Neurorehabilitation Devices Market to Expand at 15.5% CAGR Between 2016 - 2024

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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Wearable Technology and Robotics Creates a Positive Impact on Neurorehabilitation Devices Market

Players in the healthcare and medical devices industry have recognized the growing need for neurorehabilitation devices owing to the surging rise in the incidence of various neurological disorders. As a result, manufacturers of neurorehabilitation devices such as St. Jude Medical, Inc., Ekso Bionics Holding, Inc., Medtronic plc, Hocoma AG, Bioness, Inc., and AlterG, Inc. have begun offering a wide variety of technologically advanced and more effective devices, including brain-computer interfaces, wearable devices, neurorobotic systems, and non-invasive brain stimulators. Among the aforementioned companies, Transparency Market Research has found that Medtronic, St. Jude Medical, and Hocoma – the top three vendors catering to the demand for neurorehabilitation devices – together accounted for a 50% share in the global market.

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“Over the past century, brain research has made tremendous progress and has almost been keeping up with the pace at which neurodevelopmental disorders are growing,” a TMR analyst states.

“Technological as well as scientific research is being carried out in various disciplines and sectors, demonstrating the potential of the neurorehabilitation devices market.

The goal of neurorehabilitation device manufacturers is to lessen the long-term disability of the patient, maximize their quality of life, and improve their overall psychosocial outcomes. Innovative strategies for various neurological disorders are being developed by integrating wearable technology, nanotechnology, robotics, Internet of Things, and non-invasive medical technologies with the neurorehabilitation. A case in point would be St. Jude Medical’s Proclaim ELITE. This is the first and only non-rechargeable and upgradeable spinal cord stimulation system that has received approval for the delivery of burst stimulation to relieve chronic pain that can be treated with neurorehabilitation.

“Strategic collaborations for business expansion is another crucial move manufacturers of neurorehabilitation devices have been making to tighten their hold on the global market,” the author of the study claims. Medtronic’s purchase of Sapiens Steering Brain Stimulation in August 2014 and its acquisition of Covidien plc in June 2014 has not only expanded Medtronic’s portfolio but also accelerated the company’s growth.

Dearth of Neurological Services a Deterrent in Low-income Countries

The surging incidence of neurological disorders, coupled by the rise in funding by private and government organizations have fueled the demand for neurorehabilitation devices, TMR states. These factors are anticipated to drive the opportunity in this market to rise at a 15.5% CAGR from 2016 to 2024. The value of the neurorehabilitation devices market is poised to increase from US$894.9 mn in 2015 to US$3.2 bn by the end of the forecast period.

“The fact that neurological resources and services are disproportionately scarce, especially in developing and low-income countries, acts as a major impediment to the growth of the neurorehabilitation devices market,” the analyst states. “Moreover, there is a high disparity in the number of trained and skilled professionals in comparison to the target population in emerging economies.” This, along with the high cost of rehabilitation therapy, gives rise to considerable challenges in the large-scale adoption of neurorehabilitation devices.

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High Cost of Treatment is Likely to Restrict Wide-scale Adoption in APAC

North America and Europe are the largest revenue generators and dominated the global market in 2015. This can be primarily attributed to the growing prevalence of neurological conditions, improvement in technology, the rising awareness regarding neurorehabilitation devices and centers, and the presence of a well-established healthcare infrastructure. Although Asia Pacific is an immensely promising market for neurorehabilitation devices and is projected to emerge as the fastest developing regional market by 2024, it is the high cost of treatment that creates a barrier in the seamless adoption of these devices in Asia Pacific, leading to a major deterrent in the neurorehabilitation devices market.

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Neurorehabilitation Devices Market Growth Opportunities and Forecasts Report 2016 – 2024

Neurorehabilitation Devices Market: Snapshot

The market for neurorehabilitation devices holds a lot of potential, analysts have found. Already well-established markets in North America and Europe, coupled with immense growth opportunities in the emerging economies of Asia Pacific and Latin America indicate the favorable pace at which the global neurorehabilitation devices market is likely to grow over the coming years. The introduction of wearable technology and robotics has been having a tremendous impact on the development of neurorehabilitation devices and this push by researchers and device manufacturers alike is exactly what the global market needs.

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The emergence of several new therapies over the past few years and the potential presented by additional investigational treatments are anticipated to drive the value of the neurorehabilitation devices market from US$894.9 mn in 2015 to US$3.2 bn by 2024 at a 15.5% CAGR therein.

Alarming Rise in Road Traffic Incidents in Asia a Leading Growth Driver

The global market for neurorehabilitation devices comprises five main regional segments: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

The alarming rise in the incidence of stroke has driven the North America neurorehabilitation devices market to account for a 42% share in 2015. The Centers for Disease Control and Prevention states that almost 130,000 Americans die from stroke each year, with an average of one America dying from stroke every 4 minutes. This wide-spread prevalence of stroke, resulting in various neurological disorders, is forecast to boost the demand for neurorehabilitation devices in North America from 2016 to 2024. Neurological disorders are also brought on with age and as a result, countries with a large geriatric population base are likely to be the potential markets for neurorehabilitation devices. This is one of the key factors driving the market in Europe, especially in countries such as Spain, Germany, France, the U.K., and Italy.

Asia accounts for an estimated two-third of the world’s disabled population and the number is projected to rise in the next decade. This can be attributed to not just the growing incidence of stroke in the region but to the alarmingly high road traffic fatality rates. Asia is home to highest percentage of traumatic brain injury resulting from road traffic accidents, unintentional injuries, and falls. These patients demand the availability of neurorehabilitation devices, thereby rendering the Asia Pacific region a massively lucrative market for global as well as regional players, registering a 17.0% CAGR from 2016 to 2024.

Growing Prevalence of Parkinson’s Disease in Developed Countries Presents Major Opportunity

Neurorehabilitation devices include brain computer interfaces, neurorobotic systems, wearable devices, and non-invasive brain stimulators. Neurorobotic systems held the largest share in the neurorehabilitation devices market in 2015 and is likely to continue its dominance in the market over the course of the forecast period. Non-invasive brain stimulators, on the other hand, are projected to witness the highest growth rate from 2016 to 2024.

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The major applications of neurorehabilitation devices include traumatic brain injury, Parkinson’s disease, stroke, spinal cord injury, and cerebral palsy. The demand for neurorehabilitation devices for Parkinson’s disease is estimated to register the fastest growth rate during forecast period owing to the rising incidence of Parkinson’s in developed countries such as the U.K., the U.S., Iceland, Finland, and Ireland.

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