Vagus Nerve Stimulation Market Size to reach USD 1,194.4 million by 2026

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Jan 20, 2023 (The Expresswire) —
The global vagus nerve stimulation (VNS) market size is anticipated to reach USD 1,194.4 million by 2026, exhibiting a CAGR of 11.4% during the forecast period. Sizeable prevalence of epilepsy, a non-communicable brain disease, worldwide is projected to fuel the growth of this market, the recent Fortune Business Insights™ report, titled “Vagus Nerve Stimulation (VNS) MarketSize, Share and Industry Analysis, By Type (Invasive, and Non-invasive {nVNS}), By Application (Epilepsy, Treatment Resistant Depression (TRD), and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026” states.

The World Health Organization (WHO) estimates that close to 50 million people in the world suffer from epilepsy, of which nearly 80% live in low- and middle-income countries. The WHO opines that 70% of those living with epilepsy can lead seizure-free lives if given proper treatment. The Vagus nerve stimulation technique is steadily emerging as an effective treatment option for epilepsy. The VNS method involves placing a pulse stimulator in the left vagus nerve, which sends mild electrical stimulations to subdue erratic, seizure-inducing brain activity in epileptic patients. Thus, the proven efficacy of the VNS technique in treating epilepsy is augmenting its demand in healthcare and driving the vagus nerve stimulation market trends.

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According to the report, the value of the market stood at USD 505.2 million in 2018 and is expected to register a CAGR of 11.4% till 2026. The other highlights of the report include:

  • Segmentation of the market and piece-meal study of each individual segment;

  • Detailed assessment of the factors influencing the share, size, and overall growth of the market;

  • Careful evaluation of the challenges facing the market; and

  • Comprehensive research into the regional developments and competitive dynamics of the market.

Market Restraint:

Costly Treatment Procedure to Dampen Market Prospects

“The VNS market growth may hit a roadblock on account of the high cost of VNS treatment”, says one of our lead analysts. The Chicago-based Epilepsy Foundation states that VNS therapy costs around $20,000, which includes surgeries and implants. While the procedure is covered by insurance, a large chunk of people are still uninsured and may, therefore, not be able to afford the therapy. Furthermore, a study published in the New England Journal of Medicine revealed that nearly 33% of epilepsy patients have drug-resistant epilepsy. These patients are in need of more and better healthcare for a protracted time period, which can prove costly for an average patient who may not have the financial wherewithal to complete the treatment. Another major constraint is the low awareness and lack of access to advanced therapies for neurological disorders in developing nations, which can severely limit the expansion of this market during the forecast period.

Regional Analysis:

Patient-friendly Reimbursement Policies to Propel the Market in North America

With a market size of USD 244.7 million in 2018, North America is poised to dominate the vagus nerve stimulation market share in the upcoming decade. The main reason attributable to its commanding position is the favorable health reimbursement policies for VNS devices in the region. Additionally, high awareness about neurological diseases and availability of advanced VNS techniques will further drive the market in North America.

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Europe is projected to grow at an impressive CAGR on account of increasing issuance of CE certification to non-invasive VNS procedures. Asia-Pacific remains an untapped region in the context of this market and this will create several opportunities for domestic and global players, says the vagus nerve stimulation market report.

Competitive Landscape

Monopolized Competition to be the Standout Feature of the Market

The market for VNS treatment is characterized by monopolistic competition owing to the limited number of players operating in the market. These players are focused on developing innovative, non-invasive VNS treatment options and are getting encouraged by regulatory approvals for their offerings.

Industry Developments:

  • June 2019:The US-based Innovative Health Solutions received FDA approval for its IB-Stim device. The device is designed to manage Irritable Bowel Syndrome (IBS) in children and adolescents between the ages of 11 and 18. The non-surgical offering is placed behind the ear of the patient, allowing it to emit electrical pulses to the cranial nerve cluster in the ear.

  • November 2018:The US FDA gave a 501 (k) clearance to gammaCore, a non-invasive vagus nerve stimulator (nVNS) developed by electroCore, Inc., the US-based medical company specializing in bioelectronics. The treatment is indicated for adjunctive use to prevent occurrence of cluster headaches in adults.

List of Key Prominent Companies Profiled in the Vagus Nerve Stimulation Market Report:

  • tVNS Technologies GmbH

  • Parasym Ltd

  • BioControl

  • Innovative Health Solutions INC

  • electroCore, Inc.

  • LivaNova PLC

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