Transcranial Magnetic Stimulators Market Size is expected to witness commendable growth from 2021 to 2027. This is attributed to the rising acceptance of the procedure to treat patients who do not respond to psychotherapy and antidepressant medication, along with other disorders like Parkinson’s disease. Likewise, the increasing burden of neurological diseases among the elderly population will further add significant impetus to the overall industry growth over the coming years. Transcranial magnetic stimulation refers to a non-invasive brain stimulation procedure that relies on electromagnetic induction to influence mood regulation. In TMS devices, an insulated coil placed over the scalp generates brief magnetic pulses, which later pass through the skull and into the brain. This procedure can stimulate nerve cells inside the brain to improve the symptoms of depression.
Rapid introduction of non-invasive, electromagnetic pulse-administered treatment for brain-related disorders is among the prominent factors characterizing the market growth. For example, in 2021, BrainsWay Ltd. announced the distribution of its Deep transcranial magnetic stimulation devices to practices in the U.S. to aid in short-term smoking cessation. These FDA-cleared devices can stimulate neurons in the brain associated with smoking addiction and lead to a reduction in tobacco use. Furthermore, the growing incidences of anxiety and depression, especially during the coronavirus pandemic, will also contribute to the growth of the global industry over the forecast timeline. However, side-effects associated with TMS therapy, including neck pain, mild headaches, and altered cognition during treatment, may hamper the overall revenue share in the coming years.
Tinnitus is estimated to emerge as a prominent application segment for the industry by 2027. This is a result of the increased reliance on transcranial magnetic stimulation therapy to treat symptoms of tinnitus like constant humming or ringing. Moreover, the increasing occurrence of age-related hearing loss will also foster industry demand from this segment, as tinnitus is considered an initial sign of hearing loss in adults.
The Asia Pacific transcranial magnetic stimulators market is anticipated to hold an appreciable share of the global industry by 2027. This is due to the rapidly increasing burden of Parkinson’s disease as one of the most common ageing-related disorders in emerging economies like India. In addition, the mounting number of patients diagnosed with migraines and other neurological disorders will also augment the need for TMS treatment in the region.
Key players operating in the market include Yiruide, Remed, Nexstim, Neurosoft (OPAP Investment), Neuronetics, MagVenture, Magstim, MAG & More, eNeura, Dr. Langer Medical, and Brainsway. Business expansions, mergers, and acquisitions are among the key strategies being employed by these firms to reinforce their presence in the global market. For instance, in March 2021, MagVenture launched its MagVenture Flow Arm, touted as the latest improvement to its MagVenture TMS therapy system, designed to treat OCD and major depressive disorder. In September 2020, Magstim entered an agreement with Royal Philips for the acquisition of the product portfolio of Electrical Geodesics, with an aim to complement its transcranial magnetic stimulation portfolio.
The novel coronavirus outbreak has resulted in delayed treatment of various clinical conditions, including migraine, owing to pandemic-related issues. Temporary closures of medical facilities and the reduction or halting of care options for non-COVID patients thus posed challenges to the industry expansion during the initial months of the pandemic. However, the increasing risk of Alzheimer’s disease among the COVID-19-impacted patients may boost the need for TMS therapy and in turn, positively spur the industry progression. The coronavirus can cause an increase in the blood-based molecular biomarkers for Alzheimer’s disease, thus intensifying the risk of developing the disease during the pandemic, and in turn driving up demand for TMS treatments.
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