Vagus Nerve Stimulation Market Worth US$ 1,050.12 million by 2030 -Growth Plus Reports
Growth Plus Reports
7 min read
Growth Plus Reports
Singapore, March 07, 2023 (GLOBE NEWSWIRE) -- According to the deep-dive market assessment study by Growth Plus Reports, the global vagus nerve stimulation market was valued at US$ 428.6 million in 2021 and is expected to register a revenue CAGR of 10.5% to reach US$ 1,050.12 million by 2030.
Vagus nerve stimulation (VNS) is a medical therapy that involves the use of a small device implanted under the skin to stimulate the vagus nerve, which is one of the major nerves in the body that plays a crucial role in regulating various bodily functions, including heart rate, breathing, digestion, and immune response. Regulatory agencies have approved VNS for treating various conditions, including epilepsy, depression, and migraines.
The global market for vagus nerve stimulation has been growing steadily in recent years, driven by an increasing number of patients suffering from conditions that can be treated with VNS therapy and the growing demand for non-invasive and more effective treatments for these conditions.
The market is highly competitive, with a number of major players, including Cyberonics Inc., LivaNova PLC, and ElectroCore LLC, dominating the industry. These companies are constantly innovating and developing new technologies to improve the effectiveness of VNS therapy and expand its applications to new areas.
The increasing adoption of VNS therapy in developing countries, as well as the rising awareness about the benefits of VNS therapy among patients and healthcare professionals, is expected to further drive the growth of the VNS market in the coming years.
Market Drivers
The increased prevalence of neurological and lifestyle-related illnesses such as migraine, epilepsy, and depression owing to an aging population and bad lifestyles is contributed to the market's growth. Furthermore, increased acceptance of targeted therapy due to adverse pharmacological effects, rising demand for add-on therapy, and rising need for less invasive operations contribute to market growth. Furthermore, rising innovative product approvals as technology advances and increased spending for R&D efforts by leading market players are driving market expansion. Furthermore, increased government initiatives for neurological illnesses as a result of unmet demands for these conditions boost the market growth.
The global vagus nerve stimulation market has been analyzed from five perspectives: Product, Application, Biomaterial Type, End-user, and Region.
Excerpts from ‘By Product Segmentation’
Based on product types, the global vagus nerve stimulation market has been segmented into:
Implantable
External Vagus Nerve Stimulators
With the biggest market revenue share, implantable vagus nerve stimulation dominates the global market. Growing numbers of patients suffering from epilepsy, migraine, and depression are important reasons driving the expansion of implanted VNS, propelling the market growth. Implantable vagus nerve stimulators are frequently used to treat serious instances, such as when a patient stops responding to medications, severe seizures, and intensive depression. This has increased the demand for implantable vagus nerve stimulators and encouraged market growth. Furthermore, the constant acceptance of breakthrough technologies and products by leading market competitors helps to market development.
The external vagus nerve stimulation devices segment is expected to rise significantly with a higher revenue CAGR throughout the projection period because of rising rates of epilepsy and depression. Furthermore, the increased demand for non-invasive therapy propels the growth of this segment.
Excerpts from ‘By Region Segmentation’
The global vagus nerve stimulation market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America holds the largest revenue share in the global vagus nerve stimulation market. The market expansion is attributed to increased government funding and regional actions to improve awareness of epilepsy and difficult-to-treat depression. Rapid technical advancements, important manufacturers in this area, higher R&D expenditures, and a rise in government financing and initiatives are all expected to contribute to the regional market's substantial expansion.
Asia Pacific is predicted to grow into a significant market for vagus nerve stimulation. The rising frequency of neurological diseases is one of the key factors driving demand for vagus nerve stimulators. Governments in the region's expanding economies increasingly support contemporary healthcare approaches, driving the regional market growth.
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global vagus nerve stimulation market are:
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