Vagal nerve stimulation is a procedural treatment to treat patients with epilepsy. In this process, an electrode is implanted in the neck of the patient to deliver electrical impulses to the vagal nerve. It is an alternative method to surgical removal of brain tissue in controlling epileptic seizures. The seizures of epilepsy are caused by uncontrolled electrical discharges spreading through the brain. The nerve stimulation process uses a different approach as it provides intermittent electrical stimulation to a nerve outside the brain which influences certain patterns of brain activity. The effectiveness of healing patients with epilepsy through vagal nerve stimulation in contrast with the anti-seizure drugs is expected to positively impact the vagal nerve stimulation market.
The global Vagus Nerve Stimulation market growth is mainly driven by the increasing prevalence of neurological disorders and increasing investment of biotechnology and pharmaceutical industries in RD. However, factors such as the higher cost of vagal nerve stimulation treatment are restraining the growth of the market.
The Global Vagal Nerve Stimulation (VNS) market is expected to register a CAGR of 10.30% during the forecast period and is expected to hit USD 1,076.83 million by 2027.
The global Vagal Nerve Stimulation (VNS) market has been divided based on products, application, and end user.
The market, based on products, has been segregated into implantable VNS devices and external VNS devices. Based on application, the Vagus Nerve Stimulation market growth has been divided into depression, epilepsy, and others. On the basis of end user, the market is bifurcated into hospitals, ambulatory surgical centers, and others.
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The peripheral nerve stimulators, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to dominate the global vagal nerve stimulation market due to well-developed technology, increasing prevalence of neurological disorders, rise in healthcare spending, and increasing government support for research development. Moreover, increasing research development activities and the presence of major companies have fueled the growth of the market in this region.
Europe holds the second position in the global vagal nerve stimulation market. This is due to the high government support and funding for research development, which will drive the market in the Europe region over the review period.
Asia-Pacific is the fastest-growing Vagus Nerve Stimulation market growth after Europe due to the presence of rapidly developing healthcare technology, huge patient population, and high healthcare expenditure. Furthermore, growing opportunities in countries like India, Japan, China, and South Korea will make this an emerging market across the globe.
The Rest of the World vagal nerve stimulation market is segmented into two major regions, namely the Middle East Africa and Latin America.Countries in the Middle East, Africa, and Latin America are major contributors tothe vagal nerve stimulation market in this region. The Middle East Africa has a slightly lower share than Latin America due to the limited availability of medical facilities, less availability of funds, and poor political conditions in Africa. However, the Latin American countries are expected to show potential growth opportunities owing to the development of healthcare facilities in the developing countries of this region.
Key Findings of the Study
- The global vagal nerve stimulation market was valued at USD 86 millionin 2019 and is projected to register a CAGR of10.30% during the assessment period.
- North America accounted for the largest share of the global market due towell-developed technology, increasing prevalence of neurological disorders, rise in healthcare spending, and increasing government support for RD.
- Based on product type, the implantable VNS devices segment accounts for the largest share and is projected to reach USD 986.61 million by the end of 2027.
- Based on application, the epilepsy segment accounts for the largest share and is projected to reach USD 926.22 million by the end of 2027.
- Based on end user, the hospitals segment accounted for the largest market size of USD 386.97 million in 2019.
- LivaNova, PLC (UK), ReShape Lifesciences Inc (US), ElectroCore Medical LLC (US), Boston Scientific Corporation (US), NeuroMetrix, Inc. (US), ImThera Medical, Inc. (US), Inspire Medical Systems, Inc (US), Parasym Ltd (UK), and Innovative Health Solutions, Inc. (US)are the key market players.
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