MARKET OVERVIEW
Non invasive brain stimulation (NIBS) refers to a group of tools and methods for controlling the brain's excitability through transcranial stimulation. Transcranial magnetic stimulation (TMS) and transcranial current stimulation are two popular forms of noninvasive brain stimulation. Six TMS devices now have approved uses by the U.S. Food and Drug Administration (FDA) and are used in clinical practice: from which five are used to treat medication-refractory depression and the sixth is used to map the motor and speech areas before surgery. In the upcoming years, noninvasive brain stimulation may have an impact on a number of clinical specialties, including psychiatry, neurology, paediatrics, neurosurgery, physical therapy, and physical medicine and rehabilitation. Several large, multisite clinical trials are currently being conducted with the goal of increasing the number of clinical applications of noninvasive brain stimulation.
Transcranial magnetic stimulation involves creating magnetic pulses that are easily transmitted to the skull and other brain tissue. The brain experiences an electrical potential that depolarizes the neurons and causes a variety of reactions. The alternative technique, transcranial current stimulation, uses direct current (DC) or alternating current (AC) with one electrode placed on the target area of the brain and the other on the head.
Non invasive brain stimulation has been used by thousands of people all over the world and is painless, safe procedure with limited side effects. It helps in the improvement of quality of life and lessen the effects of problems with speaking, swallowing, moving, thinking, and other body functions. The rapidly ageing population, increases the risk and prevalence of neurological disorders, rising demand for the devices as a result of the growing acceptance of minimally invasive procedures, and availability of cutting-edge technology are the main factors propelling the non invasive brain stimulation system market growth.
MARKET SCOPE
The “Global non invasive brain stimulation system market analysis to 2030” is a specialized and in-depth study of the medical device industry with a special focus on global market trend analysis. The report aims to provide an overview of the non invasive brain stimulation system market with detailed market segmentation by product type, application, end user and geography. The report provides key statistics on the non invasive brain stimulation system market market status of the leading non invasive brain stimulation system and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The Non invasive brain stimulation system market is segmented based on product type, application, end user, and region. Based on the product type, the global non invasive brain stimulation system market is differentiated into transcranial magnetic stimulation (TMS) system and transcranial current stimulation (TCS) system. By application, the non invasive brain stimulation system market is segmented into depression, epilepsy, parkinson's disease, chronic pain and others. Based on the end user, the non invasive brain stimulation system market is classified into hospitals, ambulatory surgical centers, specialty clinics and others.
MARKET DYNAMICS
Drivers-
A common treatment for advanced depression, epilepsy, Parkinson's disease, chronic pain, and other conditions is non-invasive brain stimulation. However, non-invasive brain stimulation systems have grown significantly over the past three decades, in addition to the expansion of its clinical uses. The non-invasive brain stimulation system market is expected to grow rapidly due to the projected rise in the senior population, who are more susceptible to neurological illnesses. According to the United Nations Department of Economic and Social Affairs report titled "World Population Ageing 2020 Highlights, in 2020, there were around 727 million people worldwide who are aged 65 years or older. In 2050, it is anticipated to increase more than double and reach close to 1.5 billion.
Companies that make non-invasive brain stimulation systems are working efficiently with the needs of the consumer in mind. The global non-invasive brain stimulation systems market is expanding due to ongoing innovation. Most Non-invasive Brain Stimulation System businesses operate with a sense of urgency and a customer-centric mindset in the post-pandemic period. Attempts to reduce costs along different links in the value chain so that items can be sold for a profit. Additionally, in the long run, production modernization and expansion together with ongoing innovation and customer-focused initiatives will continue to be crucial success drivers. The study provides important, high-quality data and analysis to aid in the formulation of solid business strategies by decision-makers.
REGIONAL FRAMEWORK
Due to the rising prevalence of neurological diosrders, North America is anticipated to hold a significant share of the non invasive brain stimulation system market and is anticipated to continue during the forecast period. As per Parkinson’s Foundation, approximately 1 million Americans were estimated to have Parkinson's disease in 2020. The combined direct and indirect cost of Parkinson's disease in the United States, including medical expenses, lost wages due to patients' incapacity to work, and other costs, are estimated to be around US$ 25 billion annually. As a result, the original equipment manufacturers (OEMs) have been driven to provide affordable devices for the treatment of neurological movement disorders due to the increasing burden of Parkinson's disease on the healthcare system and the uncertain economic climate in the United States.
The Asia Pacific market for non-invasive brain stimulation systems is expected to experience the significat growth over the forecast period owing to rising prevelance of neurological diosrders such as Parkinson’s disorders, epilepsy, depression, and others. Additionally, there has been increasing awareness about non-invasive treatment options for such conditions in the region are also expected to generate the demand for non-invasive brain stimulation systems and amplify the overall market growth in a long run.
MARKET PLAYERS
The report covers key Non invasive brain stimulation system market developments, such as organic and inorganic growth strategies. Various companies such as BrainsWay, Brainbox Ltd., Flow Neuroscience, eNeura Inc., Magstim, Magnus Medical, Inc., NeoSync, Inc. (Wave Neuroscience, Inc.), MagVenture, Neurocare Group AG, NeuraLace and among others are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the non invasive brain stimulation system market were acquisitions, partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players from the non invasive brain stimulation system market are anticipated to have lucrative growth opportunities with the rising demand for non invasive brain stimulation system in the global market.
Key Developments in the Global Non invasive brain stimulation system market
- In September 2022, Magnus Medical received approval for SAINT Neuromodulation System for the treatment of major depressive disorder (MDD). The SAINTTM Neuromodulation System was given U.S. FDA Breakthrough Device Designation and authorization to treat people with major depressive disorder (MDD) who have not shown sufficient improvement from prior antidepressant drugs during the current episode.
- In August 2022, BrainsWay Ltd. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the Company’s Deep TMS H7 Coil for its use in treating patients suffering from major depressive disorder (MDD).
The report includes key companies' profiles, SWOT analysis, and non invasive brain stimulation system market size and strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner’s dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.