by The transcranial magnetic stimulator market comprises noninvasive magnetic stimulator devices that employ electromagnetic induction to stimulate specific areas of the brain through intact scalp and skull. These stimulators help in managing various neurological and psychiatric disorders including depression, Alzheimer’s disease, schizophrenia, epilepsy, Parkinson’s disease, and stroke rehabilitation. The advantages of using these stimulators include safety, painlessness, and precision of stimulation compared to other brain stimulation techniques. The global need for effective therapeutic interventions of various mental disorders and neurological conditions is propelling the demand for transcranial magnetic stimulators.
The Global Transcranial Magnetic Stimulator Market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the transcranial magnetic stimulator market are Medtronic, Liva Nova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others.
Growing incidence of neurological disorders and increasing adoption of non-invasive brain stimulation therapies are fueling the demand for Transcranial Magnetic Stimulator Market Size. Rising consumer awareness about therapeutic applications of these stimulators is further augmenting the market growth.
Geographical expansion through strategic collaborations and new product launches are helping key players to strengthen their market position. Growing demand from emerging economies of Asia Pacific and Latin America are also supporting the global expansion of transcranial magnetic stimulator market.
Market key trends
Increasing adoption of multi-coil TMS devices is one of the key trends witnessed in the transcranial magnetic stimulator market. Multi-coil TMS offers more precise and localized stimulation of the targeted brain area through enhanced focusing of the magnetic field when compared to conventional single coil TMS devices. This helps in achieving better clinical outcomes especially for complex neurological conditions. Rising product innovation specifically aimed at developing multi-coil configurations with improved treatment parameters and efficacy are facilitating the adoption of advanced TMS devices.
Porter’s Analysis
Threat of new entrants: Low capital requirements and increasing awareness lowering the barriers of entry.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and services.
Threat of new substitutes: New minimally invasive procedures pose a threat of substitution.
Competitive rivalry: Intense competition between key players.
Geographical Regions
North America currently holds the largest share of the transcranial magnetic stimulator market in terms of value owing to factors such growing awareness, research funding and healthcare expenditure.
Asia Pacific region is expected to witness the fastest growth during the forecast period attributed to rapidly developing healthcare infrastructure, increasing healthcare expenditure and growing disposable incomes in countries such as China and India.
