Vagus Nerve Stimulators Market Growth in Future Scope 2021-2028 | Genentech, Inc., Celltrion, Inc.

Vagus nerve stimulation (VNS) is a medical treatment, in which electric impulses are delivered to vagus nerve for the management and treatment of various types of diseases including epilepsy and depression. Vagus nerve stimulators are devices that are used to stimulate the vagus nerve with electrical impulses. Vagus nerve stimulators are classified in two types such as implantable devices and external devices. An implantable vagus nerve stimulator is a medical device, which is surgically implanted inside the body. External devices are less-invasive, non-surgical vagus nerve stimulators. Various key players in the market are involved in the development of such easy-to-use external vagus nerve stimulators for various indications.

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Frequent approvals and launches of novel vagus nerve stimulators are expected to drive the global vagus nerve stimulators market growth

In July 2017, electroCore, Inc. launched gammaCore (non-invasive vagus nerve stimulator) for acute treatment of pain associated with episodic cluster headache in adult patients in the U.S. gammaCore is a non-invasive, hand-held medical device applied at the neck and sends gentle, patented electrical stimulation through the skin to activate the vagus nerve, resulting in the reduction of pain.

In June 2017, LivaNova Plc. received the U.S. FDA approval for its VNS therapy system for treatment of patients as young as four years of age with partial onset seizures that are refractory to antiepileptic medications.

The global vagus nerve stimulators market is estimated to be valued at US$ 445.1 Mn in 2018, and is expected to exhibit a CAGR of 9.0% during the forecast period (2018-2026).

High Prevalence of Epilepsy, Depression, and Migraine in Key Regions are expected to drive Demand for Vagus Nerve Stimulators

Vagus nerve stimulators are widely used in the management and treatment of diseases such as epilepsy, depression, and migraine. High prevalence of such diseases in key regions is expected to drive vagus nerve stimulators market growth over the forecast period. For instance, according to the data published by the National Institute of Mental Health, depression was one of the most common mental disorders in the U.S. in 2016. Around 16.2 million adults in the U.S. had at least one major depressive episode. This number represented 6.7% of all the U.S. adults.
Moreover, according to the data published by the World Health Organization in 2018, around 2.4 million people are diagnosed with epilepsy each year, globally. In high-income countries, new cases are between 30 and 50 per 100,000 people, annually.

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Asia Pacific is expected to be a Potential Region for Growth of the Vagus Nerve Stimulator Market

LivaNova PLC is one of the leading players in the vagus nerve stimulator market with various products, which earns around 84% of its revenue from the U.S. and rest from other economies. The penetration rate of vagus nerve stimulator is quite low in emerging economies such as Asia Pacific, Middle East, and Africa.

However, high prevalence of migraine, depression, and epilepsy in major economies of Asia Pacific such as China, India, and Australia, and increasing healthcare awareness and expenditure in these economies signifies potential opportunities for vagus nerve stimulators. For instance, according to the data published by the Commonwealth Fund, in 2014, China invested around US$ 992 billion in healthcare, with 30% financed by the central government and local governments and 38% by publicly financed health insurance and private health insurance or social health donations.

Moreover, according to the World Health Organization, 2018, around 3/4th of the population suffering from epilepsy living in low- and middle- income countries do not get the treatment they need, wherein, such medical devices could be used. Manufacturers should collaborate with regional government authorities to spread awareness about these medical devices, as well as increase the number of distributors to cater to the customer base.

Vagus nerve stimulators receive approval from regulatory authorities for the treatment of various disorders such as depression, migraine, and epilepsy. However, there are lot of alternative treatment options such as pharmaceutical drugs, antiepileptic medications, antidepressants, anticonvulsants, and others. Moreover, majority of these drugs have lost patent protection and cheaper generic versions have been made available in the market by leading generic manufacturers. Physicians as well as patients are more likely to give preference to cheaper drugs rather than medical devices. Hence, presence of cost-effective alternative treatment options for the treatment of these diseases is expected to hamper vagus nerve stimulator market growth over the forecast period.

Key players operating in the vagus nerve stimulators market include electroCore, Inc., LivaNova, PLC, SetPoint Medical Corporation, MicroTransponder, Inc., Beijing PINS Medical Co., Ltd., Parasym Ltd., Nervana, LLC, and tVNS Technologies GmbH.

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