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Technological Advancements and Untapped Opportunities in Developing Regions to Encourage Growth of Global Neurorehabilitation Devices Market

Article Description

Neurorehabilitation refers to a medical procedure that focuses on helping the patient recover from an injury to the nervous system and reducing any functional changes following from it. Neurorehabilitation helps patients to enhance their neural skills and encourages them to work independently and build back their self-esteem. The growing incidence of neurological disorders is expected to propel the growth of the global neurorehabilitation devices market in the near future. 

The global market for neurorehabilitation devices was worth US$894.9 mn in 2015 and is estimated to reach a value of US$3.2 bn by the end of 2024. This market is anticipated to register a progressive 15.50% CAGR between 2016 and 2024.

Emergence of New Therapies to Boost Demand for Neurorehabilitation Devices in Near Future

The well-established healthcare infrastructure and technological development in the medical sector in developed countries are some of the key factors expected to fuel the growth the neurorehabilitation devices market across the globe. However, the absence of trained and skilled professionals in order to operate the systems is projected to curtail the growth of the overall market in the near future.

The global neurorehabilitation devices market can be classified on the basis of product type into non-invasive stimulators, brain computer interfaces, wearable devices, and neurorobotic systems. Patients suffering from stroke, cerebral palsy, Parkinson’s disease, spinal cord injuries, traumatic brain injuries, and others are treated using neurorehabilitation devices. The introduction of robotics and wearable technology has contributed extensively towards the development of numerous neurorehabilitation devices in the last few years. In addition, the emergence of new and innovative therapeutics using these devices is anticipated to augment the growth of the global neurorehabilitation devices market in the coming few years.

Increasing Prevalence of Neurological Injuries to Propel Neurorehabilitation Devices Market

By geography, the global market for neurorehabilitation devices has been categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. In 2015, Europe and North America accounted for massive shares in the overall market. The rapid growth of these regions can be attributed to the rising prevalence of neurological injuries and disorders and growing awareness about neurorehabilitation centers and devices. On the other hand, Asia Pacific holds potential growth opportunities for neurorehabilitation devices market. Thus, this region is estimated to grow at a fast pace in the next few years. However, the high cost of the treatment is one of the prominent factors expected to curb the growth of the market in the near future.

Browse Full Global Neurorehabilitation Devices Market Report with TOC:

Some of the leading players operating in the global market for neurorehabilitation devices are St Jude Medical Inc., Alter G Inc., Medtronic plc, Hocoma AG, Ekso Bionics Holding Inc., and Bioness Inc. The key players in this market are focusing on research and development activities in order to introduce new devices and therapies and strengthen their position in the global market.