Vagal Nerve Stimulation Market Share is Growing Dynamically at a Potful CAGR of 8.68% During Forecast to 2023
The global Vagal Nerve Stimulation Market Shareis expected to balloon at 8.68% CAGR during the forecast period (2017-2023).Rise in number of neurological disorders such as epilepsy, depression, migraine, and others is one of the biggest drivers of the market. According to the World Health Organization (WHO), neurological disorders accounted for 4.5-11% of all diseases in low-income and mid-income economies. High need for better treatment techniques and influx of capital into research and development by pharmaceutical and biotechnology firms can create opportunity of growth for the market.
Development of novel technologies for epilepsy treatment and favorable reimbursement policies proposed by governments in alliance with health coverage companies can persuade patients for the treatment. Research for the management and treatment of muscle function and organ disorders is likely to widen the scope of VNS manufacturers in the market.
Paucity of skilled surgeons and high costs of neurostimulation devices can pose a challenge to the market growth. Side-effects of cardiac arrest and probability of triggering a stroke can lead to hesitancy among doctors for prescribing the treatment.
· LivaNova PLC
· ElectroCore Medical LLC
· EnteroMedics Inc
· NeuroMetrix, Inc
· Boston Scientific Corporation
· Inspire Medical Systems
· ImThera Medical
· The global vagal nerve stimulation market is segmented by product, application, and end-user.
· By product, it is segmented into external VNS devices and implantable VNS devices.
· By application, it is segmented into migraine, epilepsy, depression, and others.
· By end-user, it is segmented into ambulatory surgical centers, hospitals, and others.
Asia Pacific (APAC), the Americas, Europe, and the Middle East & Africa (MEA) are major regions discussed in the global vagal nerve stimulation market.
The Americas accounted for 43% market share in 2016. Rising government support for research and development into neurological disorders, high healthcare spending, and sophisticated healthcare infrastructure and framework for major manufacturers to enter the region can bode well for the market growth. Presence of large players as well as their increased capacity to invest in sufficient amount of capital can encourage the market proliferation during the forecast period.
Europe holds the second position in the market standings due to availability of sufficient funds for research and development and rise in government support. On the other hand, the APAC region has latent potential for growth due to economies of China, South Korea, Japan, and India. The increased healthcare budget of economies, large patient pool, and development of neurostimulation technology are factors which can boost the regional market growth.