by The transcranial magnetic stimulator (TMS) market is a promising non-invasive brain stimulation technique that uses magnetic fields to stimulate specific areas of the brain. The stimulators consist of a coil that generates magnetic fields when electrical currents are passed through it, which passes through the skull and induces electric currents in the brain to change the activity in small targeted regions. TMS therapy is used to treat various neurological and psychiatric disorders such as depression, Parkinson’s disease, Alzheimer’s, and schizophrenia. The global rise in neurological and psychiatric disorders due to factors like rising geriatric population, growing healthcare awareness and government support is estimated to drive the demand for TMS therapy over the forecast period.
The global transcranial magnetic stimulator market is estimated to be valued at US$ 1.42 billion 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. The players are mainly focusing on new product launches and increasing their global footprint through mergers and acquisitions to gain competitive advantage. Rapid technological advancements and innovation in TMS devices present key opportunities in the market. Adoption of Transcranial Magnetic Stimulator Market Size therapy has increased significantly in North America and Europe. However, with growing healthcare infrastructure and rising awareness, Asia Pacific region is expected to witness the fastest growth over the forecast period.
Market drivers
The global rise in geriatric population, which is more prone to neurological disorders is a major market driver. According to the World Health Organization, the number of people aged 60 years and older is expected to reach 2 billion by 2050 from 900 million currently. Further, growing healthcare expenditure and awareness about advanced therapeutic options is also expected to contribute to the market growth. Governments in various countries have launched initiatives and schemes to improve access to advanced healthcare for citizens, which will propel the adoption of Transcranial Magnetic Stimulator Market therapy
PEST Analysis
Political: The government regulations for medical devices are stringent across regions. However, recent approvals and changes in regulations favor the growth of TMS market.
Economic: Rising healthcare expenditures globally is boosting the demand for effective treatment options. Growing awareness about advantages of non-invasive procedures also supports market growth.
Social: Increasing incidence of depression and other neurological disorders are leading to higher social acceptability of TMS therapy. Rising preference for outpatient and non-surgical procedures enhances market opportunities.
Technological: Advancements in TMS technology help improve therapy outcomes. Newer coil designs and navigation systems enable targeted stimulation with minimal side effects. Connectivity with neuroimaging technologies further enhances utility.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global TMS market in terms of value. This can be attributed to rising awareness about effectiveness of TMS, favorable reimbursement policies, and presence of major players. Europe is another prominent regional market supported by growing geriatric population and acceptance of novel therapies.
Fastest Growing Regional Market
Asia Pacific region is poised to witness fastest growth during the forecast period. This is due to increasing healthcare expenditures, growing incidence of mental health issues, rising medical tourism, and expansion strategies of leading players tapping opportunities in developing nations.
