogue Resolutions, Avision, RAPID Biomedical. Nexstim and Neuronetics are the market leaders owing to their robust product portfolios for various neurological applications and strong geographic presence worldwide.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it