The covid-19 pandemic has been a nightmare for many industries. However, the transcranial magnetic stimulator (TMS) process has been an unlikely winner during this pandemic. According to the World Health Organization (WHO), depression affected more than 264 million people globally in 2020. Moreover, mental ailment has exacerbated health as financial turmoil experienced during the pandemic, which has worsened preexisting factors like low-income for young people. The WHO reports that depression at its worst leads to suicide, and kills over 800,000 individuals each year. Suicides are the second leading cause of death among young people aged between 15-29. The TMS process shows tremendous potential to reverse the global mental health crisis. According to the WHO, 76% to 85% patients of depression receive no treatment. The barriers for access to treatment are unlikely to change as these range from lack of resources, lack of trained mental health professionals, and social stigma. TMS promises to bring a complete overhaul to the mental health infrastructure globally, as the procedure is approved and is safe, and effective by the FDA. Moreover, recently approved TMS processes can take just close to 3-minutes for a single session. The rising demand due to proven safety, efficacy, and growing awareness about mental health conditions during the coronavirus pandemic is expected to further create demand for players in the global transcranial magnetic stimulator market. The high costs for TMS therapy will likely remain a major restraint among people not covered by insurance.
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FDA Approves TMS to Treat OCD
On August 11, 2020, the Food and Drug Administration (FDA) department of U.S. approved TMS as a treatment for OCD. OCD, also known as Obsessive Compulsive Disorder is characterized by impulsive compulsion, and obsessions experienced by individuals. The FDA approved the use of TMS based on a study of a brainwave device that resulted in over 30% reduction in OCD score. FDA also noted in its approval that the treatment results in mild headaches among other side-effects. The mild nature of these side-effects prompted the FDA to approve the treatment to treat OCD. According to the American mental health institute, OCD affects nearly 1% adults in the country. Moreover, the condition is often treated with medication, psychotherapy or the combination of the two. The introduction of TMS procedures to treat OCD ailment can result in reduced time, hence, reduced costs for patients, and result in lower side effects. Furthermore, conventional treatment of OCD have also witnessed resistance to medication, and limited efficacy of psychotherapy. The TMS treatment remains a new promise for patients experiencing this severe condition globally. These factors are driving the adoption of transcranial magnetic stimulator market.
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Growing Off-Label TMS Uses Promises New Venues of Growth
TMS’s recent FDA approval for clinical depression has been a major boost for the treatment. Today, the TMS procedure is increasingly being studied for several other chronic diseases including strokes, Alzheimer’s, Tinnitus, Post Stress Traumatic Disorder, and Autism. Diseases like Alzheimer’s are on a rapid rise globally. The Alzheimer’s association anticipates a major 22% increase in people suffering from this condition in the U.S. Currently, over 5.8 million Americans are affected by it. Moreover, due to the rise in elderly population, the condition will affect over 7.1 million individuals by 2025. Conditions like Alzheimer’s, strokes, and PTSD do not yet have many promising therapeutic alternatives. On the other hand, TMS has not only been approved as safe by the FDA, but also been studied rigorously in treatment of ailments like Tinnitus. The conditions affects an estimated 4.5% to 30% population globally. Moreover, increasing independent studies have found promising application of TMS procedure to treat this ailment. Hence, this off-label use of TMS process will likely be approved soon by the FDA, along with its treatment for several other chronic conditions. TMS is also being studied to treat schizophrenia, Parkinson’s disease, anxiety, chronic pain, multiple sclerosis, and to treat nicotine addiction, thus creating rising need of transcranial magnetic stimulator market.
Growing Demand for Mental Health Treatment and Expansion of Facilities to Drive Major Growth
According to the Centre for Disease Control and Prevention (CDC), 6.6% Americans were diagnosed with depression in 2019. During the covid-19 pandemic, this number has raced to nearly 25% as per the U.S. Census bureau. Furthermore, due to recent FDA approvals for OCD, and depression, the U.S. is witnessing a major expansion of mental health facilities around the country. For example, Greenbrook TMS Inc announced in 2020 that it had delivered 500,000 sessions by 2020, thanks to rising interest in treatment for depression and OCD. Moreover, SuccessTMS, another major provider of TMS therapy in the U.S. announced that it had established treatment facilities in 6 U.S. states with 32 offices. The recent approval for TMS therapy for marketing purposes, and growing interest in off-label uses of TMS to treat chronic pain, among several other mental health conditions remains a major driver of growth in the global transcranial magnetic stimulator market. The rising demand for mental health due to the pandemic, and growing expansion of facilities will provide major opportunities for growth of players in the global TMS market during the 2021-2029 period.
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Expanding Health Coverage Will Promise Growing Opportunities for Development
Healthcare remains a hot topic in the U.S. national debate today. Moreover, the debate remains central to expansion of mental health services, which remained limited in access for people. According to the U.S. congressional research service, in 2019, uninsured individuals in the U.S. remained as low in number accounting for just 9.2% of the total population. Furthermore, the U.S. federal government spent nearly 3.7 trillion US dollars to ensure healthcare for most Americans. The growing expansion of the US healthcare coverage is expected to show significant opportunities for growth of players in the transcranial magnetic stimulator market. The growing number of TMS FDA approved devices, the rising research in off-label uses, the expanding number of TMS facilities, and growing coverage of insurance is further boosting the growth of transcranial magnetic stimulator market during the 2021-2029 period.
Transcranial Magnetic Stimulator Market:
By Type
- DTMS
- rTMS
- Others
By Application
- Depression
- Epilepsy
By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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