July 13, 2024
Vagus Nerve Stimulators Market

Vagus Nerve Stimulators Market Is Driven By Rising Prevalence Of Neurological Disorders

Vagus nerve stimulators are devices that are used to deliver mild electrical impulses to the brain through the vagus nerve. Vagus nerve stimulators are implanted devices used for managing epilepsy and treatment-resistant depression. The devices are surgically implanted and deliver electric pulses to stimulate the vagus nerve, which connects the brain and various organs of the body. Vagus nerve stimulation helps in controlling seizures for people with epilepsy and mitigates symptoms of depression. Approximately 65 million people globally suffer from epilepsy, while over 300 million people are affected by depression. The increasing incidence of neurological disorders like epilepsy and depression is propelling the demand for effective therapies like vagus nerve stimulation.

The global Vagus Nerve Stimulators Market is estimated to be valued at US$ 684.85 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends in the vagus nerve stimulator market is remote monitoring capabilities. Remote monitoring capabilities allow continuous monitoring of patient’s health status and therapy adjustments by physicians without requiring in-office visits. This is beneficial for both patients and healthcare providers. For example, LivaNova’s innovative vagus nerve stimulation therapy, Vagus Nerve Stimulation Therapy with Laparoscopic lead and Software Platform (ENspire), features Cloud-based connectivity that enables easy remote programming and monitoring. Such innovations are expected to drive the adoption of vagus nerve stimulators. Another trend gaining traction is the development of innovative stimulation techniques. Companies are focused on research to develop novel waveforms and more targeted stimulation techniques to improve efficacy and reduce side effects. For instance, electroCore’s non-invasive GammaCore device uses high-frequency electrical stimulation of the vagus nerve in the neck for treating cluster headaches.

Porter’s Analysis

Threat of new entrants: Low entry barriers due to established manufacturing and distribution capabilities of existing players in neuromodulation devices.

Bargaining power of buyers: Moderate as buyers have large volume purchases and switching costs are relatively low.

Bargaining power of suppliers: Low due to the availability of substitutes and lack of differentiation in components.

Threat of new substitutes: Low as vagus nerve stimulation is an established therapy with significant clinical evidence base.

Competitive rivalry: High due to presence of large multinational companies and new entrants with novel product offerings.

Key Takeaways

The global Vagus Nerve Stimulators Market Share is expected to witness high growth over the forecast period.

Regional analysis
North America accounts for the largest share of the global vagus nerve stimulators market, with the United States being the major contributor. This can be attributed to rising geriatric population, increasing healthcare expenditure and availability of favorable reimbursement policies. Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to improving healthcare infrastructure and rising medical tourism in countries like Japan, China and India.

Key players
Key players operating in the vagus nerve stimulators market are LivaNova PLC, electroCore, Inc., SetPoint Medical Corporation, Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, tVNS Technologies GmbH, BioControl Medical, NeurAxis, Inc., Soterix Medical Inc., MicroTransponder Inc., Boston Scientific Corporation, Cyberonics, Inc., EnteroMedics Inc., ReShape Lifesciences Inc., and Cerbomed GmbH. Key players are focusing on new product launches and strategic collaborations for geographic expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it