TRANSCRANIAL MAGNETIC STIMULATOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Transcranial Magnetic Stimulator (TMS) market size is expected to reach US$ 1,447.1 Mn by 2030, from US$ 638.4 Mn in 2023, at a CAGR of 12.4% during the forecast period.

TMS is a non-invasive brain stimulation technique that uses magnetic fields to generate electric currents in specific areas of the brain. TMS has emerged as an effective therapeutic option for various neurological and psychiatric disorders due to its ability to modulate cortical excitability and activity. The key advantages of TMS therapy include non-invasive nature, focused stimulation, good safety profile, and avoidance of side effects associated with medications or invasive brain stimulation techniques. The rising prevalence of depression, Alzheimer’s disease, epilepsy, Parkinson's disease, stroke, and other neurological conditions is driving the growth of the Transcranial Magnetic Stimulator (TMS) market

The transcranial magnetic stimulator market is segmented based on type, application, end user, frequency, and region. By type, the market is segmented into deep Transcranial Magnetic Stimulator (dTMS) and repetitive Transcranial Magnetic Stimulator (rTMS). The rTMS segment accounts for the largest market share due to its ability to stimulate specific brain regions linked to diseases like depression.

Transcranial Magnetic Stimulator Market Regional Insights

• North America is expected to be the largest market for transcranial magnetic stimulators during the forecast period, accounting for over 41.5% of the market share in 2023. The growth of the market in North America is attributed to the rising prevalence of neurological diseases, favorable reimbursement policies, and the presence of leading TMS manufacturers in the region.
• Europe is expected to be the second-largest market for transcranial magnetic stimulators, accounting for over 29.6% of the market share in 2023. The growth of the market is attributed to the increasing adoption of TMS therapy and technological advancements in TMS devices in the region.
• Asia Pacific is expected to be the fastest-growing market for transcranial magnetic stimulators, growing at a CAGR of over 22.9% during the forecast period. The growth of the market in Asia Pacific is attributed to the expanding patient pool, improving healthcare infrastructure, and growing awareness about TMS therapy in the region.

Analyst’s Views: The global transcranial magnetic stimulator market is poised to witness steady growth over the forecast period owing to the rising prevalence of neuropsychiatric disorders like depression and anxiety. Growing awareness about non-invasive brain stimulation therapies and advantages of TMS over other treatment options like drugs will drive its demand. Furthermore, growing geriatric population who are more prone to neurological and mental health issues will propel the market on the upward trajectory. North America presently dominates the global market and is expected to remain the most lucrative region in the upcoming years. Favorable reimbursement policies for TMS therapy and strong presence of key players in the region are promoting the higher adoption of these devices. Asia Pacific is anticipated to showcase the fastest growth rate owing to improving healthcare infrastructure, rising healthcare spending, and growing incidence of mental illnesses. However, lengthy approval process and strict regulations associated with these medical devices may negatively impact the industry expansion to some extent. Also, lack of skilled and trained professionals who can effectively administer TMS treatment poses a major challenge. Original equipment manufacturers are investing in R&D to develop novel products with enhanced effectiveness and comfort. Collaboration with pain management centers and neurology clinics will help manufacturers in better promotion and adoption of these devices. Additionally, the growing utility of TMS for other neurological applications beyond depression will open new opportunities in the coming times.

Figure 1. Global Transcranial Magnetic Stimulator Market Share (%), by Region, 2023

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Transcranial Magnetic Stimulator Market Drivers

• Increasing prevalence of neurological and psychiatric disorders: The rising prevalence of neurological and mental health disorders such as depression, migraine, Alzheimer's disease, epilepsy, Parkinson's disease, and stroke is a major factor driving the growth of the transcranial magnetic stimulator market. According to the World Health Organization (WHO), around 50 million people worldwide suffer from epilepsy and around 20 million people are affected by stroke each year. The increasing patient pool and the need for advanced non-invasive treatment options are expected to boost demand for TMS devices. TMS therapy has shown efficacy in treating drug-resistant depression and other challenging neurological conditions where patients do not respond to medications or other therapies. The expanding target patient base globally presents significant growth opportunities for TMS device manufacturers.
• Strong product pipeline and regulatory approvals: Several leading and emerging companies are making significant investments in strengthening their TMS product portfolio through new product development and launches. Over the past few years, multiple TMS devices have received regulatory clearance for expanded therapeutic applications which is catalyzing market growth. For instance, in July 2022, Neuronetics, Inc., a commercial stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, including drug-resistant depression and obsessive-compulsive disorder (OCD), announced clearance from the U.S. Food and Drug Administration (FDA) for a new indication for its Transcranial Magnetic Stimulation (TMS) system - NeuroStar Advanced Therapy for Mental Health - to treat anxiety symptoms for adult patients who suffer from Major Depressive Disorder (MDD), also known as anxious depression.
• Increased adoption of non-invasive treatment methods: The growing adoption of non-invasive and minimally invasive treatment approaches over conventional surgery is fostering the uptake of TMS therapy. Compared to invasive brain stimulation techniques such as deep brain stimulation and vagus nerve stimulation, TMS therapy is non-invasive, well-tolerated, and has a favorable safety profile. TMS does not require anesthesia or surgical incisions. Furthermore, the non-invasive nature and other advantages of TMS make it a preferred therapy option before resorting to neurosurgery. TMS provides clinicians and patients with an effective and safe therapeutic technique for various neuropsychiatric disorders.
• Favorable reimbursement coverage: The establishment of reimbursement coverage for TMS therapy by Medicare and other private insurance providers is facilitating greater utilization and enabling access to larger patient populations. As of now TMS therapy is covered for treating medication-resistant depression by Medicare in the U.S. Similar coverage for other indications by private payers along with expanded coverage globally will improve the clinical adoption of TMS devices. Favorable reimbursement policies indicate clinical confidence regarding the value of TMS therapy for neurological diseases.

Transcranial Magnetic Stimulator Market Opportunities

• Emerging applications in neurorehabilitation and neuroscience research: TMS has shown promising results in post-stroke rehabilitation for improving motor deficits and other impairments. TMS is being increasingly used in neurorehabilitation programs for recovery of patients with traumatic brain injury, spinal cord injury, and for pediatric rehabilitation. Research is ongoing to establish efficacy in larger populations. TMS also provides a valuable technique in the field of neurophysiology and neuroscience research to study cortical excitability, network connectivity, neuroplasticity, and other aspects of human brain structure and function. The emerging applications of TMS devices in neurorehabilitation and research offer significant opportunities.
• Use of TMS in managing substance abuse and addiction: Recent studies have demonstrated that repetitive TMS delivered to the prefrontal cortex can reduce cravings and substance abuse in people addicted to tobacco, alcohol, cocaine, and methamphetamine. The U.S. FDA granted Breakthrough Device designation to Brainsway for its deep TMS system for smoking cessation treatment. TMS can be used as an adjunct or alternative to medications in addiction management. The potential role of TMS in modifying the brain’s reward system and treating substance abuse disorders presents a promising opportunity.
• Expanding therapeutic applications of TMS: Extensive research is being done to expand the therapeutic scope of TMS for many other neurological conditions beyond depression, including Alzheimer’s disease, obsessive-compulsive disorder, autism spectrum disorder, and tinnitus. Since TMS allows stimulating specific brain networks, it provides targeted treatment approaches for various neuropsychiatric disorders. Positive results from clinical studies will lead to regulatory approvals for new indications, thereby boosting the adoption of TMS therapy.
• Emerging markets: Developing regions such as China, India, Brazil, Mexico, and Southeast Asian countries offer significant opportunities for market growth due to expanding patient base, improving healthcare infrastructure, rising spending on mental health, and growing medical tourism. Local manufacturing, distribution partnerships, and training programs will help increase penetration in these high-potential markets. The untapped patient pool and unmet need present an opportunity for global companies.

Transcranial Magnetic Stimulator Market Trends

• Integration with technological advancements: The integration of TMS systems with novel technologies such as electroencephalography (EEG), functional near-infrared spectroscopy (fNIRS), and functional magnetic resonance imaging (fMRI) is an emerging trend. The combination of TMS with imaging and recording techniques enables real-time monitoring and mapping of cortical responses. Companies are increasingly developing multi-modal TMS systems with such capabilities for research and enhanced therapy outcomes. Further, TMS is being combined with EEG, fNIRS, and EMG to derive neurophysiological biomarkers.
• Development of innovative stimulation protocols and coils: Key players are investing in designing proprietary stimulation protocols and novel coil designs for deeper penetration, focused stimulation, and improved treatment efficiency. For instance, Stanford University has developed the Stanford Accelerated Intelligent Neuromodulation Therapy (SAINT) TMS protocol that significantly reduces treatment duration. Brainsway’s H-Coil helps stimulate deeper brain structures. Magventure’s Cool-B65 butterfly coil enables deeper reach. The next-generation TMS systems offer shorter, faster, and more individualized treatments.
• Rise of robotics and navigational TMS systems: Advanced TMS systems are incorporating robotic arms, stereotactic navigation, and individualized head modeling for precisely targeted stimulation of the affected brain regions. Robotics offers the advantages of optimizing coil positioning and orientation, consistent stimulation, and reducing human errors. Companies like Axilum Robotics, Rogue Research, and Magstim have developed robotic TMS systems. Navigation technology is making TMS therapy more accurate.
• Emergence of home-use TMS devices: Compact and easy-to-use TMS devices are being introduced for at-home patient use under medical guidance. In May 2022, Neuronetics, a medical device company, received the U.S. FDA’s Breakthrough Device designation for its home-use TMS system. Home-based therapy can help improve access, reduce cost, and improve outcomes. Other companies like MindPod are also developing home TMS solutions. The emergence of home-based TMS presents a new trend in the market.

Transcranial Magnetic Stimulator Market Restraints

• High cost of TMS systems: High equipment cost of TMS devices and the overall treatment cost are major restraints limiting the adoption of TMS, especially in developing countries and resource-constrained settings. The TMS systems, stimulation protocols, and navigation software further add to the costs. Lack of favorable reimbursement in many countries also hampers uptake. The affordability challenges dampen the demand from small clinics and hospitals. Companies need to introduce cost-effective solutions.
• Shortage of trained professionals: There is a shortage of trained neurologists, psychiatrists, and technicians to administer TMS therapy across healthcare settings globally. Lack of expertise in utilizing and operating TMS systems limits their installation base. Training programs and workshops are required to address this gap of skilled professionals and drive more clinical usage. The access constraints due to lack of qualified staff need to be overcome.
• Potential side effects: While TMS therapy is considered safe overall, potential side effects like headaches, scalp discomfort, neck pain, and rarely seizures may occur and limit adoption among some patient groups. These effects are transient but proper guidelines around usage protocols and parameters are needed to improve the safety profile and acceptance of TMS treatment. Appropriate patient screening and monitoring can help mitigate risks.

Recent Developments

New product launches

• On April 17, 2023, Nexstim Plc., a globally operating growth-oriented medical technology company, announced the launch of NBS 6, a new navigated transcranial magnetic stimulation (nTMS) system software generation, in the U.S.
• On March 21, 2023, MagVenture A/S, a market-leading manufacturer of non-invasive Transcranial Magnetic Stimulation (TMS) systems, received the U.S. Food and Drug Administration (FDA) clearance for MagVenture TMS Atlas Neuro Navigation System, which is a time-saving coil positioning system for the clinical application of Transcranial Magnetic Stimulation (TMS)
• In October 2021, Neuronetics, Inc., a commercial-stage medical technology company, announced the release of the latest evolution of its NeuroStar Advanced Therapy system with upgraded equipment and features
• In May 2021, Nexstim Plc., a globally operating growth-oriented medical technology company, announced that it has received authorization for the distribution of its NBS system by the Australian Therapeutic Goods Administration (TGA). The medical device license allows the company to start marketing and selling NBS systems in Australia to be used for neurosurgical applications.

Acquisitions and partnerships

• In July 2022, Greenbrook TMS Inc., a leading provider of Transcranial Magnetic Stimulation (TMS) therapy, announced the acquisition of Check Five LLC, a liability company, to further expand future treatment modalities and indications
• In February 2022, Nexstim Plc, a globally operating growth-oriented medical technology company, announced it has signed an agreement to license technology it has developed to Magnus Medical, Inc., a U.S.-based medical technology company. The technology to be licensed is related to the NBT system developed by the company with certain restrictions and the related patents, and the use of the license is restricted to the treatment of neuropsychiatric disorders. Nexstim e-field modelling and application software are not included in the license.
• In July 2020, Magstim, the global leader in Transcranial Magnetic Stimulation (TMS), announced the acquisition of the product portfolio of Electrical Geodesics, Inc. (EGI), a global leader in health technology. EGI designs non-invasive multimodal technologies to monitor brain activity and deliver transcranial electrical stimulation in brain research. Magstim will acquire EGI hardware, software, and sensor nets assets and will immediately manage global sales, service, and support.

Figure 2. Global Transcranial Magnetic Stimulator Market Share (%), by Application, 2023

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Top Companies in the Transcranial Magnetic Stimulator Market

• Magstim
• BrainsWay
• Nexstim Plc
• Neuronetics, Inc.
• Remed
• MAG & More GmbH
• MagVenture A/S
• Neurosoft
• NEUROLITE AG
• Axilum Robotics
• Rogue Research Inc
• Soterix Medical
• eNeura, Inc.
• NEUROPREX INC.

Definition: The Transcranial Magnetic Stimulator (TMS) market refers to the industry and ecosystem around medical devices that utilize electromagnetic induction to generate weak electric currents in specific brain regions for therapeutic purposes. TMS is a non-invasive form of neuromodulation that can modulate cortical excitability and activity in targeted brain areas linked to various neurological and psychiatric conditions. The TMS devices market consists of manufacturers, suppliers, and end users of deep TMS, repetitive TMS, and other TMS systems used primarily for the treatment of depression, migraines, stroke, Alzheimer’s disease, Parkinson’s disease, and other disorders.

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