Transcranial Magnetic Stimulator Market Worth USD 1,732.11 Million By 2026
The global transcranial magnetic stimulator market is anticipated to reach USD 1,732.11 million by 2026, according to a new report by Grand View Research, Inc. Increasing incidence of psychological and neurological disorder such as major depressive disorder is anticipated to boost the market growth.
Increasing number of patients suffering from depression and other neurological disorder are driving the market growth. For instance, according to the National Institute of Mental Health (NIMH), around 17.3 million people in the U.S. have at least one major depressive disorder. Other neurological disorder such as schizophrenia which is a severe mental disorder start between the ages of 16–30 years. According to National Institute of Mental Health (NIMH), 49.0% people died through schizophrenia.
Increasing number of devices receiving regulatory approvals are anticipated to increase the market for new and advanced stimulators. For instance, in 2018, Brainsway received FDA approval for dTMS device for the treatment of Obsessive-Compulsive Disorder (OCD). In addition, increasing awareness programs by the various NGOs and associations will drive the market growth.
Further key findings from the study suggest:
- The Repetitive Transcranial Magnetic Stimulation System (rTMS) segment dominated the market in 2018. This is attributed to the increasing number of patients suffering from neurological disorders and Obsessive-Compulsive Disorder (OCD).
- One of the major growing application is depression which is a mental disorder. TMS is considered appropriate therapy for the treatment of depression, mainly for those who have failed to achieve the satisfactorily treatment through antidepressant medication. According to WHO, in 2018, more than 300 million people are affected by the depression. It’s a leading cause of disability in the U.S population.
- North America dominated the TMS market with the highest revenue share in 2018 owing to the increasing number of cases such as Alzheimer’s and Parkinson’s disease and increasing disposable income of individuals.
- Some of the key players operating in the market are BrainsWay, MagStim, Nexstim, MagVenture and Eneura. Key players are introducing technologically enhanced products to gain a competitive advantage in the industry. For instance, in May 2019, MagStim received FDA approval for Horizon Stimguide TMS navigation system designed to provide precise and consistent coil positioning during treatment for major depressive disorders.