Bioness Inc., Bionik Laboratories Corp., 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 are some of the prominent players at the forefront of competition in the global Neurorehabilitation Devices Market and are profiled in MRFR Analysis.
Global Neurorehabilitation Devices Market – Overview
The neurorehabilitation devices market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global neurorehabilitation devices market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017–2022).
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The market is going to continue with the same trends of growth during the forecast period. Increasing prevalence of neurological diseases and the development of the information technology are the major factors that drive the market growth during the forecast period. According to a study published in the Annals of Indian Academy of Neurology journal in 2016, approximately 10 million people in the world accounting about 0.3% of the world’s population and 1.0% of those who are aged 60 years or more are found to be affected with the Parkinson’s disease. Moreover, similar trends were observed for the European region. It was found that two per 100 people in Europe suffered from the Parkinson’s disease. Moreover, increasing healthcare expenditure and growing geriatric population fuels the market growth during the forecast period. According to the World Health Organization in 2015, the geriatric population is expected to reach 2.1 billion by 2050. Moreover, according to the Centers for Medicare & Medicaid Services, in 2016, the U.S. national healthcare expenditure reached USD 3.3 trillion which accounted for 17.9% of gross domestic product (GDP). However, the high cost of the procedures, lack of awareness, and low per capita healthcare expenditure within the developing economies of the world may restrain the market growth during the forecast period.
However, the market is witnessed by the increasing number of the products in various segments of the neuro-robotic devices, brain trauma injury, and others.
Global Neurorehabilitation Devices Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of neurorehabilitation devices market appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Medtronic is one of the significant players in the global neurorehabilitation devices market. The company is headquartered in the U.S. and is one of the global leader in medical technology. The company follows the strategy of merger, acquisitions, collaboration, and product launches to enhance its products sales across the globe and to tap the growing markets. The company’s revenue reached ~USD 28,833 million in 2016 from USD 20,261 in 2015. This marked a huge investment in the company’s R&D, about 7.7% of the total revenue was invested in the R&D in 2016.
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In October, 2016 Medtronic got an approval for its suite of cardiac rhythm and heart failure. This advancement gave patients SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds). This helped Medtronic to strengthen its position in MRI machines segment.
In March, 2016 Bionik Laboratories Corp. entered into a merger agreement to acquire interactive motion technologies, Inc.
Global Neurorehabilitation Devices Market – Regional Analysis
The Americas leads global neurorehabilitation devices market due to the presence of the developed countries within the region like the U.S. and Canada which have developed healthcare sector to facilitate the market growth. Europe is the second market for global neurorehabilitation devices and is followed by the Asia Pacific region. A huge patient population, favourable government policies and increasing precipitate healthcare expenditure drives the market growth within the region. The Middle East & Africa holds the least market share, especially due to the presence of the poor economies within the region.
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Neurorehabilitation Devices Market, By Product Type
- Global Neurorehabilitation Devices Market, By Application
- Global Neurorehabilitation Devices Market, By End User
- Global Neurorehabilitation Devices Market, By Region
- Competitive Landscape
10. Company Profile
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