Market Trends of Transcranial Magnetic Stimulator Industry
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.
