Vagus Nerve Stimulators is a U.S. FDA endorsed operation used to convey electrical motivations to the vagus nerve for the administration and therapy of different infections like crabby inside condition, gastric motility issue, ongoing obstructive aspiratory sickness, work out incited bronchospasm, bronchoconstriction, asthma, headache, bunch migraine, gloom, and epilepsy.
Market Dynamics:
Increasing prevalence of epilepsy, depression, and migraine is expected to propel the growth of the vagus nerve stimulators market. Epilepsy is a chronic, non-communicable disease of the brain that affects people of all ages. According to the World Health Organization, worldwide, around 50 million people have epilepsy, which makes it one of the most common neurological diseases worldwide.
Continuous research and development activities by major players are also expected to fuel the growth of the vagus nerve stimulators market. For instance, in January 2021, electroCore, Inc. announced that Centers for Medicare and Medicaid Services published its most recent Level II Healthcare Common Procedure Coding System decisions, establishing a unique code K1020 ‘Non-invasive vagus nerve stimulator’.
The emergence of COVID-19 is expected to offer lucrative growth opportunities for players in the vagus nerve stimulators market. For instance, in July 2020, the FDA (Food and Drug Administration) granted an Emergency Use Authorization for the use of the gammaCore Sapphire CV nVNS therapy at home or in a healthcare setting to treat adult patients with known or suspected COVID-19.
Competitive Analysis:
Major players operating in the vagus nerve stimulators market are tVNS Technologies GmbH, Nervana, Parasym Ltd., Beijing PINS Medical Co., MicroTransponder, SetPoint Medical Corporation, LivaNova, and electroCore.
Major players in the market are involved in different business strategies, such as product launch. Product approval, etc., to strengthen their product portfolio. For instance, in October 2020, the FDA awarded SetPoint Medical breakthrough device designation for a bioelectronic technology that stimulates the vagus nerve to treat rheumatoid arthritis (RA).
Moreover, in April 2020, FDA approved an expanded indication for gammaCore (electroCore) to include the prevention of migraine in adult patients. Whereas, in March 2020, LivaNova announced that its vagus nerve stimulation therapy system, Symmetry, received CE Mark approval for Difficult-to-Treat Depression (DTD).
No comments:
Post a Comment