Report : Europe 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)
Adults Segment to Dominate Europe Transcranial Magnetic Stimulator Market during 2020–2028
According to a new market research study on “Europe Transcranial Magnetic Stimulator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Age Group, Application” is expected to reach US$ 622.51 million by 2028 from 354.96 US$ million in 2021. The market is estimated to grow at a CAGR of 8.4% from 2021 to 2028. The report provides trends prevailing in the Europe transcranial magnetic stimulator market along with the drivers and restraints pertaining to the market growth. New advancements in transcranial magnetic stimulation technology is the major factor driving the growth of the Europe transcranial magnetic stimulator market. However, issues such as diagnostic and treatment are expensive hinders the growth of Europe transcranial magnetic stimulator market.
Europe transcranial magnetic stimulator market is segmented into type, age group, application, and country. Europe 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 Europe 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 Europe 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 Europe transcranial magnetic stimulator market is segmented into France, Germany, Italy, Spain, UK, and rest of Europe. Germany held the largest market share in 2020.
In Europe, the COVID-19 pandemic has highly affected countries such as Italy, Spain, France, UK, and Russia. The number of positive cases has grown exponentially across the countries. The outbreak has significantly impacted the medical device industry in Europe. Various “notified bodies” for the medical device industry have restricted or discontinued their activities, to redirect their focus on COVID-19. Manufacturing companies and suppliers have lower down their production, which is hampering the demand and supply chains. The pandemic has also affected preparations for the upcoming EU Medical Device Regulation (2017/745) (MDR). It has disturbed the frameworks and guidelines meant for the medical device manufacturers, while the release dates of several regulations release have been postponed. In March 2020, the European Commission released a new date for introducing the Medical Device Reporting (MDR) application, postponing it to May 2021 from May 2020. Also, the government has shifted to focus on the production of personal protective equipment. These conditions have resulted in the deceleration of the Europe transcranial magnetic stimulator market growth.
eNeura Inc.; MAG & More GmbH; Magstim; MagVenture, Inc; Neurosoft; Nexstim; and REMED are among the leading companies in the Europe 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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