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Neurorehabilitation Devices Market: High Cost of Treatment is Likely to Restrict Wide-scale Adoption in APAC

Press Release   •   Jan 18, 2017 23:58 EST

Transparency Market Research has published a new market report titled, “Neurorehabilitation Devices Market (Devices – Neurorobotic Systems, Brain Computer Interfaces, Non-invasive Brain Stimulators, and Wearable Devices; Applications – Stroke, Traumatic Brain Injury, Spinal Cord Injury, Parkinson’s Disease, Cerebral Palsy, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global neurorehabilitation devices market was valued at US$ 894.9 Mn in 2015 and is anticipated to expand at a CAGR of 15.5% from 2016 to 2024 to reach US$ 3262.5 Mn by 2024.

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North America and Europe dominated the global neurorehabilitation devices market in terms of revenue in 2015. Improvement in technology, growing number of neurological conditions, well-established health care infrastructure, and increasing awareness about neurorehabilitation centers are the major factors attributed to the dominance of these two regions. North America neurorehabilitation devices market is driven by increasing incidence of stroke. Large number of people in the U.S. are affected by stroke and in 2014 the affected population was approximately 6.8 million. The number is projected to reach 10 million by 2030. This is expected to boost demand for neurorehabilitation devices in North America during the forecast period from 2016 to 2024. Aging is usually associated with neurological disorders. Hence, countries termed as greying nations are likely to be the potential markets for neurorehabilitation devices. Increasing geriatric population in countries such as Germany, Spain, France, Italy, and the U.K. is driving the market in Europe.

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Road traffic fatality rates are high in Asia as compared to other regions. This has led to high prevalence of traumatic brain injury. The region is also home to highest percentage of traumatic brain injury due to falls (77%), unintentional injuries (57%), and road traffic accidents (48%). These alarming number of patients demand availability of neurorehabilitation devices and thus has potential market opportunity for global as well as regional players. Moreover, the increasing incidence of stroke in Asia Pacific promises is also increasing demand for neurorehabilitation devices in Asia pacific. Asia accounts for approximately two-third of the world’s disabled population and the number is expected to increase in the next decade. However, high cost of treatment creates a barrier in seamless adoption of these devices in Asia Pacific and Latin America. Middle East & Africa is characterized by increasing demand for rehabilitation services which is ultimately going to drive the need for developed skills, effective facilities management, better use of technology, and implementation of efficient strategies in order to deliver sufficient and efficient care for neurological disorders. Hence, the midterm outlook for neurorehabilitation devices in the region is optimistic.

Major players operating in the global neurorehabilitation devices market include Medtronic plc, St. Jude Medical, Inc., Hocoma AG, AlterG, Inc., Bioness, Inc., and Ekso Bionics Holding, Inc. The key market players are actively involved in constant innovations and developments related to technology and application to cater to the multi-dimensional needs of the end-users in order to maintain their positions in the global market.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.