A transcranial magnetic stimulator uses electromagnetic induction to induce weak electric currents in specific areas of the brain through the intact scalp and skull. It is used for neuromodulation of cortical and sub-cortical brain areas in neurological and psychiatric disorders.
Market Dynamics:
The transcranial magnetic stimulator market is driven by growing adoption for treatment of neurological disorders such as depression, Parkinson's disease, Alzheimer's disease, and chronic pain. According to the World Health Organization (WHO), over 350 million people are estimated to suffer from depression worldwide. Further, increasing research funding for neuroscience is also contributing to the market growth. For instance, the National Institute of Mental Health funds over $1.5 billion annually in the U.S. for research on brain and behavior. Additionally, introduction of novel products by key players will further aid in the expansion of the global transcranial magnetic stimulator market over the forecast period.
Rising Prevalence of Neurological and Psychiatric Disorders is Driving Transcranial Magnetic Stimulator Market Growth
The transcranial magnetic stimulator market is experiencing high growth due to the rising prevalence of neurological and psychiatric disorders globally. Neurological disorders such as epilepsy, Alzheimer's disease, Parkinson's disease, depression, and migraine among others have grown significantly in recent years. Transcranial magnetic stimulators are widely being used for treatment-resistant depression and other neurological and mental health conditions. The growing awareness about these effective non-invasive conditions and rising healthcare expenditure is also fueling the adoption of TMS therapy.
Increasing Research and Development Activities for Advancement in TMS Technology
Players in the TMS market are increasingly investing in RD activities to develop more efficient and novel TMS devices.Technological advancement has led to improved features such as better magnetic field generation, treatment duration reduction, portability of devices among others. Neuromodulation companies are focusing on developing multi-coil TMS devices for treating complex brain disorders. They are also engaged in clinical research for evaluating the efficacy of TMS for other indications such as Alzheimer's, chronic pain, addiction, and PTSD. This growing emphasis on RD is driving innovation and expanding the potential applications of transcranial magnetic stimulation therapy.
Stringent Regulatory Framework is a Key Restraining Factor for the Transcranial Magnetic Stimulator Market
TMS devices are subject to stringent regulatory standards set by authorities such as the US FDA and EU Notified Bodies. Transcranial magnetic stimulation devices are classified as class III medical devices under the US FDA and fall under special controls. Obtaining regulatory clearance for new devices and applications involves extensive clinical testing and documentation. Significant compliance requirements increase the cost and timelines for market approval. Manufacturers have to comply with standards such as IEC 60601-1, IEC 60601-2-37 during product development, testing and manufacturing which increases the overall costs. The stringent regulatory environment acts as a major restraining factor for the TMS market.
Rising Demand for Home Healthcare and Portable Devices Presents Lucrative Opportunities
There is growing demand for home-based and portable TMS devices due to increasing preference for home healthcare among patients and healthcare providers. Conventional TMS therapy requires daily visits to clinics or hospitals that can be inconvenient. This presents significant opportunities for companies to develop portable TMS devices and solutions that can enable home treatment. This will help in improved accessibility and adherence to therapy. Further, home use TMS devices are more cost-effective compared to hospital-based treatments.Companies are investing in designing small, lightweight TMS coils and battery-powered stimulators for home use. The rising demand for home healthcare and patient convenience is expected to create lucrative growth opportunities.
Adoption of Multi-Coil Magnetic Stimulation is the Key Trend in the Market
Equipment manufacturers are increasingly focusing on developing multi-coil TMS devices to overcome the limitations of conventional single coil TMS systems. The use of multiple coils allows for better targeting of deep brain regions and stimulation of broader brain regions simultaneously. Advanced multi-coil technologies such as H-coils, figure-8 coils, and deep TMS coils have significantly enhanced the clinical outcomes.Deep TMS using H-coils has proven effective for treatment-resistant depression by stimulating deeper cortical and sub-cortical regions of the brain.The adoption of these multi-coil magnetic stimulation techniques is expected to be a major trend revolutionizing the TMS treatment landscape in the coming years. This will further expand the clinical applications of TMS therapy into other neurological conditions.
