Neurorehabilitation devices have immense utility across the medical
fraternity which has led to the rise of a number of players within
the market. Hence, the global neurorehabilitation device market
manifests a highly competitive vendor landscape. The top three
players in the market held more than 50% of the total market share,
reflecting the difficulties associated with the entry of new players
into the market. These leading players are Medtronic, St. Jude
Medical, and Hocoma; all of these players are expected to keep
innovating their offerings in order to retain their dominance. The
technological advancements coupled with the breakthroughs made in the
domain of brain research have given an impetus to the development of
neurorehabilitation facilities.
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The market players are on their toes to utilize the opportunities
that lie within the market and gain a higher market share by offering
better products. The leading market players have embraced key
technologies such as Internet of Things (IoT), nanotechnology, and
robotics in order to enhance their product portfolio. The
lucrativeness of the market has prompted these players to stay
abreast of the latest developments and harness them with immediate
effect. St. Jude Medical introduced Proclaim ELITE which is the first
of its kind system meant for relieving pain through a spinal cord
stimulation system.
Transparency Market Research prognosticates that the market for
neurorehabilitation devices would expand at a stellar CAGR of 15.50%
over the period from 2016 to 2024. The market value is expected to
rise from US$894.9 mn in 2015 to a robust figure of US$3.2 bn by
2024. Based on application, these devices find extensive use for
curing and relieving the ailment caused Parkinson’s disease.
Geographically, North America and Europe are anticipated to outdo all
other regional markets. The prominence of the healthcare
infrastructure along with the proficiency of medical personnel are
expected to drive these regional market.
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The growth of neurological disorders has escalated demand within the
market. Parkinson’s disease has especially been a major matter of
concern within the medical circles. This has risen the demand for
neurorehabilitation devices because several healthcare units and
practitioners now find these devices indispensable. Furthermore, the
rising toll of patients who are diagnosed with neurological disorders
such as traumatic brain injury, strokes, cerebral palsy, and spinal
cord injury has been plaguing the healthcare industry. Governments
across the globe have assisted in the purchase and installation of
neurorehabilitation devices, thus, enhancing the prospects of market
growth. Patients who have been suffering for prolonged periods have
seen some hope in the form of advancements in technology. The nascent
devices for neurorehabilitation are being welcomed by the healthcare
industry in order to alleviate the burden of treatments. A peculiar
factor driving demand within the market is the rise in the number of
road accidents, especially in the Asia Pacific region.
Despite the rapid growth of the market, a number of factors still
inhibit the smooth flow of the market. The lack of skilled surgeons
and medical practitioners in developing countries has been a major
downfall for the global market. Furthermore, the emerging economies
are not in a position to make fundamental changes to their medical
framework. Since neurorehabilitation devices incur high costs of
implementation, the market is restrained in the financially weak
regions. The lack of awareness in a number of regions also places a
negative scar on the market. Nevertheless, the need to effectively
treat neurological disorders will keep bolstering the stakes of the
market.
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