Transcranial magnetic stimulation (TMS) is a non-invasive procedure that uses magnetic fields to stimulate nerve cells in the brain and treat several neurological and psychiatric disorders. It works by inducing small electric currents in localized brain regions using electromagnetic induction. TMS is mainly used as an alternative to electroconvulsive therapy (ECT) to treat major depressive disorder that has not responded to antidepressant medications. It has been proven to be safe and effective for treatment-resistant depression and is minimally invasive.
The global TMS market is estimated to be valued at US$ 1.42 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
The increasing prevalence of mental health disorders such as depression, bipolar disorder and Parkinson’s disease is a key factor driving the adoption of TMS therapy. As per World Health Organization (WHO) estimates, over 264 million people suffer from depression globally, and the figure continues to rise. Depression is a leading cause of disability worldwide and carries a high economic and social burden.Moreover, Transcranial Magnetic Stimulator Market Size offers an alternative to ECT for treatment-resistant depression cases without inducing seizure. It has a more favorable side effect profile than medication and does not require hospitalization. These advantages of TMS over existing therapies have boosted its acceptance rate.
Key Takeaways
Key players operating in the transcranial magnetic stimulation market are Medtronic, LivaNova PLC, Dextera Surgical Inc., Ethicon US, LLC., Synovis Micro Alliance, Inc., Vitalitec International Inc., and MAQUET Holding B. V. & Co. KG., among others. Medtronic dominated the global TMS systems market with over 30% revenue share in 2021.
The key growth driver for the TMS market is the rising global disease burden of depression. According to WHO, over 5% of the world’s adult population suffers from depression, with women being affected nearly twice as much as men. Moreover, almost 1 in 6 Americans suffer from major depressive disorder in their lifetime leading to loss of productivity.
Technological advances have allowed TMS systems to target deeper and more localized brain regions with greater precision. New coils and personalized treatment protocols are enabling TMS to effectively treat conditions beyond depression such as chronic pain, migraine, Alzheimer’s and Parkinson’s disease. Improved safety, efficacy and expanded clinical applications of TMS present significant market opportunities.
Market Trends
Single-Session Transcranial Magnetic Stimulation – Recent studies show that single-session TMS (ssTMS) can rapidly reduce symptoms of depression within hours without multiple sessions. ssTMS presents an opportunity for TMS to treat acute episodes of depression over the long-term.
Personalized Brain Mapping – Advanced TMS systems use patient-specific MRI scans to map the functional connectivity of individual brain circuits and design customized coil placement and stimulation parameters for maximum therapeutic benefits. Personalization promises improved outcomes.
Home-Use TMS Devices – Portable, low-cost TMS devices are being researched for unsupervised home therapy to make treatment more accessible and affordable. This would help overcome barriers such as lack of trained personnel and high therapy costs.
Key Opportunities
Expanding FDA approvals – Studies showing TMS efficacy for OCD, chronic pain, Alzheimer’s indicate significant market potential. FDA approval will boost mainstream adoption.
Emerging Markets – Growing mental healthcare needs in Asia and Latin America present a major opportunity for TMS manufacturers. Systems tailored for less residential settings can drive penetration.
Combination Therapies – Research on combining TMS with psychotherapy or other brain stimulation techniques may yield synergies for improved outcomes, particularly for hard-to-treat disorders.
Impact of COVID-19 on Transcranial Magnetic Stimulator Market Growth
The COVID-19 pandemic severely impacted the transcranial magnetic stimulator market worldwide. Nationwide lockdowns halted manufacturing operations and disrupted supply chains, delaying equipment procurement and new installations. Hospitals prioritized critical care for a surge in COVID patients, postponing non-emergency brain stimulation procedures. However, telehealth emerged as an alternative care delivery model. Doctors conducted virtual consultations and remote monitoring of patients using TMS for conditions like depression and OCD. With restrictions now easing, the market is scaling up production to meet pent-up demand. Hospitals are also resuming routine medical services while following strict safety protocols. Innovation is imperative to sustain growth post-pandemic. Companies must accelerate development of portable and affordable solutions for home use and expand applications beyond psychiatric disorders. Telehealth can play a greater role by improving access in rural areas. Widespread vaccination will further help normalize clinical activities and market conditions.
Geographical Regions with High Transcranial Magnetic Stimulator Market Concentration
North America currently holds the largest share of the global transcranial magnetic stimulator market in terms of value. This is attributed to factors like rising geriatric population, growing prevalence of neurological and psychiatric disorders, robust healthcare infrastructure, and presence of leading market players in the US and Canada. Advanced medical technologies experience faster adoption in the region compared to other parts of the world. Favorable reimbursement policies also support the integration of brain stimulation therapy in clinical practice. Europe stands second due to increasing awareness about TMS and growing acceptance as an alternative to pharmacological interventions for treatment-resistant cases.
Fastest Growing Regional Market for Transcranial Magnetic Stimulators
Asia Pacific shows most promising growth prospects for transcranial magnetic stimulators. This is driven by improving economic conditions, rising healthcare expenditures, expansion of private insurance coverage, and growing preference for innovative treatments. China, Japan and India are key emerging markets. While awareness is still relatively low, initiatives by health authorities as well as companies to educate clinicians and patients present opportunities. Healthcare infrastructure development and initiatives to modernize facilities will catalyze adoption. Investments in research collaborations will further elucidate the clinical utility of TMS in new areas beyond existing applications. Overall, steadily expanding patient access and clinical integration point to strong future growth momentum across Asia Pacific.
Gets More Insights on: Transcranial Magnetic Stimulator Market
