Report : Asia-Pacific Transcranial Magnetic Stimulator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Single or Paired Pulse TMS and Repetitive TMS (rTMS)], Age Group (Adults and Children), and Application (Research, Diagnostics, and Therapeutics)
Diagnostic Segment to Dominate APAC Transcranial Magnetic Stimulator Market during 2020–2028
According to a new market research study on “APAC Transcranial Magnetic Stimulator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Age Group, Application” is expected to reach US$ 499.10 million by 2028 from 264.28 US$ million in 2021. The market is estimated to grow at a CAGR of 9.5% from 2021 to 2028. The report provides trends prevailing in the APAC transcranial magnetic stimulator market along with the drivers and restraints pertaining to the market growth. Greater prospects for market players due to increasing product approvals is the major factor driving the growth of the APAC transcranial magnetic stimulator market. However, issues such as huge cost of diagnostic and treatment hinders the growth of APAC transcranial magnetic stimulator market.
APAC transcranial magnetic stimulator market is segmented into type, age group, application, and country. APAC transcranial magnetic stimulator market based on the type was segmented into single or paired pulse TMS, repetitive TMS (rTMS). In 2020, the single or paired pulse TMS segment held the largest share of the market. The APAC transcranial magnetic stimulator market, by age group, is segmented into adults and children. The adults segment held the largest share of the market in 2020. The APAC transcranial magnetic stimulator market, by application, is segmented into research, diagnostic and therapeutic. The diagnostics segment held the largest share of the market in 2020. Based on country, the APAC transcranial magnetic stimulator market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
In APAC, the COVID-19 pandemic has led to significant slowdown in the economies of China, India, and South Korea, among others. It has disrupted the dynamics of healthcare sectors in these countries. Various companies have closed their manufacturing plants in China. On the contrary, India has escalated the production of medical devices, pharmaceutical drugs, and personal protective equipment. Activities of the transportation sector have been revised, depending on the positivity rate of COVID-19 infection in India, among other countries in the region, which has impacted the trade business of the region. Many international medical device manufacturing companies have their production plants in China, but the country has faced a significant impact of the pandemic. With the rapid pace of vaccination in the countries in APAC, the transcranial magnetic stimulator market is expected to bounce back in the coming years.
eNeura Inc.; MagVenture, Inc; Neurosoft; Nexstim; and REMED are among the leading companies in the APAC transcranial magnetic stimulator market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, MagStim has received FDA 510(k) clearance for and launched its StimGuide TMS navigation system, touting it as the first device of its kind.
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