The global vagus nerve stimulation market size is expected to reach USD 21.0 billion by 2030, according to a new study by Polaris Market Research. The report “Vagus Nerve Stimulation Market Share, Size, Trends, Industry Analysis Report, By Product (Implantable VNS Devices, External VNS Devices); By Application; By End Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
North America is expected to have the largest market share owing to the high prevalence of epilepsy and depression in the region; rising disposable income, rising investments, and large collaborative expansions by key regional players are the key driving factors of the regional growth of the market.
Furthermore, the region's favorable regulatory environment is expected to cement North America's dominance in the global VNS market. Additionally, advanced product launches and commercialization agreements between key VNS companies are expected to fuel the market. For instance, in August 2021, the FDA approved the first-of-its-kind vagus nerve stimulation device, the MicroTransponder Vivistim Paired VNS System, to treat moderate to severe upper extremity motor deficits associated with chronic ischemic stroke—a stroke caused by a blockage of blood flow to the brain with long-term symptoms.
Thus, the interaction of all of the aforementioned factors is expected to fuel the growth of the market in the United States during the forecast period.
The market for vagus nerve stimulators is experiencing increased product demand for various reasons, one of which is the rising prevalence of neurological disorders. Furthermore, as more positive results from VNS therapy are reported, more research on various disease areas is being conducted. This may lead to greater use of VNS devices in the coming years.
Several studies are currently underway to investigate the effects of VNS on tinnitus, irritable bowel syndrome, and chronic pain, among other indications. This opens the possibility of making significant progress in the Vagus Nerve Stimulation market in the near future.
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Vagus nerve stimulation is used to treat a variety of neurological conditions, such as dyskinesia and neurological tremors. This application may expand the market for vagus nerve stimulation. This therapy can also improve movement, restore hand gasp, and control bladder issues. This broad range of therapeutic applications is expected to drive the growth of the market.
The global prevalence of depression is rapidly increasing. This could lead to lucrative opportunities in the market for vagus nerve stimulators. The number of people suffering from epilepsy is rapidly increasing. In addition, new cases of epilepsy are being reported among the general public. As a result, people suffering from epilepsy and depression are estimated to propel the growth of the market.
The rising prevalence of neurological diseases, particularly in developing economies, is driving demand in the global market. The use of vagus nerve stimulation therapy aids in the reduction of neurological conditions such as tremors and dyskinesia. According to World Health Organization data, neurological diseases cause 4.5% to 11% of all illnesses worldwide. VNS are also used to treat patients suffering from depression, asthma, and cardiovascular disease.
The number of cases due to depression has increased significantly in the last few years. According to the National Institute of Mental Health, depression is one of the leading causes of mental disorders in the United States, with approximately 16.2 million people suffering from depression in 2016. Furthermore, the number of people suffering from epilepsy is rapidly increasing, and new cases are being reported at an alarming rate. As a result of the growing number of people suffering from depression and epilepsy, the global vagus nerve stimulation market has accelerated.
Vagus Nerve Stimulation Market Report Highlights
Polaris Market Research has segmented the vagus nerve stimulation market report based on product, application, end use and region:
Vagus Nerve Stimulation, Product Outlook (Revenue - USD Billion, 2022 - 2030)
Vagus Nerve Stimulation, Application Outlook (Revenue - USD Billion, 2022 - 2030)
Vagus Nerve Stimulation, End Use Outlook (Revenue - USD Billion, 2022 - 2030)
Vagus Nerve Stimulation, Biomaterial Outlook (Revenue - USD Billion, 2022 - 2030)
Vagus Nerve Stimulation, Regional Outlook (Revenue - USD Billion, 2022 - 2030)