Depression is characterized by multiple mental health challenges including lack of positivity, suicidal thoughts, anxiety, insomnia, overeating/loss of appetite, and sadness. Extension of such feelings for a longer duration turns into a serious condition, which results in depression.Increase in the stressful lifestyles further induces anxiety and sleeplessness, which if left untreated causes severe health threats and even results into suicides. Growing number of depression diagnosed population is generating a pressing need for an effective cure and consumers have been preferring medication to recover from depression. However, numerous studies reporting side-effects of depression drugs have unlocked new avenues for the manufacturers operating in the depression devices market, which is expected to deliver sustained growth to the depression devices market in the upcoming years.
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Depression Devices Market – Novel Developments
Some of the significant partakers bringing innovation in the depression devices market encompass Fisher Wallace, Boston Scientific Corporation, Neuro-Fitness LLC, Brainsway Ltd, Electromedical Products International, Inc., and MagVenture A/S. Realizing the side-effects caused by the drugs, manufacturers operating in the depression devices market have been capitalizing on the opportunity to offer effective treatment without medication.
- Electromedical Products International, Inc. developed an FDA approved depression device, Alpha-Stim®, which boasts a capability to treat depression easily, safely, and quickly. The recommended duration for the use of this device is 20 minutes, however, there is no risk associated with its overuse, which enhances its desirability.
- In 2018, MagVenture developed a magnetic stimulation device that claims to treat depressed patients in as little time as 3 minutes. The non-invasive therapy delivers magnetic waves to activate nerve cells, which in turn excites the neurons and alters their mood.
- In 2018, a Swedish company – Flow Neuroscience, developed a wearable for depression treatment that involves attaching two electrodes to the sides of the forehead and a weak electrical signal is transmitted to the brain. The company is further set to leverage the online distribution channel for the sales of this device and its availability without the prescription of medical personnel is believed to proliferate its adoption rate.
Depression Devices Market – Dynamics
Ease of Availability in Parallel to the Proliferated Adoption Rate to Contribute to the Growing Depression Devices Market
With the widespread prevalence of depression, governments of numerous countries have been readily granting approvals to the depression devices. This has offered a leeway to manufacturers to develop therapeutic devices and increase their sales prospects with this reduced time-to-market. As a result, portable depression devices that lend convenience to patients are gaining notable traction. Increasing adoption rate of these devices has also been witnessed, on account of the devices being non-invasive.
Another crucial driver delivering growth to the depression devices market is streamlined distribution channel. Traditionally, the stimulation therapies were performed by the medical practitioners and their availability were restricted to only hospitals, homecare settings, rehabilitation centers, and clinics. However, depression devices driven by innovation have resulted in various high-end wearable devices, which can be plugged in and operated without the supervision of doctors.
In the future, with the incessant growth of ecommerce portals, sales of depression devices will be easier with their online availability. As a result, regions without any proper depression treatments will, in turn, be able to access these devices, which is anticipated to bode well for the growth of the depression devices market.
Depression Devices Market: Overview
Depression device are very affective for patients suffering from various depression such as, persistent depressive disorder, psychotic depression, postpartum depression, major depression, seasonal affective disorder and others. Various public and private research institutes are working for developing more affective device to recover depression patient and connect them to normal lifestyle. The players are also developing more portable device, so that the depression patient can carry the device for point of care in any time.
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Depression Devices Market: Region-wise Outlook
Geographically, Depression devices market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East and Africa. North America is a major market as the major players are present in the region and the patient pool is also increasing every year. Europe is accepting depression device to provide therapy to recover depression device. Asia Pacific is slowing sluggish growth as the healthcare professional are adapting depression device. In, Middle East and Africa the awareness programs are increasing about the product and the medical use for recover depression patients.
Depression Devices Market: Key Players
Some of the players in depression devices market include: Fisher Wallace, MagVenture A/S, Electromedical Products International, Inc., Brainsway Ltd, Neuro-Fitness LLC and Boston Scientific Corporation.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
North America to Remain an Affluent Market for the Growth of the Depression Devices Market
Geographically, North America is anticipated to contribute the largest share to the depression devices market with a perpetual rise in the stressful lifestyle resulting in a growing number of depressed individuals. In addition, the high concentration of significant partakers working towards developing user-friendly devices is anticipated to maintain its influence on the depression devices market in the forthcoming years. Next in the market, Europe possesses lucrative growth opportunities for the depression devices market with an excellent adoption rate of these devices to offer therapies for treating depression.
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