Favorable Reimbursement Policies to Boost the Global Vagus Nerve Stimulation Market Through 2021: Technavio

Technavio has published a new report on the global VNS market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--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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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio market research analysts forecast the global vagus nerve stimulation (VNS) market to grow at a CAGR of close to 10% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com