1. Increasing prevalence of neurological and psychiatric disorders: The rising incidence of neurological and psychiatric disorders such as depression, anxiety, and Parkinson's disease is expected to drive the demand for transcranial magnetic stimulators. These devices offer a non-invasive and effective treatment option for such conditions, thereby driving market growth.
2. Technological advancements in transcranial magnetic stimulation (TMS) devices: The development of advanced TMS devices with improved precision, efficiency, and safety features is expected to drive the market growth. The integration of robotics and navigation systems into TMS devices is enhancing their capabilities and expanding their applications, thereby attracting more patients and healthcare providers.
3. Growing acceptance of TMS as a mainstream treatment option: There is a growing acceptance of transcranial magnetic stimulation as a mainstream treatment option for various neurological and psychiatric conditions. This is mainly due to the increasing body of clinical evidence supporting the efficacy and safety of TMS, coupled with the growing awareness among healthcare providers and patients about its benefits.
4. Increasing healthcare expenditure and government initiatives: The surge in healthcare expenditure and supportive government initiatives aimed at improving mental healthcare access and quality is expected to drive the adoption of transcranial magnetic stimulators. This trend is particularly notable in developed regions such as North America and Europe, where the focus on mental health and wellness is gaining prominence.
Industry
Report Coverage | Details |
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Segments Covered | Type, Application, End-User |
Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
Company Profiled | BrainsWay, Magstim, Nexstim, Salience, MagVenture A/S, Neuronetics, Axilum Robotics |
1. High cost of TMS devices and treatments: The high upfront cost of transcranial magnetic stimulators and the associated treatment sessions could pose a significant barrier to market growth. Many patients and healthcare providers may find it challenging to afford TMS treatments, which could restrict their widespread adoption.
2. Limited insurance coverage for TMS treatments: The limited insurance coverage for transcranial magnetic stimulation treatments in some regions may hinder market growth. Patients may be reluctant to pursue TMS therapy due to the out-of-pocket expenses involved, leading to lower adoption rates.
3. Lack of skilled professionals and training: The successful application of transcranial magnetic stimulation requires trained and skilled healthcare professionals. The shortage of such professionals and the lack of standardized training programs could limit the widespread adoption of TMS devices and treatments.