Albany, NY -- (SBWIRE) -- 11/14/2017 -- The Global Neurorehabilitation Devices Market features a largely consolidated and highly competitive vendor landscape, with the leading three players, namely St. Jude Medical, Medtronic, and Hocoma accounting for over 50% of the market in 2015. The tremendous progress made in the field of brain research in the past century has helped companies cater better to the field of neurorehabilitation devices and stay in pace with the rising demand for reliable interventions to treat a massive and rising patient pool of neurodevelopmental disorders.
To cater to the highly lucrative market, companies are focused on the development of innovative product varieties that feature an amalgamation of technologically advanced characteristics courtesy wearable technology, robotics, nanotechnology, Internet of Things, and a variety of non-invasive technologies. An instance is the Proclaim ELITE by St. Jude Medical. Proclaim ELITE is the first and the only upgradeable and non-rechargeable spinal cord stimulation system in market that has been approved for the purpose of relieving chronic pain by delivering burst stimulations to the spinal cord.
Transparency Market Research estimates that the global neurorehabilitation devices market will tread along a promising growth path from 2016 to 2024, exhibiting a CAGR of 15.5%, and rise to an opportunity of US$3.2 bn by 2024 from a valuation of US$894.9 mn in 2015.
North America and Europe to Present Most Promising Growth Avenues
From a geographical perspective, the markets for neurorehabilitation devices in North America and Europe stand out as the most promising ones in terms of revenue generation, chiefly owing to the large patient pool of neurological conditions. Factors such as the strong and highly advanced healthcare facilities in these regions, a large population with high disposable incomes, and the increased awareness regarding neurorehabilitation devices and centers available in the overall market are expected to help these regions lead the path for the neurorehabilitation devices market over the forecast period as well. Countries in Asia Pacific are promising owing to the rising patient pool and the increasingly advancing healthcare infrastructures, especially in developing economies.
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Rising Number of Innovative Products in Market to Drive Growth
One of the key factors driving the global market for neurorehabilitation devices is the rising global prevalence of a variety of neurological disorders. The rising patient pool presents the need for effective interventions, fueling research and development activities. Moreover, government and private organizations are increasing funds set apart for the development of effective treatments for the highly debilitating neurological disorders, providing traction to the market. The market is also expected to benefit from the rising number of companies entering the market and upping the product portfolio, adding to the global market innovative and more effective product varieties.
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High Cost of Therapy to Limit Uptake in Emerging and Less-developed Economies
However, factors such as the dearth of neurological resources and services, especially in less developed and developing economies, wherein financial restrictions also influence the uptake of a number of therapies, could restrict the growth of the market to a certain extent. Neurorehabilitation devices generally carry a high price tag owing to their complex technological makeup and high cost of their manufacture, which is why their demand is limited in a number of emerging and less-developed economies.
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