The global transcranial magnetic stimulator market size is accounted over USD 2.1 Billion by 2026 and growing at CAGR 9.0% during the forecast period 2019-2026.
Transcranial magnetic stimulators are widely used in the treatment of brain and neurological diseases. The transcranial magnetic stimulators is a non-invasive technique which applies magnetic pulses to the brain that uses magnetic field to reduce chronic pain and stimulate nerve cells in the brain. During last few years, the demand for the transcranial magnetic stimulators have increased significantly owing to the increasing prevalence of the various neurological diseases. Increasing awareness about health, rising population and changing lifestyle have driven the growth of the transcranial magnetic stimulator market. Many government and private organization are trying to educate the people about various application and benefits of the transcranial magnetic stimulator which have supported the growth of the transcranial magnetic stimulators market. On the other hand, limited penetration of the transcranial magnetic stimulator in developing countries in Asia and Africa, high prices may slow the growth of the transcranial magnetic stimulator market.
The market research study on “Transcranial Magnetic Stimulator Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Transcranial magnetic stimulator market. The report also analyzes the key players operating in Transcranial magnetic stimulator market and identifies the key strategies deployed by them along with the market share of leading players.
The global Transcranial magnetic stimulator market is segmented as below:
Transcranial magnetic stimulator Market By Type
Transcranial magnetic stimulator Market By Application
Transcranial magnetic stimulator Market by Geography
The key trends supporting the transcranial magnetic stimulator market growth includes increasing awareness and huge number of people suffering from mental function.
The transcranial magnetic stimulator is segmented by type and application. On the basis of type, the global transcranial magnetic stimulator is segmented into dTMS, rTMS, and others
On the basis of application, the market is segmented into depression, and epilepsy. Depression application segment is the fastest growing segment owing to the factors such as global leading cause of disability. According to the WHO, over half of with depression are receiving treatment such as medication and therapies. Additionally, changing lifestyle has led to increased the prevalence of the number of patient suffering from depression.
Geographically, the transcranial magnetic stimulator market is segmented into North America, Europe, Asia Pacific, (LAMEA).
North America is expected to hold major market share during forecast period owing to high presence of huge patient suffering from various neurological diseases, rising geriatric population and well developed economy. Additionally, increasing number of surgeries coupled with the high healthcare spending have supported the growth of the North America transcranial magnetic stimulators market across the globe. In 2015, According to the Federal Interagency Forum, over, 15.1% populations were above 65 aged in North America. U.S. holds the major share of over 75% in North America transcranial magnetic stimulators market.
Europe is expected to second leading position in the global transcranial magnetic stimulator market. Adoption of advanced devices and treatment methods, well awareness among the people and huge patient pool are the major drivers of the transcranial magnetic stimulator market. Favorable government support and desecrating lifestyle have supported the transcranial magnetic stimulator market growth.
Asia Pacific is expected to be fastest growing market for transcranial magnetic stimulator owing to the presence of huge population suffering from neurological diseases and lifestyle such as diabetes are major diving factor in this region. Presence of rapidly developing economy, rising government support and increasing healthcare spending have boosting the growth of transcranial magnetic stimulator market in Asia Pacific. India and China holds the major share in the Asia Pacific transcranial magnetic stimulators market owing to the increasing government support and increasing spending power of the people.
The LAMEA transcranial magnetic stimulator market is majorly driven by increasing number of people suffering from brain and neurological, increasing awareness regarding availability of advanced treatment, and increasing government support. Rising geriatric population, and increasing government support have supported the growth of the transcranial magnetic stimulator market.
Some of the major players analyzed and profiles in this market include Brainsway Ltd., Nexstim Plc, Magstim, Neuronetics Inc., TMS Neurosolutions, Mag Venture, and eNeura Inc.
Being a nascent market, many new companies many enter in the market in near future which will increase the competitive rivalry. Continuously increasing demand for the advanced treatment favored the international players to withstand in the market. Additionally, price reduction strategies and introduction of technologically advanced products undertaken by key players will fuel the market growth and competition in the market.
All the major players in the market are focusing on technological advancements, launch of new types of TMS, and growth strategies, such as mergers and acquisitions.
For instance, in September 2017, eNeura Inc., received FDA approval for eNeura spring TMS.
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