The vagus nerve stimulators market is estimated to be valued at USD 607.2 MN in 2024, growing at a CAGR of 9.7% over the forecast period (2024 – 2031). The market is growing at a significant rate majorly due to the rising prevalence of epilepsy, depression, and other neurological disorders globally. Furthermore, the growing approvals for treating other indications apart from epilepsy with vagus nerve stimulators (VNS) therapy are also helping to push the market revenues higher.
Market Dynamics:
The vagus nerve stimulators market is projected to witness high growth over the forecast period owing to the increasing prevalence of neurological disorders such as epilepsy. The rising geriatric population also prone to neurological disorders will accelerate the demand for VNS devices in the coming years. The other major drivers include the growing adoption of VNS therapy devices due to fewer side effects and better tolerability compared to alternative treatment options. In addition, continuous technological advancements in VNS devices with features such as wireless programming and improved design will further support the market revenues during the forecast period.
Increasing Prevalence of Epilepsy and Depression are Driving the Adoption of Vagus Nerve Stimulators
One of the key drivers propelling the growth of the vagus nerve stimulators market is the rising incidence of neurological disorders such as epilepsy and depression globally. Epilepsy is one of the most common neurological disorders affecting approximately 50 million people worldwide. Vagus nerve stimulation therapy has been clinically proven to be effective in reducing seizure frequency in patients with refractory epilepsy. Similarly, vagus nerve stimulation is an U.S. Food and Drug Administration -approved treatment for chronic or treatment-resistant depression and is gaining more acceptance among patients and neurologists. The increasing patient pool suffering from these indications is raising awareness and boosting the demand for vagus nerve stimulators.
Growing Geriatric Population is Expanding the Patient Base Needing Vagus Nerve Stimulation Therapy
The aging global population is another major factor fueling the growth of the vagus nerve stimulators market. Neurological disorders like epilepsy and depression are more common among the elderly. As per World Health Organization statistics October 2022 press release, by 2030, one out of every six persons in the world will be 60 or older. By 2050, the global population of persons aged 60 and up will double (2.1 billion). The number of people aged 80 and older is anticipated to triple between 2020 and 2050, reaching 426 million. The geriatric population is more susceptible to develop treatment-resistant forms of these conditions for which vagus nerve stimulation offers an effective therapeutic option. The low success rates of alternative treatments like medications for refractory cases in older patients are also propelling the adoption of vagus nerve stimulation, especially in developed nations with significant aging populations.
Lack of Treatment Alternatives is Restraining the Complete Adoption of Vagus Nerve Stimulation Therapy
One of the key challenges being faced by the vagus nerve stimulators market is the lack of adequate alternative treatment options for certain neurological conditions. While vagus nerve stimulation has demonstrated efficacy in reducing seizure frequency and easing depression symptoms, it is not a cure and alternative modes of treatment are still being researched. The high costs and invasiveness associated with the implantation procedure along with potential side effects are discouraging certain patient segments. This restricts the complete adoption of vagus nerve stimulation as the front-line standard therapy in all cases. The market needs safer and cost-effective alternatives to help overcome this restraint.
Reimbursement Hurdles are Hindering the Broader Uptake of Vagus Nerve Stimulation Devices
Reimbursement challenges posed by certain insurance providers is another major market barrier. Though vagus nerve stimulators have regulatory clearances, the high device and overall therapy costs strain both public and private healthcare budgets. In many countries, reimbursement policies either do not cover or provide only partial coverage for vagus nerve stimulators. This puts financial constraints on patients and providers, restricting the broader adoption of this therapy. Overcoming regional reimbursement barriers through collaborative efforts between stakeholders remains crucial to address this restraint.
Growing Adoption in Psychiatry is Opening New Application Avenues
While traditionally used in epilepsy and depression, vagus nerve stimulators are gaining recognition for other psychiatric applications as well. There is growing research exploring the effectiveness of vagus nerve stimulation in treatment-resistant cases of schizophrenia, bipolar disorder, Post-traumatic stress disorder, and chronic pain. Several clinical trials evaluating the benefits for these new indications have reported positive outcomes. Regulatory approvals for additional psychiatric labels will validate vagus nerve stimulation as a mainstream therapeutic modality. This presents major market opportunities to expand the approved patient pool globally.
Technological Innovations are Enhancing Therapy Delivery, Creating Novel Opportunities
Constant technological innovations aimed at enhancing the design, functionality, and performance of vagus nerve stimulators offer tremendous opportunities for industry players. The development of smaller and less invasive nerve stimulation devices widens the eligible patient segments. Advancements in wireless and rechargeable technology are paving way for fully implantable systems with improved comfort and compliance. Cloud-based digital platforms for remote patient monitoring allow better therapy management. Novel waveform designs and smart sensing capabilities also provide opportunities to optimize outcomes. These innovations are improving patient acceptance and boosting the adoption of advanced and customized vagus nerve stimulation systems.
Link: https://www.coherentmarketinsights.com/market-insight/vagus-nerve-stimulators-market-2514
Key Development
- On February 21, 2024, Tivic Health Systems, Inc., a leading health technology firm, revealed the completion of enrollment in a pilot clinical study focusing on a pioneering method of non-invasive vagus nerve stimulation (VNS). Traditionally, implanted VNS has been utilized in the treatment of diverse neurologic and psychiatric disorders, and it's currently under investigation for systemic inflammatory diseases as well.
- On January 4, 2024, Pulsetto, a prominent medical device company, unveiled its groundbreaking vagus nerve stimulation device, showcased at the Consumer Electronics Show in Las Vegas, U.S., held from January 9 to 12, 2024. Beyond its role as a stress-relief tool, Pulsetto boasts a demonstrated efficacy in enhancing sleep quality and facilitating overall body recovery. With its electric stimulation technique activating the vagus nerve within a mere 4 minutes, Pulsetto stands out as one of the swiftest methods for relaxation and unwinding.
- In April 2023, MicroTransponder, Inc., a distinguished medical device company, announced that its Vivistim Paired VNS System has been honored with the prestigious 2023 Gold Edison Award. This accolade celebrates the system as a transformative product, empowering stroke survivors to lead more enriching lives. The Edison Awards commend innovations that enhance people's safety, health, and productivity, reaffirming the significant impact of the Vivistim Paired VNS System on patient well-being and quality of life.
- In August 2021, MicroTransponder, Inc. disclosed that the Vivistim Paired VNS System has attained premarket approval from the U.S. Food and Drug Administration (FDA). This milestone marks a significant advancement in rehabilitation therapy for stroke survivors experiencing moderate to severe upper extremity impairment six months post-stroke. The approval underscores the system's enhanced effectiveness in aiding stroke recovery and improving patient outcomes.
Key Players: 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
