According to our latest study on “Transcranial Magnetic Stimulator (TMS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Age Group, and Application,” the market is projected to reach US$ 2,029.71 million by 2028 from US$ 1,122.22 million in 2021; it is expected to register a CAGR of 8.8% from 2021 to 2028.
Transcranial Magnetic Stimulator (TMS), also referred to us repetitive Transcranial Magnetic Stimulator (rTMS), is a type of brain stimulation in which a changing magnetic field is applied to a specific area of the brain. An electric pulse stimulator is attached to a magnetic coil, which is then connected to the scalp. It is a non-invasive procedure and is used for diagnostic and therapeutic applications.
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According to BrainsWay Ltd., in April 2021, 100,000 patients across the world were treated with its Deep TMS. Moreover, depression is one of the mental disorders observed commonly among people worldwide. As per the data published by WHO in January 2020, more than 264 million people of all ages suffer from depression across the world. Thus, the growing prevalence of neurological disorders drives the growth of the transcranial magnetic stimulator market globally.
Growing Developments in TMS Technology
TMS is a noninvasive procedure that helps in treating neurological disorders. Companies operating in the transcranial magnetic stimulator (TMS) market are adopting strategies such as receiving Food and Drug Administration (FDA) approvals for their innovative products, business partnerships, and raising funds for product development, which subsequently propel the market growth.
The following are a few examples of developments:
- In August 2020, MagVenture TMS Therapy received FDA clearance for the adjunct treatment of Obsessive compulsive disorder (OCD). It is the second indication in the US for the Danish medical device company MagVenture.
- In February 2019, eNeura, Inc., a privately held medical technology company, announced a new 510(k) clearance from FDA. With the clearance, the company claimed that the sTMS is the only migraine product in the US for the treatment of acute and prophylactic migraine headaches in adults and children (12 years and above).
Thus, the active involvement of the global players in the development of transcranial magnetic stimulation and related technologies is expected support the market growth.
Transcranial Magnetic Stimulator (TMS) Market: Segmental Overview
Based on application, the transcranial magnetic stimulator (TMS) market is segmented into diagnostic, therapeutic, and research. In 2021, the diagnostic segment held the largest share of the market and is expected to grow at the highest CAGR during the coming years.
Based on type, the transcranial magnetic stimulator market is segmented into single or paired pulse TMS and repetitive TMS (rTMS). In 2021, the single or paired pulse TMS segment held a larger share of the market, by type. The repetitive TMS (rTMS) segment is also expected to witness a higher CAGR from 2021 to 2028. Based on age group, the transcranial magnetic stimulator market is segmented into adult and children. In 2021, the adult segment held a larger share of the market, by age group, and is expected to grow at a higher CAGR during the coming years.
Transcranial Magnetic Stimulator (TMS) Market: Competitive Landscape and Key Developments
BrainsWay Ltd; Nexstim; Magstim; Neuronetics; TMS Neuro Solutions; MagVenture, Inc.; eNeura Inc.; Neurosoft; MAG & More GmbH are among the key companies operating in the transcranial magnetic stimulator (TMS) market. Leading players are focusing on product launches, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In March 2021, MagVenture introduced the MagVenture Flow Arm—a patent-pending, clinical positioning system— designed to optimize the delivery of MagVenture’s FDA-cleared protocols for noninvasive brain stimulation technology for the treatment of major depressive disorder and as an adjunct therapy for obsessive compulsive disorder (OCD).