The Global Vagus Nerve Stimulator Industry is experiencing a significant upswing, fueled by the growing adoption of implantable vagus nerve stimulators, according to a new study by Future Market Insights (FMI). The report highlights implantable devices as a key driver of market growth, with a projected year-on-year increase exceeding 9% for 2019.
The industry’s landscape is undergoing a transformative shift, marked by a gradual transition from implantable devices to non/minimally invasive alternatives. This evolution sets the stage for the ascension of transcutaneous Vagus Nerve Stimulators (VNS) in the coming decades. FMI’s insightful study reflects the global medical community’s growing interest in these innovative approaches, signifying a transformative wave poised to reshape the industry.
Of the total global population afflicted by neurological disorders, approximately 50% suffer from an epileptic disorder, according to research and surveys. This statistic underscores the critical importance of advancements in Vagus Nerve Stimulator technology, especially as it directly addresses the needs of a significant portion of the affected population.
- Vagus nerve stimulation is witnessing a rapidly expanding applicability beyond epilepsy, in the recent past.
- Research uncovers the potential efficiency of vagus nerve stimulation in the obesity management of depression patients.
- The positive outcome of vagus nerve stimulation in treatment-resistant depression and epilepsy surgery indicates promising opportunities approaching shortly.
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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 market, and FMi projects continued dominance of this region over other regional markets in the coming years. However, the report forecasts the emergence of Europe and Asia Pacific (excluding Japan) as highly attractive territories for key market players shortly. 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
- The type of vagus nerve stimulator, implantable stimulator continues to bring in most of the revenue to the market.
- Epileptic seizures secure the spot of the most sought-after application type in the vagus nerve stimulator landscape.
- Hospitals remain the largest end-users of vagus nerve stimulators. FMI research indicates that specialty clinics and home care settings have emerged as attractive end-user candidates in recent years.
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A thorough competition analysis of the 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 the vagus nerve stimulator market are focusing on the extension of their existing offerings portfolio, according to the report.
- To address the challenges to VNS adoption posed by the high price point, companies are now reassessing their pricing strategies for a competitive advantage.
- Some 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 the 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 stimulators.
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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