Market Research Future in its freshly published report on the global vagal nerve stimulation market predicts that it is likely to garner a CAGR of approximately 8.68 % during the forecast period of 2017-2023.
The growing incidences of depression are expected to prompt the global vagal nerve stimulation market growth over the assessment period. The ability of vagal nerve stimulation to treat treatment-resistant depression in adults is popularizing it among the rising number of adults suffering from the neurological disorder. This is anticipated to escalate the vagal nerve stimulation market growth.
The approval from USFDA for vagal nerve stimulation to treat epilepsy and depression is considered a crucial factor that is expected to bolster the vagal nerve stimulation market in the coming years. The ability of vagal nerve stimulation to treat treatment-resistant depression in adults is popularizing it among the rising number of adults suffering from the neurological disorder. The safety of the vagal nerve stimulation process is another factor expected to amplify the vagal nerve stimulation market growth. However, the high cost for vagal nerve stimulation can hinder its market growth.
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MRFR profiled key players operating in the vagal nerve stimulation market are Inspire Medical Systems, Inc. (US), Cyberonics, Inc. (US), ElectroCore Medical LLC (US), Boston Scientific Corporation (US), NeuroMetrix, Inc. (US), ImThera Medical (US), LivaNova PLC (UK), and EnteroMedics Inc. (US).
In February 2019, the U.S. Centers for Medicare & Medicaid Services (CMS) confirmed its national coverage determination (NCD) for the LivaNova Plc.’s vagal nerve stimulation therapy (VNS Therapy) System used to manage treatment-resistant depression (TRD). This initiative is expected to boost the adoption of the therapy, hence, impel the vagal nerve stimulation market growth.
The global vagal nerve stimulation market study has been segmented into application, product, and end user.
Based on the application, the vagal nerve stimulation market has been segmented into migraine, depression, epilepsy, and others
Based on the product, the vagal nerve stimulation market has been segmented into external VNS devices and implantable VNS devices,
Based on the end-user, the vagal nerve stimulation market has been segmented into ambulatory surgical centers, hospitals, and others.
Based on the region, the vagal nerve stimulation market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa.
The surge in patient pool afflicted with neurological disorders like epilepsy, depression, and migraine, the increase in healthcare expenditure, and the rising support by the government for research and developmental activities in the Americas are factors anticipated to fuel the regional vagal nerve stimulation market growth over the assessment period.
The increasing medical attention of government agencies towards treating disorders like depression, epilepsy, and heart attacks is likely to aid the vagal nerve stimulation market to expand in Europe over the review period. The surge in public awareness about the devices is expected to increase its adoption, hence, escalate the European vagal nerve stimulation market growth. MRFR predicts that Europe is to hold a considerable market share over the assessment period.
The vagal nerve stimulation market in the Asia Pacific region is anticipated to exhibit the fastest growth over the assessment period. Due to hike in healthcare expenditure, rapidly growing economy, and technical upgradations in India and China, the regional market growth is likely to experience a boom. Japan, boasting of its firm technical infrastructure and increase in the government’s initiatives supporting research and developmental activities are bolstering the vagal nerve stimulation market expansion in the region.
Owing to the limited healthcare facilities in the Middle East & Africa, the vagal nerve stimulation market is predicted to show moderate growth over the evaluation period.
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