The global neurorehabilitation devices market in 2015 was valued at USD 915.1 million and is estimated to reach USD 3.2 billion by 2024
The increasing prevalence and incidence rates of neurological disorders create a huge demand for neurorehab devices, as they ensure simplification of routine tasks for the disabled patients by reducing their dependency on others.
Furthermore, the rising awareness of neurorehab services among the care providers is contributing to the increasing adoption of these devices. In addition, consistent technological advancements are leading to introduction and commercialization of novel products in this sector.
Majority of the manufacturers and distributors of neurorehab platforms are headquartered in North America region. North America dominates the market followed by Europe attributed to the rising awareness and increased adoption of novel technologies in these regions. Asia Pacific is growing at the highest CAGR among all the regions due to increasing target population and improving healthcare infrastructure.
Despite fluctuating economic conditions across different geographical regions coupled with the respective regulatory pressures, the companies offering neurorehab devices and services are exhibiting adaptability and efficacy.
Some of the key market players are Bioness, Inc., Ectron Ltd., Hocoma AG, Medtronic, and Tyromotion. Collaborations for novel product development and strengthening of distribution networks constitute some of the strategic initiatives implemented by key players.
For instance, Ectron Ltd. has collaborated with Bioness, Inc. and Tyromotion for distribution of their products across different geographical regions.