Global Neurorehabilitation Devices Market
By Product Type (Non-invasive Stimulators, Wearable Devices, Neurorobotic System, Brain-computer Interface), By Disease Type (Brain Stroke, Parkinson’s Disease, Cerebral Palsy, Traumatic Brain Injury, Others), By End-User (Hospitals, Clinics, Ambulatory Surgical Centers), and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2016 and Forecast 2017-2024
Market Outline: Neurorehabilitation Devices Market
Neurorehabilitation is the medical procedure that aims to recover the nervous system injury that resulting into functional nervous system from the non-functional nervous system and improving well-being of an individual. Neurorehabilitation devices are used in the Parkinson’s disease, cerebral palsy, multiple sclerosis, stroke recovery, and brain injury among others.
Market Dynamics: Neurorehabilitation Devices Market
Increase in the prevalence of neurological diseases such as brain injury and Parkinson’s disease, rise in preference for minimally invasive procedures, technological advancements in the neurorehabilitation devices, and favorable reimbursement policies are anticipated to fuel the neurorehabilitation devices market over the forecast period. Moreover, rise in R&D for the innovation of newer products, increase in geriatric population, and rise in healthcare expenditure, and advancements in robotic surgery are anticipated to boost the neurorehabilitation devices market over the forecast period. However, high cost of devices, stringent regulatory policies for product approval, and product recall may hamper the growth of neurorehabilitation devices market over the forecast years.
Market Scope: Neurorehabilitation Devices Market
Global Neurorehabilitation devices market is segmented on the basis of product type, disease type, end user, and region
Based on product type, the market is segmented into the following:
- Non-invasive Stimulators
- Wearable Devices
- Neurorobotic System
- Brain-computer Interface
Based on the disease type, the market is segmented into the following:
- Brain Stroke
- Parkinson’s Disease
- Cerebral Palsy
- Traumatic Brain Injury
- Others
Based on end-user, the market is segmented into the following:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
Based on the region, the market is segmented into the following:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Summary: Neurorehabilitation Devices Market
Global neurorehabilitation devices market exhibiting lucrative growth owing to increase in the prevalence of neurovascular diseases. According to World Health Organization 2014, approximately 15 Mn people are affected with neurological disorders each year, from which approximately 5 Mn people suffering from permanent disability. Moreover, market players are actively involved in the development of innovative products with novel technologies such as nanotechnology, wearable technology, robotics, and other non-invasive technologies to garner larger market share. In addition, acquisitions and mergers between the market players is a key strategy adopted by market players for generating larger revenue in neurorehabilitation devices market. For instance, in March 2016, Bionik Laboratories Corp. inked a merger agreement with Interactive Motion technologies, Inc. for expanding the company’s neurorehabilitation devices portfolio.
Regional Analysis: Neurorehabilitation Devices Market
Geographically, global neurorehabilitation devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America neurorehabilitation devices market has a significant growth owing to increase in the prevalence of neurological disorders (according to Centers for Disease Control and Prevention, approximately 130,000 fatal stroke cases observed every year), well-developed healthcare infrastructure, and availability of skilled professionals in the region. Europe neurorehabilitation devices market is exhibiting lucrative growth owing to adoption of newer devices, increase in prevalence of neurological disorders due to change in lifestyle, and innovation of newer devices. Asia Pacific neurorehabilitation devices market presents significant growth prospects due to rise in geriatric population, increase in healthcare expenditure, and rise in demand for minimally invasive surgical procedures.
Competition Assessment: Neurorehabilitation Devices Market
Some of the players in the global neurorehabilitation devices market include:
- Medtronic plc (Ireland)
- Abbott Laboratories (U.S.)
- Hocoma AG (DIH International Ltd.) (Switzerland)
- Ekso Bionics Holding Inc. (U.S.)
- Interactive Motion Technologies (U.S.)
- Bionik laboratories Corp. (Canada)
- Tyromotion (Austria)
- Bioxtreme Robotics Rehabilitation (Israel)
- Civitas Solutions (U.S.)
- Neurostyle Pte Ltd. (Singapore)
Notable Market Developments: Neurorehabilitation Devices Market
- In October 2017, Civitas Solution acquired Mentis Neuro Rehabilitation, LLC for the expansion of business in neurorehabilitation devices
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013 to 2016) and forecast (2017 to 2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
