Vagus Nerve Stimulation Market to Hit $1,194.4 Mn by 2026
The global vagus nerve stimulation (VNS) market size is anticipated to reach USD 1,194.4 million by 2026, exhibiting a CAGR of 11.4% during the forecast period. Sizeable prevalence of epilepsy, a non-communicable brain disease, worldwide is projected to fuel the growth of this market, the recent Fortune Business Insights™ report, titled “Vagus Nerve Stimulation (VNS) Market Size, Share & Industry Analysis, By Type (Invasive, and Non-invasive {nVNS}), By Application (Epilepsy, Treatment Resistant Depression (TRD), and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2019-2026” states. The World Health Organization (WHO) estimates that close to 50 million people in the world suffer from epilepsy, of which nearly 80% live in low- and middle-income countries. The WHO opines that 70% of those living with epilepsy can lead seizure-free lives if given proper treatment. Vagus nerve stimulation technique is steadily emerging as an effective treatment option for epilepsy. The VNS method involves placing of a pulse stimulator in the left vagus nerve, which sends mild electrical stimulations to subdue erratic, seizure-inducing brain activity in epileptic patients. Thus, proven efficacy of the VNS technique in treating epilepsy is augmenting its demand in healthcare and driving the vagus nerve stimulation market trends.
According to the report, the
value of the market stood at USD 505.2 million in 2018 and is expected to
register a CAGR of 11.4% till 2026. The other highlights of the report include:
- Segmentation
of the market and piece-meal study of each individual segment;
- Detailed
assessment of the factors influencing the share, size, and overall growth
of the market;
- Careful
evaluation of the challenges facing the market; and
- Comprehensive
research into the regional developments and competitive dynamics of the
market.
To gain more insights into the market with
detailed table of content and figures, click here:
https://www.fortunebusinessinsights.com/industry-reports/vagus-nerve-stimulation-vns-market-101184
Market
Restraint:
Costly Treatment Procedure to Dampen Market
Prospects
“The VNS market growth may hit a
roadblock on account of the high cost of VNS treatment”, says one of our lead
analysts. The Chicago-based Epilepsy Foundation states that VNS therapy costs
around $20,000, which includes surgeries and implants. While the procedure is
covered by insurance, a large chunk of people are still uninsured and may,
therefore, not be able to afford the therapy. Furthermore, a study published in
the New England Journal of Medicine revealed that nearly 33% of epilepsy
patients have drug-resistant epilepsy. These patients are in need of more and
better healthcare for a protracted time period, which can prove costly for an
average patient who may not have the financial wherewithal to complete the
treatment. Another major constraint is the low awareness and lack of access to
advanced therapies for neurological disorders in developing nations, which can
severely limit the expansion of this market during the forecast
period.
Regional Analysis:
Patient-friendly Reimbursement Policies to
Propel the Market in North America
With a market size of USD 244.7
million in 2018, North America is poised to dominate the vagus nerve
stimulation market share in the upcoming decade. The main reason attributable
to its commanding position is the favorable health reimbursement policies for
VNS devices in the region. Additionally, high awareness about neurological
diseases and availability of advanced VNS techniques will further drive the
market in North America.
Europe is projected to grow at
an impressive CAGR on account of increasing issuance of CE certification to
non-invasive VNS procedures. Asia-Pacific remains an untapped region in the
context of this market and this will create several opportunities for domestic
and global players, says the vagus nerve stimulation market report.
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