Transcranial Magnetic Stimulation System Market Size, Share & Trends Analysis Report By Type (Deep Transcranial Magnetic Stimulator (dTMS)), By Application, By Age Group, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global transcranial magnetic stimulation system market size was valued at USD 1.04 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.03% from 2022 to 2030. The rising prevalence of neurological conditions, such as Alzheimer’s and Parkinson’s, and increasing awareness about transcranial magnetic stimulators among healthcare professionals are among the major factors driving the growth of the market.

The market has been negatively impacted by COVID-19, which has directly impacted demand and production, disrupted the supply chain, and increased the financial burden on firms. In order to stop the spread of COVID-19 during the pandemic, neurological procedures were frequently delayed or cancelled. The worst-affected nations, including the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain, saw a 55% decline in neurosurgical procedures. The COVID-19 virus can harm the heart, lungs, and brain, which raises the possibility of long-term health issues. There is mounting evidence that the COVID-19 virus is responsible for neurological symptoms like brain fog.

Majority players operating in the market is strengthening their market position through launching a more comprehensive and technologically advanced product portfolio, by mergers & acquisition, as well as by the geographic expansion in new markets. Technological advancements in transcranial magnetic stimulation system are anticipated to create significant growth opportunities in the market, especially for new technologies. For instance, in August 2021, the U.S. FDA has granted Deep Transcranial Magnetic Stimulation (Deep TMS) System marketing clearance, allowing BrainsWay Ltd., provider of advanced noninvasive neurostimulation treatments for mental health disorders, to reduce anxiety comorbid symptoms with depression in adult patients, also known as anxious depression.

Increasing prevalence of Parkinson’s Disease (PD) is a high-impact rendering driver for the  market. After Alzheimer's Disease (AD), PD is the most common neurodegenerative disorder. It is caused by a combination of genetic (mutations in the alpha-synuclein gene) and environmental factors (repeated head injuries), with age being the major risk factor. As per estimates by the Parkinson’s Foundation Prevalence Project, the number of people living with PD will increase to 1.2 million by 2030, from 930,000 in 2020. This is more than the number of patients suffering from muscular dystrophy, multiple sclerosis, and amyotrophic lateral sclerosis. Approximately 60,000 people in the U.S. are diagnosed with PD every year. Its growing prevalence has raised the demand for DBS as an alternative therapy, which has proven to be vital in providing therapeutic solutions for PD symptoms.

The growing demand for minimally invasive treatments for neurological illnesses and resistant neuropsychiatric conditions has increased interest in neuromodulatory techniques like TMS. Clinical studies, which are the pinnacle of evidence that will define TMS treatment, must be well-designed and conducted as the field grows. Several initiatives are being undertaken by various organizations for generating awareness about Parkinson’s disease and its current range of treatments. For instance, in April 2022, the new #FutureofPD campaign from the Parkinson's Foundation has been launched. The comprehensive project aims to promote awareness about Parkinson's disease (PD) while also highlighting activities that the entire community can do to help achieve a future free of the disease. Furthermore, in May 6, 2021, in order to improve the lives of people with Parkinson's disease in the U.S, the Parkinson's Foundation is investing an additional USD 10 million in research, care, and education programmes.

Increasing number of studies on transcranial magnetic stimulators and higher success rates are expected to provide better growth potential for these systems during the forecast period. Currently, a large number of ongoing studies on transcranial magnetic stimulator systems are being performed in developed economies, including the U.S. and Canada, along with some countries from Latin America & Europe. Steep increase in number of ongoing studies and demand in developing economies of the Middle East, Asia Pacific, and Australia has been observed in recent years. Increasing awareness of newer technologies and high demand for noninvasive neuro-therapeutic solutions are expected to fuel market growth during the forecast period.

Type Insights

Repetitive transcranial magnetic stimulation led the market and accounted for more than 38.47% share of the global revenue in 2021. A non-invasive brain stimulation method called repetitive TMS (rTMS) relies on electromagnetic induction through the use of an insulated coil. A specific region of the brain thought to be essential for mood control is the focus of the coil, which is positioned across the scalp. Short magnetic pulses generated by the coil go through the scalp gently to the brain. The generated pulses resemble those produced by MRI devices. Rapid-successive administration of these pulses is known as rTMS, which can cause longer-lasting changes in brain activity.

Deep transcranial magnetic stimulation segment is expected to expand at the highest CAGR during the forecast period. Deep transcranial magnetic stimulation is a non-invasive and non-drug treatment method for patients suffering from depression. dTMS, along with H1 coil, is approved by the FDA for the treatment of patients with treatment-resistant depression. This is the safest treatment option with minimal or no risk/side effects. The usual treatment course involves sessions of 20 minutes 5 days per week for 4 to 6 weeks. This procedure can be easily integrated into a patient's routine.

Application Insights

The other led the market and accounted for more than 41.48% share of the global revenue in 2021. The conditions analyzed under this segment include Schizophrenia, Multiple sclerosis, Autism, and Bipolar disorder. Healthcare providers recommend rTMS for patients with negative symptoms, such as lack of speech and flattened emotional response. In most studies, schizophrenia affects men and women equally, but it is more likely to develop in males. It is mainly caused by genetic and environmental factors. Thus, increasing symptoms of diseases such as schizophrenia, multiple sclerosis, autism, and bipolar disorder are anticipated to propel the segment growth.

The depression segment is anticipated to witness the fastest growth during the forecast period. Depression is a type of mood disorder, which may be defined as feeling lost, sad, or angry and it interferes with everyday activities of a patient. As per the CDC, within any given 2-week period, 8.1% of adults in the U.S. (aged 20 & above) suffered from depression from 2013 to 2016. Depression affects each individual differently. It could impact daily work, reduce productivity, create chronic health conditions, and negatively impact personal relationships.

Various chronic conditions that may get worse with depression are: cardiovascular conditions, Diabetes, Obesity, Asthma, Cancer, and Arthritis. Depression symptoms varies from mild to severe and can lead to different physical & emotional conditions, impacting an individual’s ability to handle situations at home & work. Early symptoms of depression vary in men, women, and children.

Age Group Insights

The adults the market and accounted for more than 58.60% share of the global revenue in 2021. Epilepsy is becoming more common in developing countries, which has increased the demand for affordable, efficient treatment alternatives with long-term advantages. In turn, it is projected that this will fuel market expansion in the upcoming years. In the U.S, 3 million adult will have active epilepsy in 2021, according to the CDC. Increased community awareness, favorable laws and regulations, and government actions will drive the segment growth in near future. Additionally, all of the political and regulatory elements are covered, indicating the attractive chances for the major firms to enter these markets. Growing knowledge of cutting-edge epilepsy treatment options and expanding healthcare infrastructure are anticipated to further propel segment growth.

The children segment is anticipated to witness the fastest growth over the forecast period. The factors driving the growth of the market are surge in incidence of neurological disorders, growing awareness about the Transcranial Magnetic Stimulator (TMS), and improving healthcare infrastructure in emerging economies. In addition, supportive government policies and laws of the countries are boosting the growth of the segment. Moreover, some countries have supportive reimbursement policies which is anticipated to increase the sales of the Transcranial Magnetic Stimulator (TMS) in those regions. Increase in the prevalence of mental disorders such as depression and high requirement of mental health services among children are some factors expected to drive market growth. According to Youth Mental Health Canada, only 9% of the healthcare budget in Canada is spent on mental health. Thus, limited spending on mental healthcare is impeding market growth.

Regional Insights

North America dominated the market with the largest revenue share of over 40.27% in 2021. The significant investments by governments for the development of innovative medical devices, presence of key participants, and the presence of a favorable reimbursement scenario are supplementing the growth of the market in the region. Due to the rising incidence of chronic kidney diseases (CKD), there is increasing demand for home dialysis. Presence of streamlined processes, such as hospital admissions and claiming reimbursements, in healthcare facilities and availability of integrated healthcare IT products to maintain Electronic Health Records (EHRs) are some of the factors responsible for the largest revenue share held by this region. Strategies adopted by companies for launch of products are anticipated to increase the competition in the market.

The Asia Pacific region is estimated to register the highest CAGR over the forecast period. Rising focus of companies on expanding their presence in this region and growing demand for Transcranial Magnetic Stimulation System are expected to drive the market growth. In addition, rising research and development activities, increasing healthcare expenditure, and easy availability of low-cost healthcare IT products are also anticipated to drive the market growth. As manufacturers in Asia Pacific region are focusing on the development of low-cost products with higher efficiency, the market is anticipated to witness significant growth over the forecast period. In addition, global players are investing in local companies as raw materials and labor are available at lower costs in countries of Asia Pacific.

Key Companies & Market Share Insights

In addition, the market players are adopting various strategies, such as acquisitions & mergers, partnership, product launches, expanding their geographic presence of manufacturing facilities, improvement and expansion of the distribution network, and innovations such as introduction of transcranial magnetic stimulation system products to strengthen their foothold in the market. For instance, in November 2021, Magstim, a provider in neuroscience-based mental health care and research, has received 510K clearance for Horizon 3.0. Horizon 3.0 delivers improved workflows with navigated TMS and analytics because it was specifically created for the clinical setting. Providing connected care at networked sites, Magstim Connect is a new and potent patient data management solution for TMS, which is expected to enhance market growth in the near future. Some prominent players in the transcranial magnetic stimulation system market include:

• BrainsWay Ltd.

• Nexstim Plc.

• Magstim

• Neuronetics, Inc.

• TMS Neuro Solutions

• MagVenture, eNeura, Inc.

Transcranial Magnetic Stimulation System Market Report Scope

Global Transcranial Magnetic Stimulation System Market Segmentation

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global Transcranial Magnetic Stimulation System market report based on type, application, age group, and region:

• Transcranial Magnetic Stimulation System Market, Type Outlook (Revenue USD Million, 2017 - 2030)

  • Deep Transcranial Magnetic Stimulator (dTMS)

  • Repetitive Transcranial Magnetic Stimulator (rTMS)

  • Others

• Transcranial Magnetic Stimulation System Market, Application Outlook (Revenue USD Million, 2017 - 2030)

  • Alzheimer's Disease

  • Depression

  • Parkinson's Disease

  • Epilepsy

  • Others

• Transcranial Magnetic Stimulation System Market, Age Group Outlook (Revenue USD Million, 2017 - 2030)

  • Adults

  • Children

• Transcranial Magnetic Stimulation System Market, Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE