by The global Vagus Nerve Stimulators Market is estimated to be valued at Us$ 684.85 Mn or millions in 2023 and is expected to exhibit a CAGR Of 9.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Vagus nerve stimulators are medical devices that provide mild electrical pulses to the vagus nerve located in the neck region. This helps relieve chronic pain symptoms associated with various conditions such as fibromyalgia, arthritis, headaches, and back pain. The devices are minimally invasive and their adoption is growing due to advantages such as controlling pain severity, reducing dependence on opioid medications, and improving mobility and quality of life.
Market Key Trends
One of the key trends in the vagus nerve stimulators market is the ongoing research on multiple novel applications. Researchers are exploring the effectiveness of vagus nerve stimulation in managing obesity, depression, inflammatory bowel disease, rheumatoid arthritis, and other conditions. This is expected to expand the eligible patient pool and opportunities for market players. Another trend is companies introducing innovative devices with new features like wireless and rechargeable operations to improve patient convenience and compliance with treatment protocols.
Porter’s Analysis
Threat of new entrants: The presence of stringent regulatory framework from government bodies for product approvals and safety standards sets high entry barriers for new players.
Bargaining power of buyers: Buyers have less bargaining power as vagus nerve stimulators are niche medical devices with few players operating in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of a large number of component suppliers. However, suppliers are dependent on key players for business.
Threat of new substitutes: There exists limited threat from substitutes as vagus nerve stimulators offer unique advantages over surgical and pharmaceutical therapies for neurological disorders.
Competitive rivalry: The market is highly competitive with the presence of large multinational players.
Key Takeaways
The Global Vagus Nerve Stimulators Market Size is expected to witness high growth, exhibiting a CAGR of 9.0% over the forecast period, due to increasing prevalence of neurological disorders.
North America dominates the global vagus nerve stimulators market and is estimated to continue its dominance over the forecast period. This is attributed to the growing adoption of technologically advanced neurostimulation devices and rising geriatric population in the region suffering from neurological disorders. Asia Pacific exhibits the fastest growth during the forecast period owing to rising healthcare expenditure and demand for effective treatment in growing economies.
Key players operating in the vagus nerve stimulators market are LivaNova PLC, electroCore, Inc., SetPoint Medical Corporation, Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, tVNS Technologies GmbH, BioControl Medical, NeurAxis, Inc., Soterix Medical Inc., MicroTransponder Inc., Boston Scientific Corporation, Cyberonics, Inc., EnteroMedics Inc., ReShape Lifesciences Inc., and Cerbomed GmbH. LivaNova PLC dominates the market with wide geographic presence and robust commercialization capabilities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
