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.
Heavy Prevalence of Parkinson’s Disease Calls for Greater Demand
The growth of neurological disorders has escalated demand within the market. Parkinson’s disease has especially been a major matter of concern within the medical circles. This has risen the demand for neurorehabilitation devices because several healthcare units and practitioners now find these devices indispensable. Furthermore, the rising toll of patients who are diagnosed with neurological disorders such as traumatic brain injury, strokes, cerebral palsy, and spinal cord injury has been plaguing the healthcare industry. Governments across the globe have assisted in the purchase and installation of neurorehabilitation devices, thus, enhancing the prospects of market growth. Patients who have been suffering for prolonged periods have seen some hope in the form of advancements in technology. The nascent devices for neurorehabilitation are being welcomed by the healthcare industry in order to alleviate the burden of treatments. A peculiar factor driving demand within the market is the rise in the number of road accidents, especially in the Asia Pacific region.
High Costs of Implementation Inhibit Market Growth
Despite the rapid growth of the market, a number of factors still inhibit the smooth flow of the market. The lack of skilled surgeons and medical practitioners in developing countries has been a major downfall for the global market. Furthermore, the emerging economies are not in a position to make fundamental changes to their medical framework. Since neurorehabilitation devices incur high costs of implementation, the market is restrained in the financially weak regions. The lack of awareness in a number of regions also places a negative scar on the market. Nevertheless, the need to effectively treat neurological disorders will keep bolstering the stakes of the market.