Neurorehabilitation Devices Market – Insights
Acknowledging the heightened accruals this market is witnessing currently, Market Research Future (MRFR), in its recently published study report, asserts that the global neurorehabilitation devices market will register reach approximately USD 2.25 Bn. by 2022, registering a healthy 6.3% CAGR between 2016 -2022.
Additional factors substantiating the market growth include increasing governmental funding and programs especially in the developing regions to support the R&D activities undertaken for the invention of new devices. Technological advancements that took place in the smart and connected devices and the proliferation of some ubiquitous technologies such as AR, AI and IoT and the integration of these technologies in the neurorehabilitation devices foster the market growth.
Furthermore, factors fostering the market growth include the changing lifestyle led by the growing urbanization and industrialization alongside the improving economic conditions that enable access to the quality care and to the improved healthcare worldwide. Despite the emergence of various innovative devices, most of the countries worldwide, including well-developed regions are struggling with shortages of neurorehabilitation devices.
To respond to this situation, manufacturers are developing devices with the advanced technologies which can improve the specificity in the neurohabilitation and enhance the confidence of caregivers, improving the estimation of excision margins and reducing the total cost of the devices.
On the flip side, factors such as high costs associated with these devices and the lack of awareness towards the availability and advantages of these devices are some of the major factors impeding the market growth. Adversely, new products and services made available in the developing and developed countries by the matured market players are some of the factors expected to support the market growth during the review period, filling up the demand and supply gap.
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Neurorehabilitation Devices Market - Key Players
Some of the key players in this market are: Bioness, Inc., Bionik Labs, Bioxtreme, Denecor, Ectron Ltd., Ekso Bionics, Helius Medical Technologies, Hocoma AG, MagVenture A/S, Medtronic, Neuro Style, Rehab-Robotics Company Limited, Rehabtronics Inc, St Jude Medical Inc., Tyromotion, and others.
Industry/Innovation/Related News:
July 11, 2018 - Medline Industries, Inc., (US), a global manufacturer and distributor of medical products announced the acquisition of NeuroGym (Canada), a physical therapy and rehabilitation equipment maker.
June 12, 2018 – MindMaze SA (Switzerland), a leading global medical technology company announced receiving of FDA clearance for US distribution of its MindMotion Go, a gamified neurorehabilitation therapy platform for medium and light severity impairments able to be deployed in the patient’s home. Using motion capture technology based on the Microsoft Kinect, the Go engages patients with a range of activities set in displayed 3D environments that promote motor and task functions.
January 24, 2018 – Helius Medical Technologies, Inc. (US) a leading global medical technology company in to neurological wellness, announced that partnering with the ARL (US Army Research Laboratory), it has executed a CRADA (Cooperative Research & Development Agreement) establishing a platform for collaborative research programs. Subsequently, Helius and ARL executed a Joint Work Statement (JWS) launching a research program to investigate Helius’ Portable Neuromodulation Stimulator (PoNS) for the enhancement of cognitive, emotional and physical readiness and response through mindfulness and meditation training.
Neurorehabilitation Devices Market - Segments
For the convenience of the report and enhanced understanding; the report is segmented in to 4 key dynamics
By Product Types: Including Neuro-robotic devices, Wearable Devices, Brain Computer Interface, Non-Invasive Stimulators and other.
By End Users: Hospitals/clinics, cognitive care centers, research institutes, and other.
By Applications: Spinal Cord Injury, Stroke, Brain Trauma Injury, Parkinson’s disease, Schizophrenia, Cerebral Palsy and other.
By Regions: Europe, North America, APAC and Rest of the World.
Neurorehabilitation Devices Market - Regional Analysis
North America market dominates the Global Neurorehabilitation Devices Market with the significant market share. While Europe & Asia Pacific stand at the second & third positions respectively in terms of the market share.
Factors such as, advancements in technology, coupled with the prevailing neurological disorders, availability of advanced infrastructure and growing awareness towards the advantages & efficacies of Neurorehabilitation Devices and centers are attributing to the growth of North America and Europe Market.
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Asia-Pacific market is expected to be the fastest growing market for Neurorehabilitation Devices. However high cost associated with the purchase and implementation of these devices is impeding the regional market growth.
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