In recent years, the prevalence of neurological diseases has been on the rise, particularly in emerging countries. According to the World Health Organization (WHO), neurological disorders are responsible for a significant portion of illnesses, affecting 4.5–11% of individuals in both low- and high-income economies. This pressing issue has become even more critical than conditions like respiratory ailments, gastrointestinal disorders, and cancer.
Furthermore, the burden of neurological disorders is expected to escalate in the foreseeable future. Neurological failures can result in enduring paralysis or disability, not only impacting patients but also placing a substantial burden on their families. In response to these complex challenges, Vagus Nerve Stimulator (VNS) therapy has emerged as a valuable solution over the past few decades, offering hope for mitigating neurological tremors, dyskinesia, and related conditions.
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Europe Steals the Limelight, Crossing US$ 100 Million Revenue in 2019
North America currently holds a massive revenue share in the vagus nerve stimulator industry, and FMi projects continued dominance of this region over other regional markets in comping years. However, the report forecasts emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players in the near future. Europe will reportedly cross the US$ 100 million mark in 2019, reflecting the most lucrative opportunities for vagus nerve stimulator manufacturers.
“At present, Europe and APEJ hold a collective revenue share of over 40% in market, of which the former is gradually moving towards extending its individual market value share up to 1/4th of the global revenue,” explains a senior research analyst at FMI. Adding further, the analyst says, “Favorable regulatory and reimbursement scenario across Europe and relatively easy availability of VNS systems are most prominently driving the growth of vagus nerve stimulator market in Europe. VNS sales in Europe will also benefit from the strong presence of leading industry manufacturers in the region”.
Taxonomical Insights – By Type, Application, and End User
- By the type of vagus nerve stimulator, implantable stimulator continues to bring in the most of the revenue to market.
- Epileptic seizures secure the spot of the most sought after application type in vagus nerve stimulator landscape.
- Hospitals remain the largest end user of vagus nerve stimulator. FMI research indicates that specialty clinics and home care settings are emerging as attractive end user candidates in recent years.
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Thorough competition analysis of vagus nerve stimulator landscape reveals a few important developmental strategies that are ruling the minds of VNS manufacturers at present.
- Besides geographical expansion, leading players in vagus nerve stimulator industry are focusing on the extension of their existing offerings portfolio, according to the report.
- In an effort to address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- A number of companies are also directing their strategic focus on a stronger distribution network.
- Strategic partnerships with local and regional distributors and retailers hold immense importance for the competitors in VNS landscape.
- Long-term contractual collaborations with recognized hospitals, research and pathology laboratories, and CROs are emerging as a growing trend among manufacturers of vagus nerve stimulator.
Segmentation
The report offers a comprehensive taxonomy of vagus nerve stimulator marketbased on product type, end user, application type and region. Based on product type, the vagus nerve stimulator industry is segmented into implantable and noninvasive (tVNS) based. The vagus nerve stimulator finds application in pain management, epileptic seizures, obesity management, depression and anxiety.
These vagus nerve stimulators are used by hospitals, ambulatory surgical centers, specialty clinics and home care settings. The vagusnerve stimulator markethas been analysed across regions of North America, Latin America, Europe, Asia Pacific Excluding Japan, Japan and MEA.
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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