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| Transcranial Magnetic Stimulator Market |
The global Transcranial Magnetic Stimulator 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.
Market Overview:
The transcranial magnetic stimulator market is witnessing high growth due to
increasing demand for non-invasive procedures for treatment of neurological and
psychiatric disorders. Transcranial magnetic stimulation is a non-invasive
procedure that uses magnetic fields to stimulate nerve cells in the brain and
influence neuronal activity. It is FDA approved for treatment of psychiatric
disorders such as major depressive disorder. Compared to electroconvulsive
therapy or medications that have side effects, transcranial magnetic
stimulation is better tolerated and has minimal side effects.
Market key trends:
One of the key trends in the Transcranial
Magnetic Stimulator Market Size is increasing adoption for treatment of
various neurological disorders. Currently, FDA has approved TMS therapy for
treatment resistant depression, however research studies show its efficacy for
other disorders such as schizophrenia, Alzheimer's disease and Parkinson's
disease. Companies are developing neuronavigation and connectivity platforms
that combine TMS with EEG/MEG/fMRI to better target brain regions involved in
different diseases. Furthermore, portable and hassle-free TMS devices are
gaining popularity for home healthcare settings and emergency rooms.
Porter's Analysis
Threat of new entrants: The high costs involved in R&D, equipment
development, and obtaining regulatory approvals pose significant barriers for
new companies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as these
systems are primarily used by hospitals and clinics for medical treatment.
Buyers have a choice in the brands of TMS devices available.
Bargaining power of suppliers: A few key players dominate the supply of core
TMS system components like coils and stimulators, giving them higher bargaining
power over OEMs.
Threat of new substitutes: No close substitutes exist for TMS currently for
treating certain neurological and psychiatric conditions in a non-invasive
manner.
Competitive rivalry: The TMS market has the presence of several global and
regional players. Intense competition exists in terms of technological
advancements, pricing, and expanded indications of these devices.
Key Takeaways
The global transcranial magnetic stimulator market is expected to witness high
growth, exhibiting a CAGR of 12.4%
over the forecast period of 2023 - 2030, due to increasing prevalence of
neurological and psychiatric disorders. The market was valued at US$ 638.4 Mn in 2023.
The United States dominates the TMS market currently due to supportive
reimbursement policies, availability of advanced healthcare infrastructure, and
presence of key market players in the region. However, the Asia Pacific region
is anticipated to exhibit the highest growth rate during the forecast period,
led by expanding healthcare infrastructure and rising healthcare expenditure in
China and India.
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, and RAPID Biomedical. These companies are focusing on new product
launches and expanding theirglobal footprints through strategic partnerships
and collaborations to strengthen their market positions.
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More: https://www.trendingwebwire.com/market-share-analysis-transcranial-magnetic-stimulator-market/