Transcranial Magnetic Stimulator Market Size
| Study Period | 2018-2022 |
| Market Size (2024) | USD 1.31 Billion |
| Market Size (2028) | USD 2.07 Billion |
| CAGR (2024 - 2028) | 9.55 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Transcranial Magnetic Stimulator Market Analysis
The Transcranial Magnetic Stimulator Market size is estimated at USD 1.31 billion in 2024, and is expected to reach USD 2.07 billion by 2028, growing at a CAGR of 9.55% during the forecast period (2024-2028).
The COVID-19 pandemic had varied effects on industries, including transcranial magnetic stimulators. Some companies in the healthcare sector experienced disruptions due to changes in healthcare priorities and supply chain challenges. For instance, as per the annual report of Neuronetics Inc. published in 2022, the company experienced material delays in obtaining components, and the supply of finished products to customers or clinicians in 2021, and it has been adversely affected by component supply issues and a decline in the sales of NeuroStar a TMS system. Hence, initial phase of the pandemic TMS sales decrease has impacted the market. However, post-pandemic the sales of TMS systems from the company increased by 64% or 4.6 million in 2022. Hence, the market was impacted in the initial phase of the pandemic due to supply disruption and it is expected that the market will bounce back with increasing installation of TMS systems across globe.
The growing burden of neurological diseases drives the market, the increasing geriatric population, and rising awareness of the TMS system.
According to the World Health Organisation's data updated in February 2022, around 50 million people worldwide suffer from epilepsy every year. Further, according to the World Alzheimer's Report 2023, an estimated 6.7 million Americans aged 65 and older will be living with Alzheimer’s dementia in 2023. Seventy-three percent are age 75 or older. Further, according to the National Health Service (NHS) England updates from April 2022, around 1 in 12,500 people in England will have a ruptured brain aneurysm every year. Furthermore, around 3.0% of adults in the United Kingdom have a cerebral aneurysm. Thus, given the high incidence of neurological disorders globally, the vast and rapidly growing patient population base for target diseases across the key markets is primarily responsible for the transcranial magnetic stimulator, leading to market growth.
Companies are constantly launching new products in the existing market to expand their product portfolio and increase the revenue of the company. For instance, in July 2022, Neuronetics, recieved the FDA approval for their NeuroStar Advanced Therapy for Mental Health transcranial magnetic stimulation device for treating anxiety symptoms in people with major depressive disorder. Additionally, in January 2023, Magstim, a global leader in neuroscience research and Transcranial Magnetic Stimulation (TMS) solutions for mental health announced that the FDA has cleared the Horizon 3.0 (with or without StimGuide+) and E-z Cool Coil to treat adult patients diagnosed with obsessive-compulsive disorder (OCD) as well as major depressive disorder (MDD). Thus, introduction of such product launches is expected to boost the market over the forecast period.
Hence, the growing burden of neurological diseases and strategic activities by the market players is expected to contribute to the market growth over the forecast period. However, the growing shift towards electroconvulsive therapy is expected to restrain the market over the forecast period.
Transcranial Magnetic Stimulator Market Trends
Depression Segment is Expected Hold a Significant Share Over the Forecast Period
TMS can be used in preoperative planning for deep brain stimulation, a more established treatment for depression. It helps locate the optimal target within the brain for electrode placement. TMS pulses that stimulate nerve cells in the region of the brain are involved in mood control and depression and activate regions of the brain that have decreased activity during depression. The segment is driven by the growing burden of depression and strategic activities adopted by the market players.
According to the WHO Report released in March 2022, showed that 9.3% of youth (18–24 years) in India suffered depression in the earlier months of the lockdown, which increased to 16.8% by March 2022. Similarly, according to the Office for National Statistics report published in December 2022, in autumn 2022, around 1 in 6 (16%) adults aged 16 years and over reported moderate to severe depressive symptoms in the United Kingdom. Hence, the growing burden of depression disorder is expected to rise in demand for effective treatment methods such as TMS is likely to boost segment growth.
Furthermore, a growing number of research activities on identifying the potential of TMS against depressive diseases is expected to contribute to the segment growth. For instance, in June 2023, Nexstim reported results from its pilot study on the use of accelerated intermittent theta burst stimulation (iTBS) protocol in the treatment of severe depression with Nexstim Navigated Brain Therapy (NBT) System at Kuopio University Hospital, Finland. Such studies are likely to increase the development of TMS systems for depression and thus boost the segment growth.
Moreover, the market players are engaged in strategic activities such as product launches mergers and acquisitions, collaboration, and partnerships to increase the availability of their system and expand the market position. For instance, in August 2023, Tulasi Healthcare launched its latest Deep Transcranial Magnetic Stimulation (dTMS) therapy service. With the help of this cutting-edge therapy, people with treatment-resistant depression (TRD) will be able to find new hope and respite from their symptoms.
Hence, the growing burden of depression, increasing research and development activities, and strategic activities by the market players are expected to boost the segment growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The North American region is expected to hold a notable share of the market over the forecast period. Factors such as the increasing prevalence of neurological disorders among the North American population, the geriatric population, the presence of key market players, and a strong clinical pipeline are expected to increase the market's growth.
The growing burden of various neurological diseases, including Alzheimer's, Parkinson's, and depression, is expected to contribute to the market growth in the region. For instance, according to Mental Health America 2022, 19.86% of adults were experiencing a mental illness. Equivalent to nearly 50 million Americans. 4.91% are experiencing a severe mental illness. The state prevalence of adult mental illness ranges from 16.37% in New Jersey to 26.86% in Utah in 2022. Further, according to the United States Census Bureau statistics published in March 2023, there were 55.5 million persons aged 65 and up in the United States, or 16.8% of the total population of 331.9 million.
Moreover, according to the 2023 Alzheimer’s Disease Facts and Figures, the percentage of people with Alzheimer's dementia rises with age: 5.0% of those aged 65 to 74, 13.1% of those aged 75 to 84, and 33.3% of those aged 85 and older have the disease. People under the age of 65 can potentially get Alzheimer's disease. Thus, Alzheimer's is more prevalent in the aging population, and the growing geriatric population and mental disorders in the region are expected to boost market growth over the forecast period.
The increasing research and development activities, as well as product launches by market players, are expected to boost market growth over the forecast period. For instance, in December 2022, Deerfield Behavioral Health, an affiliate of Journey Health System, announced its offering of BrainsWay’s Deep Transcranial Magnetic Stimulation (TMS) to treat major depressive disorder (MDD) and obsessive-compulsive disorder (OCD) for adults at their Warren office.
Hence, the growing burden of neurological diseases coupled with the geriatric population and the launch of services is expected to boost the market over the forecast period.
Transcranial Magnetic Stimulator Industry Overview
The transcranial magnetic stimulator market is moderately consolidated. The market participants are involved in research and development for the development of advanced TMS systems and product launches, expansion, and partnership. The key markets are eNeura, Inc., BrainsWay Ltd., MagVenture, Nexstim Plc, TMS Neuro Solutions, Magstim, Neuronetics, Inc., and Beckman Coulter, Inc.
Transcranial Magnetic Stimulator Market Leaders
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BrainsWay
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Magstim
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MagVenture A/S
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eNeura Inc.
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Neuronetics, Inc
*Disclaimer: Major Players sorted in no particular order
Transcranial Magnetic Stimulator Market News
- July 2023: Neuronetics, Inc. announced a healthcare policy update from Aetna that increases access for patients to the Company’s NeuroStar (TMS) Advanced Therapy.
- May 2023: BrainsWay Ltd. launched its Investigator Initiated Study (IIS) Program. The program is designed to support further research on Deep Transcranial Magnetic Stimulation (Deep TMS) by the clinical research community through data collaboration and equipment loan initiatives.
Transcranial Magnetic Stimulator Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Neurological Diseases
4.2.2 Increasing Geriatric Population and Expanding Awareness About Transcranial Magnetic Stimulation (TMS).
4.3 Market Restraints
4.3.1 Growing Shift Towards Electroconvulsive Therapy
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD)
5.1 By Type
5.1.1 Deep Transcranial Magnetic Stimulation
5.1.2 Repetitive Transcranial Magnetic Stimulation
5.1.3 Other Types
5.2 By Application
5.2.1 Alzheimers Disease
5.2.2 Depression
5.2.3 Parkinson's Disease
5.2.4 Epilepsy
5.2.5 Other Applications
5.3 By Age Group
5.3.1 Adults
5.3.2 Children
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Italy
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 Japan
5.4.3.3 China
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of the Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BrainsWay
6.1.2 Magstim
6.1.3 Nexstim
6.1.4 Salience
6.1.5 MagVenture A/S
6.1.6 eNeura Inc.
6.1.7 Neuronetics, Inc
6.1.8 Beckman Coulter, Inc.
6.1.9 TMS Neuro Solutions
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Transcranial Magnetic Stimulator Industry Segmentation
As per the scope of the report, transcranial magnetic stimulation (TMS) is a non-invasive process of brain stimulation that practices magnetic induction forces focusing on a critical area of the brain. The electromagnetic induction is produced from a coil using electricity, and these pulses go through the cranium to its particular receptor area of the brain.
The transcranial magnetic stimulation market is segmented by type (deep transcranial magnetic stimulation, repetitive transcranial magnetic stimulation, and other types) and application (Alzheimer’s disease, depression, Parkinson’s disease, epilepsy, and other applications). Age group (adults and children) and geography (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD) for the above segments.
| By Type | |
| Deep Transcranial Magnetic Stimulation | |
| Repetitive Transcranial Magnetic Stimulation | |
| Other Types |
| By Application | |
| Alzheimers Disease | |
| Depression | |
| Parkinson's Disease | |
| Epilepsy | |
| Other Applications |
| By Age Group | |
| Adults | |
| Children |
| Geography | ||||||||
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Transcranial Magnetic Stimulator Market Research FAQs
How big is the Transcranial Magnetic Stimulator Market?
The Transcranial Magnetic Stimulator Market size is expected to reach USD 1.31 billion in 2024 and grow at a CAGR of 9.55% to reach USD 2.07 billion by 2028.
What is the current Transcranial Magnetic Stimulator Market size?
In 2024, the Transcranial Magnetic Stimulator Market size is expected to reach USD 1.31 billion.
Who are the key players in Transcranial Magnetic Stimulator Market?
BrainsWay, Magstim, MagVenture A/S, eNeura Inc. and Neuronetics, Inc are the major companies operating in the Transcranial Magnetic Stimulator Market.
Which is the fastest growing region in Transcranial Magnetic Stimulator Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2022).
Which region has the biggest share in Transcranial Magnetic Stimulator Market?
In 2023, the Asia Pacific accounts for the largest market share in Transcranial Magnetic Stimulator Market.
What years does this Transcranial Magnetic Stimulator Market cover, and what was the market size in 2023?
In 2023, the Transcranial Magnetic Stimulator Market size was estimated at USD 1.18 billion. The report covers the Transcranial Magnetic Stimulator Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Transcranial Magnetic Stimulator Market size for years: .
Transcranial Magnetic Stimulator Industry Report
Statistics for the 2024 Transcranial Magnetic Stimulator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Transcranial Magnetic Stimulator analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
