The Global Transcranial Magnetic Stimulator Market Growing Demand Accelerates Transcranial Magnetic Stimulator Market Growth

 


Transcranial magnetic stimulation (TMS) is a non-invasive procedure used to stimulate small targeted areas of the brain and treat neuropsychiatric conditions. It uses magnetic fields to cause electric currents in targeted regions of the brain via electromagnetic induction. TMS devices are mainly used for treatment-resistant depression and other disorders like Parkinson's disease and Alzheimer's. The global TMS market has witnessed significant growth due to increasing prevalence of neurological and psychiatric conditions globally.

 

The global transcranial magnetic stimulator market is estimated to be valued at US$ 1.42 Mn in 2023 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 Dynamics:

The transcranial magnetic stimulator market is mainly driven by rising number of depression and neurological disorders worldwide. According to WHO, more than 264 million people of all ages suffer from depression globally. Depression is one of the leading causes of disability and results in diminished quality of life and productivity losses. Moreover, increasing geriatric population is also contributing to the growth of neurological disorders like Alzheimer's and Parkinson's disease. TMS therapy provides an effective treatment option for such patients. Another key factor fueling the market growth is approval and launch of innovative TMS devices with advanced capabilities. For instance, in May 2022, Brainsway Ltd. received FDA approval for Deep TMS H7 Coil for treatment-resistant depression. Such developments are expected to boost the adoption of TMS in the forecast period.

 

SWOT Analysis

 

Strength: Transcranial Magnetic Stimulators can treat major depression without medication in some cases. It provides an alternative non-invasive treatment option for patients who do not respond well to medication or talk therapy. The treatment is also safe when administered properly by trained medical professionals.

 

Weakness: The treatment requires patients to undergo multiple sessions, which can be an inconvenience. Some patients may also experience mild side effects such as headache or scalp discomfort during or after the procedure.

 

Opportunity: The rising mental health issues worldwide is driving the need for alternative treatment options. With further research, Transcranial Magnetic Stimulation could potentially be used to treat other conditions beyond depression such as chronic pain, Alzheimer's and cognitive impairment. This will significantly expand the clinical applications and market potential.

 

Threats: High equipment and maintenance costs could limit widespread adoption in certain regions. Strict regulatory guidelines also make the approval process longer for new clinical indications. Rising competition from alternative therapies such as Deep Brain Stimulation also poses a challenge.

 

Key Takeaways

 

The Global Transcranial Magnetic Stimulator Market Size is expected to witness high growth. It was valued at US$ 1.42 Mn in 2024 and is forecasted to reach US$ 2.32 Mn by 2031, growing at a CAGR of 5.4% during the forecast period.

 

Regional analysis: North America currently dominates the global market due to favorable reimbursement policies and regulatory approval of TMS devices for treatment-resistant depression. However, the Asia Pacific region is expected to grow at the fastest pace owing to rising geriatric population, increased awareness and healthcare expenditures.

 

Key players: Key players operating in the Transcranial 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. These players are focusing on new product launches, collaborations and geographic expansion strategies to strengthen their market position.


Get More Insights Here

https://www.newsstatix.com/transcranial-magnetic-stimulator-market-size-share-growth-outlook-2023/

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