Neurorehabilitation Devices Industry DriversMarket: Snapshot
The market for neurorehabilitation devices holds a lot of potential, analysts have found. Already well-established markets in North America and Europe, coupled with immense growth opportunities in the emerging economies of Asia Pacific and Latin America indicate the favorable pace at which the global neurorehabilitation devices market is likely to grow over the coming years. The introduction of wearable technology and robotics has been having a tremendous impact on the development of neurorehabilitation devices and this push by researchers and device manufacturers alike is exactly what the global market needs.
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The emergence of several new therapies over the past few years and the potential presented by additional investigational treatments are anticipated to drive the value of the neurorehabilitation devices market from US$894.9 mn in 2015 to US$3.2 bn by 2024 at a 15.5% CAGR therein.
Alarming Rise in Road Traffic Incidents in Asia a Leading Growth Driver
The global market for neurorehabilitation devices comprises five main regional segments: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The alarming rise in the incidence of stroke has driven the North America neurorehabilitation devices market to account for a 42% share in 2015. The Centers for Disease Control and Prevention states that almost 130,000 Americans die from stroke each year, with an average of one America dying from stroke every 4 minutes. This wide-spread prevalence of stroke, resulting in various neurological disorders, is forecast to boost the demand for neurorehabilitation devices in North America from 2016 to 2024. Neurological disorders are also brought on with age and as a result, countries with a large geriatric population base are likely to be the potential markets for neurorehabilitation devices. This is one of the key factors driving the market in Europe, especially in countries such as Spain, Germany, France, the U.K., and Italy.
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Asia accounts for an estimated two-third of the world’s disabled population and the number is projected to rise in the next decade. This can be attributed to not just the growing incidence of stroke in the region but to the alarmingly high road traffic fatality rates. Asia is home to highest percentage of traumatic brain injury resulting from road traffic accidents, unintentional injuries, and falls. These patients demand the availability of neurorehabilitation devices, thereby rendering the Asia Pacific region a massively lucrative market for global as well as regional players, registering a 17.0% CAGR from 2016 to 2024.
Growing Prevalence of Parkinson’s Disease in Developed Countries Presents Major Opportunity
Neurorehabilitation devices include brain computer interfaces, neurorobotic systems, wearable devices, and non-invasive brain stimulators. Neurorobotic systems held the largest share in the neurorehabilitation devices market in 2015 and is likely to continue its dominance in the market over the course of the forecast period. Non-invasive brain stimulators, on the other hand, are projected to witness the highest growth rate from 2016 to 2024.
The major applications of neurorehabilitation devices include traumatic brain injury, Parkinson’s disease, stroke, spinal cord injury, and cerebral palsy. The demand for neurorehabilitation devices for Parkinson’s disease is estimated to register the fastest growth rate during forecast period owing to the rising incidence of Parkinson’s in developed countries such as the U.K., the U.S., Iceland, Finland, and Ireland.
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