A report by ARC estimated that the transcranial magnetic stimulator market will surpass $2.1 billion by 2026, representing an average annual growth rate of 9 percent from 2019 to 2026. The market analysis report consists of many tables and figures in it.
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.
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Rising incident of the various neurological diseases, rising patient population, rising number of premature birth suffering from neurological diseases and changing lifestyle have driven the growth of the transcranial magnetic stimulator market across the globe. A number of government and private organization are conducting various surveys and seminar to educate the people which has led to increase the demand of transcranial magnetic stimulator, thereby driving the transcranial magnetic stimulators market growth.
Metal and neurological disorder is becoming common issues across the globe due to rapidly changing lifestyle and increased life expectancy. However, there are several medical factors directly influencing the growth of the transcranial magnetic stimulator market. Neurological disorders are the leading cause of death and disability in the world today. In 2015, they ranked as the leading cause group of DALYs (disability adjusted life years), comprising 10.2% of global DALYs, and the second-leading cause group of deaths, comprising 16.8% of global deaths. As per our analysis, in 2015, the most prevalent neurological disorders were tension-type headaches (about 1,500 million cases), migraine (about 1,000 million), medication overuse headaches (about 60 million), and Alzheimer’s disease and other dementias (about 46 million cases). Between 1990 and 2015, the number of deaths from neurological disorders increased by 36.7 percent, and the number of DALYs by 7.4 percent. As per the World Health, increasing patient population suffering from organization multiple sclerosis, cerebrovascular, Parkinson’s, epilepsy, and Alzheimer’s offering wide scope for transcranial magnetic stimulator. Increasing Burgan of mortality from neurological diseases is rising and is one the key factor driving the sales of transcranial magnetic stimulator. Due to rising work life and growing stress incidences there has been significant rise has been seen in patient suffering from depression resulting into developing demand for transcranial magnetic stimulator. Medical causes of neurological disorder includes congenital abnormalities or disorders, infections, lifestyle or environmental health problems including malnutrition, and brain injury, spinal cord injury or nerve injury. However, as per the International Journal of Epidemiology, genetic disorder is the common cause observed for neurological disorder across the different geographies of the globe.
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.
Geographically, the Transcranial magnetic stimulator market is segmented into Asia Pacific, North America, Europe, and Latin America & Middle East Africa (LAMEA).
Geographically, the global transcranial magnetic stimulator market is evaluated across America, Europe, Asia-Pacific, and the Middle East, and Africa. Americas is the largest region for transcranial magnetic stimulator market and has acquired around 40% of the global market share. After Americas, Europe is the second largest region with 30% global market shares in 2017. However, Asia Pacific anticipated witnessing largest growth rate.
Increasing prevalence of neurological diseases across North as well as South America is the primary reason behind significant growth of this region. Rapid life style changes, technological improvements, developed healthcare infrastructure, are some of the other factors indirectly impacting the growth of this region. Americas further expected to continue its dominance as large number of neurological disorder cases are registered in North America.
Europe, on the other hand, is the second largest market witnessing moderate growth for transcranial magnetic stimulator market. European government is coming up with some of the initiative to educate and to raise the awareness regarding the neurological diseases. One of the initiatives such as European Parkinson’s Disease Association, in Europe is actively supporting research and development by campaigning to raise awareness, and providing medication to patients is boosting the overall transcranial magnetic stimulator market. Europe acquired overall 30% global market share in 2017.
Asia Pacific anticipated growing at fastest CAGR during the forecast period. Growing healthcare tourism, growing prevalence of chronic diseases, changing lifestyle, heavy investment in transcranial magnetic stimulator and large number product launches are some of the primary factors supporting the growth of this region. Apart from this, growing healthcare infrastructure, and technological awareness and leverage set to offer productive regional growth.
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..
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