LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global vagus nerve stimulation market (VNS) to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global vagus nerve stimulation market for 2017-2021. The report also lists implantable VNS devices and external VNS devices as the two major product segments.
According to Srinivas Sashidhar, a lead analyst at Technavio for medical devices research, “Neurostimulation devices help in the therapeutic activation of the nervous system. Healthcare professionals use these devices to treat various neurological disorders such as pain, epilepsy, Parkinson's disease, depression, and obsessive-compulsive disorder.”
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global VNS market:
- Increasing prevalence of neurological disorders
- Favorable reimbursement and insurance approval policies
- Rising demand for external VNS devices
Increasing prevalence of neurological disorders
Neurological injury or disease can lead to paralysis or disability, which is a burden for patients and their families. To restore movement in these patients, VNS therapy is used to improve tremor, dyskinesia, and quality of life. This system produces muscle contraction and restores motor functionality. Also, it helps the patients in bladder control, restore hand grasp, and walking. VNS can be used for other neurological disorders, migraine headaches, fibromyalgia, Crohn's disease, Asthma, Depression, and obsessive-compulsive disorder. The increase in the number of neurological disorders will drive the growth of this market.
Favorable reimbursement and insurance approval policies
The growth of the market is expected to increase mainly due to favorable reimbursement, policies with respect to vagus nerve stimulation devices, leading to increased application and significant investments in the development of new technologies for the treatment of epilepsy, and other cardiac indications. As per the Center for Medicare & Medicaid Services (CMS) coverage database, spinal cord stimulators are covered under reimbursement when criteria are met.
“Over the past years, health systems have been putting in high efforts to negotiate better prices on implantable medical devices as the manufacturers are continuing to invest in products that demand high prices from their hospital customers,” says Srinivas.
Rising demand for external VNS devices
Due to possible epileptic side-effects in the implantable devices, there is a paradigm shift toward external VNS devices. The external VNS devices are more effective in the treatment and are more affordable for patients. The manufacturers such as electroCore and Cerbomed are making continuous R&D efforts to enhance the product capability. Some prominent vendors in the neurostimulation market such as Medtronic are venturing into the VNS segment. The emergence of new products in the market will lead to market expansion.
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