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Depression Devices Market to 2027 – Impact Analysis of COVID-19 on the Industry

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Depression Devices Market to 2027 – Impact Analysis of COVID-19 on the Industry

July 23
04:16 2021
Depression Devices Market : FactMR
Depression Devices Market research report covers detailed information on Global Depression Devices Market Size, Share, application, competition and growth opportunities till 2027

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.

 

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.

 

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  • 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.

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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.

 

Depression Devices Market: Segmentation

Depression device market is segmented on the basis of

Depression device market By Product Type

  • Light Therapy
  • Stimulation Therapies
  • Electro Stimulator Devices
  • Helmet Therapy
  • Others

 

Depression device market By Depression Type

  • Persistent Depressive Disorder
  • Psychotic Depression
  • Postpartum Depression
  • Major Depression
  • Seasonal Affective Disorder
  • Others

 

Depression device market By End User

  • Hospitals
  • Homecare Setting
  • Long Term Centers
  • Out Patient Settings

 

Read More Trending and Similar Reports from Fact.MR – http://www.globenewswire.com/en/news-release/2018/01/09/1285878/0/en/6-Key-Takeaways-from-Fact-MR-s-Report-on-Drug-Discovery-Services-Market-for-Forecast-Period-2017-2026.html

 

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.

 

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