Korea Non-invasive Brain Stimulation System Market Analysis and Forecast 2022-2031
Non-invasive Brain Stimulation System Market Outlook 2031
- The global non-invasive brain stimulation system market was valued at US$ 580.3 Mn in 2021
- The global market is projected to grow at a CAGR of 6.3% from 2022 to 2031
- The global non-invasive brain stimulation system market is anticipated to reach more than US$ 1.04 Bn by the end of 2031
Non-invasive Brain Stimulation System Market Introduction
Non-invasive brain stimulation is a set of technologies and techniques used to stimulate or alter brain activity from the surface of the head without the introduction of instruments inside the body or breaking the skin. Transcranial magnetic stimulation (TMS) and Transcranial Current Stimulation (TCS) are the two primary methods of non-invasive brain stimulation. The process of transcranial magnetic stimulation involves the production of magnetic pulses easily transferable to the skull and other matter present in the brain. An electrical potential is created in the brain that depolarizes neurons present there and triggers various actions. Transcranial magnetic stimulation (TMS) system is most commonly used in depression, when other depression treatments prove ineffective. Transcranial current stimulation includes alternating current (AC) or direct current (DC), with one electrode put on the head and the other on the target area of the brain.
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Non-invasive brain stimulation system is most commonly used in diseases such as depression, epilepsy, Parkinson’s disease, and chronic pain. Incidence of these diseases has increased in countries such as India, China, and Brazil. The global non-invasive brain stimulation system market demand is driven by the increase in preference for non-invasive technology and rise in number of patients suffering from depression and Parkinson’s disease.
Rise in Incidence of Depression and Parkinson’s Disease to Drive Global Market
Preference for non-invasive technology, especially brain stimulation, has increased over the last few years. Non-invasive procedures are performed without anesthesia. Non-invasive technology causes minimal complications, reduces the risk of infections, causes less pain & discomfort, and offers rapid recovery. This leads to shorter hospital stay than traditional therapies and treatments.
The burden of brain-related disorders is expected to rise significantly across the globe in the next few years. According to the World Health Organization, depression is a leading cause of disability across the world, and is a major contributor to the overall global burden of the disease. Around 280 million people in the world suffer from depression. China accounts for the largest number of people with Parkinson’s disease in the world. Currently, around 2.5 million people in the country are afflicted with the disease. This number is expected to double by the end of 2030, accounting for 50% of the global population. Currently, 1.7% of the population above the age of 65 is affected by the Parkinson’s disease in China.
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Increase in Research & Development Activities to Propel Transcranial Magnetic Stimulation System Segment
In terms of product type, the transcranial magnetic stimulation (TMS) system segment accounted for significant market share in 2021. Transcranial magnetic stimulation is a noninvasive treatment used for depression. It is employed when other depression treatments have been ineffective. Transcranial magnetic stimulation (TMS) includes deep transcranial magnetic stimulation and repetitive transcranial magnetic stimulation. As per non-invasive brain stimulation system market analysis, increase in research & development activities in transcranial magnetic stimulation (TMS) products is likely to drive the segment during the forecast period. Surge in usage of TMS in the treatment of disorders such as depression, epilepsy, and Parkinson’s diseases is likely to propel the segment during forecast period. Key market players are focusing on launching innovative products. This is projected to augment the segment. For instance, in March 2021, MagVenture introduced MagVenture Flow Arm used in non-invasive brain stimulation.
Launch of New Treatment Devices Fueling Depression Segment
Based on application, the depression segment held major share of the global non-invasive brain stimulation system market in 2021. Increase in incidence of depressive disorders is anticipated to drive the segment. According to the World Health Organization, an estimated 5% of adults suffer from depression across the globe. The global non-invasive brain stimulation system market trends indicate that major players are focusing on the launch of new devices for the treatment of depression. This is likely to augment the depression segment. For instance, in March 2020, Neuronetics launched NeuroStar, which is the first transcranial magnetic stimulation (TMS) device to receive Breakthrough Device Designation for bipolar depression.
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Favorable Medical Reimbursement for Non-invasive Brain Stimulation Systems Bolstering Hospitals Segment
In terms of end-user, the hospitals segment is expected to account for major share of the global non-invasive brain stimulation system market during the forecast period. Well-established health care infrastructure, favorable medical reimbursement facilities for non-invasive brain stimulation systems in developed countries, and comparative high cost of devices contributed to the segment’s large market share in 2021. Furthermore, rise in number of hospitals in developing countries and growth in number of neurological disorders are likely to drive the segment during the forecast period
Regional Outlook of Global Non-invasive Brain Stimulation System Market
North America held the largest share of around 40% of the global non-invasive brain stimulation system market in 2021. The region is expected to be a highly lucrative market during the forecast period. North America’s dominance of the global market can be ascribed to the increase in incidence of major neurological diseases in the region. The U.S. dominated the market in North America owing to factors such as presence of key market players and increase in the research & development activities in the non-invasive brain stimulation field.
Asia Pacific is projected to be the fastest growing region of the global non-invasive brain stimulation system market during the forecast period. The market in the region is anticipated to grow at a rapid pace from 2022 to 2031 due to high incidence rate of depression, epilepsy, and Parkinson’s disease.
Analysis of Key Players in Global Non-invasive Brain Stimulation System Market
The global non-invasive brain stimulation system market is fragmented, with the presence of large number of leading players. Most of the companies are investing significantly in research & development activities, primarily to introduce innovative products. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by key players operating in the global non-invasive brain stimulation system market. Brainbox Ltd., BrainsWay, eNeura Inc., Flow Neuroscience, Magnus Medical, Inc., Magstim, MagVenture, NeoSync, Inc. (Wave Neuroscience, Inc.), NeuraLace, Neurocare Group AG, NeuroMetrix, Neuronetics, and Soterix Medical, Inc. are the prominent players operating in the market.
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Key Developments in Global Non-invasive Brain Stimulation System Market
- In September 2022, Magnus Medical, Inc. received FDA clearance for the SAINT Neuromodulation system for non-invasive, individualized, and precise treatment of severe depression
- In August 2022, BrainsWay received the U.S. FDA approval for H7 coil to deliver deep transcranial magnetic stimulation for the treatment of adults with major depressive disorder and anxious depression
- In February 2020, Wave Neuroscience, Inc. acquired NeoSync, Inc. to expand its existing product portfolio and strengthen its position in the EEG and EEG/EKG guided TMS segment
Each of these players has been profiled in the non-invasive brain stimulation system market report based on parameters such as company overview, business strategies, product portfolio, business segments, and recent developments.
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