Neurorehabilitation Devices Market Analysis
Neurorehabilitation Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Neurorehabilitation is a well-elaborated therapist-supervised medical procedure, which aims at recovering a nervous system injury resulting from non-functional to functional nervous system and improving the well-being of a person. World health organization (WHO) survey of 2014, revealed that each year around 15 million people are affected by neurological disorders, from which around 5 million suffer from permanent disability. The report also revealed that, around 2.5 million people are affected with multiple sclerosis and 10 million with Parkinson’s disease, every year, throughout the world. Increase in the prevalence of neurological diseases among the populace, creates a huge need to introduce neurorehab centers and neurorehabilitation devices to ensure simplification of normal-routine life and decrease patients’ dependability on others.
Increase in opportunities and demand for neurorehabilitation devices in the market research industry
Higher incidences of neurological disorders has helped boost the demand for neurorehabilitation devices over the recent years. People’s awareness related to health and the increasing investment in healthcare industry have created a high demand for these devices. According to Centers for Disease Control and Prevention (CDCP) 2015, around 130,000 individuals face fatal strokes every year in the United States. Thus, the increasing need to reduce the incidences of strokes every year, has resulted in the increasing demand for neurorehabilitation devices. Large number of people who are affected by Parkinson’s disease are recorded in regions such as U.S., U.K., Finland, Iceland, and Ireland. These regions extensively employ neurorehabilitation devices, fueling market growth. Additionally, age plays a critical role in increasing the risk of neurological related disease. Thus, regions with higher geriatric populations lend immense opportunities for growth of the neurorehabilitation devices market. Neurorehabilitation devices such as wearable technology, nanotechnology, and robotics, primarily work towards improving the nervous system, in turn reducing disability and increasing ease of daily functioning of individuals,
Higher costs hinders the market growth
The major restraint for the neurorehabilitation devices market growth, is the lack of ease associated to usage of these device and its unaffordability, mainly in emerging economies and low income regions such as the Middle East, Africa, and Latin America. Moreover, unavailability of skilled specialists to handle these devices hampers growth of the global market.
The neurorehabilitation devices market has been segmented on the basis of products, indication, and geography:
On the basis of products, the neurorehabilitation devices market is segmented into:
On the basis of indication, the neurorehabilitation devices market is segmented into:
On the basis of region, the neurorehabilitation devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Asia pacific region making progressive walk towards neurorehabilitation device market
According to world health organization (WHO) 2016, the North American region was leading the global market for using and forming novel neurorehabilitation devices as this region comprises of a large population suffering from neural diseases. The same reports suggests that North America and Europe together hold around 34% of the share in this global market. However, Asia Pacific is expected to progress towards the leading position in the global market for neurorehabilitation devices over the forecast period. . Moreover, Asia Pacific market is increasing the public awareness and investment in health care. .
Collaboration of key players to make lucrative developments
The major key players of neurorehabilitation devices market are Bioness, Inc., Ectron Ltd., Hocoma AG, Medtronic, Tyromotion, Agiliad, Bioxtreme Robotics Rehabilitation, St Jude Medical Inc., Alter G Inc., Denecor, Ekso Bionics Holding Inc., Helius, Interactive Motion Technologies, Kinestica, Kinetic Muscles, Medtronic Plc., and Neurostyle. Collaboration of key players helps in creative expansion to increase gainful inventions in the global market. For instance, in Sep 2016, Swiss based Hocoma merged with DIH International, which develops rehabilitation solutions and medication management, Moreover, for distribution of their products across different geographical regions, Ectron Ltd. has collaborated withTyromotion and announced the launch of Tyromotion’s PABLO in 2017. PABLO system is a modern assessment and therapy device for the treatment of the neurological disorders.