PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401830
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401830
Transcranial Magnetic Stimulation System Market size was valued at USD 1,200 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Transcranial Magnetic Stimulation (TMS) Systems refer to devices employing electromagnetic pulses to non-invasively stimulate specific brain regions for therapeutic purposes. These systems are primarily utilized in addressing diverse neurological and psychiatric disorders such as depression, anxiety, and certain pain conditions. Companies within this market concentrate on advancing technology to enhance treatment precision, effectiveness, and patient comfort. They also prioritize broadening clinical applications, conducting research, and securing regulatory approvals to expand the range of treatable conditions by TMS, aiming to offer innovative and efficient solutions for mental health disorders and neurological ailments.
Transcranial Magnetic Stimulation System Market- Market Dynamics
Escalating prevalence of Alzheimer's disease, Parkinson's disease, and other neurological conditions has surged due to technological advancements and an increasing incidence rate to propel market demand
The prevalence of Alzheimer's disease, Parkinson's disease, and other neurological conditions has surged due to technological advancements and an increasing incidence rate, particularly among the geriatric population. According to the Texas Department of State Health Services, 5.0% of individuals aged 65 to 74 years, 13.1% of those aged 75 to 84 years, and 33.2% of individuals aged 85 years and older are affected by Alzheimer's disease. The growth of the transcranial magnetic stimulation (TMS) systems market was impeded by the negative impact of the COVID-19 pandemic. As the field of TMS treatment progresses, meticulous planning and execution of clinical studies are imperative to ascertain the efficacy of this therapeutic approach. Various initiatives are underway by different organizations to raise awareness about Parkinson's disease (PD) and its available treatments. For instance, in May 2021, the Parkinson's Foundation announced a $10 million investment in education, treatment, and research programs in the United States to improve the lives of PD patients.
Transcranial Magnetic Stimulation System Market- Key Insights
Based on Product Type segmentation, repetitive Transcranial Magnetic Stimulation (rTMS) was predicted to show maximum market share in the year 2022
Based on Application segmentation, Alzheimer's disease was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Transcranial Magnetic Stimulation System Market is segmented on the basis of Product Type, Application, Age Group, and Region.
The market is divided into three categories based on Product Type: Deep Transcranial Magnetic Stimulation, Repetitive Transcranial Magnetic Stimulation and Others. The leading segment in the market during 2022 was repetitive Transcranial Magnetic Stimulation (rTMS), securing the largest revenue share. rTMS, a non-invasive brain stimulation method, employs electromagnetic induction through an insulated coil, targeting a specific brain region crucial for mood regulation. Positioned over the scalp, the coil emits gentle magnetic pulses that penetrate the scalp, resembling those generated by MRI devices. This rapid succession of pulses, known as rTMS, has the potential to induce lasting changes in brain activity.
The market is divided into five categories based on Application: Alzheimer 's disease, Depression, Parkinson's Disease, Epilepsy and Others. Within the market, the Alzheimer's disease segment commanded the largest revenue share in 2022, encompassing conditions like bipolar disorder, autism, multiple sclerosis, and schizophrenia. Healthcare providers recommend rTMS for patients exhibiting negative symptoms, such as speech impairment and reduced emotional response. While schizophrenia equally affects both genders in most studies, it's more prevalent in males and primarily attributed to genetic and environmental factors. Consequently, the rising incidence of conditions like schizophrenia, multiple sclerosis, autism, and bipolar disorder is anticipated to drive segment growth.
Transcranial Magnetic Stimulation System Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Transcranial Magnetic Stimulation (TMS) System Market, companies are employing strategies centered on innovation, research, and market expansion. Their focus remains on technological advancements to enhance treatment precision, efficacy, and patient comfort. These companies invest significantly in broadening clinical applications, conducting research, and seeking regulatory approvals, aiming to position TMS as an effective therapy for various neurological and psychiatric disorders. Furthermore, strategic partnerships, marketing initiatives, and educational endeavors targeting healthcare professionals and patients play a pivotal role in increasing market acceptance and awareness about the benefits of TMS therapy.
In November 2021, Magstim, a provider of neuroscience-based mental health care and research, obtained a 510K clearance for Horizon 3.0. This advanced system, designed specifically for clinical settings, enhances workflows with navigated TMS and analytics. Additionally, Magstim Connect, a robust patient data management solution for TMS offering connected care at networked sites, is expected to further augment market growth.
The scope of this report covers the market by its major segments, which include as follows: