Global Transcranial Magnetic Stimulator Market - 2023-2030

Global Transcranial Magnetic Stimulator Market - 2023-2030

Market Overview
The global Transcranial Magnetic Stimulator Market size was valued at US$ 1,125.25 million in 2022 and is estimated to reach US$ 2,244.79 million by 2030, growing at a CAGR of 9.2% during the forecast period (2023-2030).

Transcranial Magnetic Stimulation is a noninvasive technological breakthrough involving applying short magnetic pulses to elicit nerve cells in brain regions associated with major depression, Alzheimer's, Parkinson's and other neurology disorders.

Market Dynamics
The growing geriatric population and increase in age-related neurological disorders, along with product launches and approvals, are boosting the global transcranial magnetic nerve stimulation market growth during the forecast period.

A large number of product launches and approvals drive the forecast period's global market growth.
The growing market developments, such as product launches and approvals, are driving the global transcranial magnetic stimulator market growth during the forecast period. For instance, in July 2022, the FDA approved Neuronetics's NeuroStar Advanced Therapy for Mental Health, a transcranial magnetic stimulation device for treating anxiety symptoms in individuals with major depressive disorder. Likewise, in August 2021, the U.S. FDA approved Deep Transcranial Magnetic Stimulation (Deep TMS) System marketing clearance to BrainsWay Ltd., a supplier of advanced noninvasive neurostimulation treatments for mental health conditions, to lessen anxiety comorbid manifestations with depression in adult patients, also called anxious depression. Similarly, in August 2020, the FDA granted clearance to MagVenture's TMS Therapy for the adjunct treatment of the obsessive-compulsive disorder (OCD). It is the second indication in the U.S. for the Danish medical device company MagVenture.

Moreover, in November 2021, Magstim, a neuroscience-based mental health care and research provider received 510K clearance for Horizon 3.0. Horizon 3.0 delivers enhanced workflows with navigated TMS and analytics since it was particularly designed for the clinical setting. Thereby delivering connected care at networked sites, Magstim Connect is a unique and concentrated patient data management solution for TMS, which is anticipated to enhance market growth in the near future. Therefore, the growing product approvals and launches are boosting the global transcranial magnetic stimulators market during the forecast period.

The high cost of the TMS will likely restrain the growth of the global transcranial magnetic stimulator market.
However, the high cost of the transcranial stimulator machine will restrain the global market growth during the forecast period. For instance, a TMS machine may cost up to $60,000, leaving most individuals or practitioners unable to buy, hampering the global market growth during the forecast period.

COVID-19 Impact
COVID-19 significantly impacted the global transcranial magnetic stimulators market, as the pandemic directly impacted demand and production and raised the financial burden on firms. Neurological procedures were frequently delayed or canceled to stop the spread of COVID-19 during the pandemic. The most-affected nations, the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain, observed around a 55% decline in neurosurgical procedures. The COVID-19 virus can harm the heart, lungs, and brain, which raises the possibility of long-term health issues. However, Covid-19 has led to an increase in cases of depression and anxiety owing to social isolation, which has somewhat neutralized the negative impact of the pandemic.

Segment Analysis
The devices segment is expected to dominate the market throughout the forecast period (2023-2030).
The growing cases of Alzheimer's worldwide and new research developments about TMS in Alzheimer's are boosting the segment growth during the forecast period. For instance, according to Alzheimer's Disease International, someone develops dementia every 3 seconds. There were more than 55 million people worldwide with dementia in 2020. This number will increase nearly twice every 20 years, achieving about 78 million in 2030 and around 139 million in 2050. Considerably the upsurge will be in developing nations. Over 60% of individuals with dementia live in low and middle-income nations, while by 2050, this will increase to roughly 71%. The most rapid growth in the elderly population occurs in China, India, and their south Asian and western Pacific neighbors. Dementia primarily affects older people, although there is a growing understanding of cases that begin before age 65.

Moreover, according to the WHO, above 55 million people live with dementia globally, and there are almost 10 million new cases yearly. Alzheimer's disease is the most typical dementia and makes up 60-70% of cases. Also, according to the BrightFocus, a tax-exempt nonprofit organization, the percentage of people with Alzheimer's boosts with age: about 5% of people aged 65 to 74, around 13% of people aged 75-84, and almost 33% of people aged 85 and older have Alzheimer's dementia. Furthermore, new research suggests that the novel approach to repetitive transcranial magnetic stimulation (rTMS) that targets the precuneus appears to slow the progression of cognitive and functional decline in individuals with Alzheimer's disease (AD). Thus, from the data mentioned the TMS application in Amlzhimers will dominate the global transcranial stimulators market throughout the forecast period.

Geographical Analysis
The North American region holds the largest global Transcranial Magnetic Stimulator Market share.
North America dominates the global transcranial stimulators market owing to the increasing geriatric population, different organizations spreading awareness about neurological disorders, the growing cases of neurological disorders in this region and the presence of better reimbursement policies. For instance, according to America's Health Rankings Senior Report 2021, over 54 million adults aged 65 and older live in the U.S., accounting for approximately 16.5% of the nation's population. The number of older adults in the U.S. is expanding, and by 2050, the total number of adults ages 65 and older is projected to rise to an estimated 85.7 million, roughly 20% of the overall U.S. population. Moreover, according to the Alzheimer's Association, more than 6 million Americans are living with Alzheimer's, which is expected to reach almost 13 million by 2050. That is, 1 in 3 seniors dies with Alzheimer's or another dementia. It kills more than breast cancer and prostate cancer combined. In 2022, Alzheimer's and other dementias were estimated to cost the nation $321 billion, and these costs were anticipated to reach nearly $1 trillion by 2050. Furthermore, transcranial magnetic stimulation therapy is reimbursed by Medicare.gov if provided by the use of a device approved by the FDA to supply TMS. Therefore, from the data mentioned above, it is estimated that North America will hold most of the global transcranial magnetic stimulation market throughout the forecast period.

Competitive Landscape
The Transcranial magnetic stimulator market is moderately competitive due to the new market entrants and favorable regulatory policies. Some key players are Brainsway, Magstim, Neurosoft, MAG & More GmbH, Salience TMS Neuro Solutions, eNeura Inc., Nexstim Inc, Magventure, Eneura, and Axilum Robotics., among others. These key players hold the major share of the market through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in March 2021, MagVenture launched the MagVenture Flow Arm, a patent-pending clinical positioning system developed to enhance the delivery of MagVenture's FDA-cleared protocols for noninvasive brain stimulation technology for the treatment of major depressive disorder and as an adjunct therapy for the obsessive-compulsive disorder (OCD).

BrainsWay
Overview:
BrainsWay is an international company committed to developing a medical device that utilizes H-coil for deep transcranial magnetic stimulation as a non-invasive therapy for depression, OCD, and smoking addiction. The company was established in 2003 and is headquartered in Massachusetts, United States.

Product Portfolio
BrainsWays’ transcranial magnetic stimulator product portfolio has Deep TMS: A revolutionary depression treatment that has transformed the mental healthcare field, Deep TMS has been FDA-approved for safely and effectively treating Major Depressive Disorder (MDD) through BrainsWay’s patented H-coil technology.

The global transcranial magnetic stimulator market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.