Portland, OR, April 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vagus nerve stimulation market generated $488.5 million in 2022 and is estimated to reach $836.1 million by 2032, witnessing a CAGR of 5.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $488.5 Million |
| Market Size in 2032 | $836.1 Million |
| CAGR | 5.5% |
| No. of Pages in Report | 233 |
| Segments Covered | Product, Application, End User, and Region |
| Drivers | The increase in prevalence of epilepsy among geriatric population |
| The rise in demand for minimally invasive vagus nerve stimulation devices | |
| Initiatives taken by government and non-government organizations | |
| Opportunities | Rise in technological advancements |
| Restraints | High cost of vagus nerve stimulation devices |
Impact of COVID-19 on the Vagus Nerve Stimulation Market:
- The COVID-19 outbreak had a negative impact on workflows in the global healthcare industry. Many industries, including some parts of the healthcare industry, were forced to temporarily close their doors.
- The COVID-19 pandemic led to an economic recession and resulted in a decline in the market for vagus nerve stimulation devices in 2020.
- In addition, the COVID-19 outbreak disrupted the supply chain across the globe. However, the market has recovered from the pandemic, and it is expected that the vagus nerve stimulation device market will continue to grow steadily in the upcoming years due to the rise in demand for advanced manufacturing systems as well as the increased adoption of advanced external and implantable VNS devices.
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The report offers a detailed segmentation of the global vagus nerve stimulation market based on product, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
Based on product, the implantable VNS devices segment held the largest share in 2022, accounting for more than 90% of the global vagus nerve stimulation market revenue, and would dominate the market in terms of revenue through 2032. The external VNS devices segment, however, is estimated to witness the fastest CAGR of 7.5% during the forecast period.
Based on application, the epilepsy segment contributed to nearly four-fifths of the global vagus nerve stimulation market revenue and is projected to rule the roost by 2032. The same segment would also display the fastest CAGR of 5.7% during the forecast period. The other segments assessed through the report are depression and others.
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Based on end user, the hospitals segment held the largest share in 2022, garnering more than three-fourths of the global vagus nerve stimulation market revenue, and is projected to maintain its dominance by 2032. The same segment would also cite the fastest CAGR of 5.7% throughout the forecast period. Also, the neurology clinics and other segments are discussed in the report.
Based on region, North America held the major share in 2022, contributing to more than three-fourths of the global vagus nerve stimulation market revenue. On the other hand, the Asia-Pacific region would portray the fastest CAGR of 6.7% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
The prominent players of the global vagus nerve stimulation market analyzed in the report include Setpoint Medical Corporation, electro Core, Inc., Soterix Medical Inc., tVNS Health GmbH, Neuropix Company Ltd., Micro Transponder Inc., Beijing PINS Medical Co., Ltd, Parasym Ltd, and LivaNova PLC. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry.
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