Competition Intensifies among Vendors of Neurorehabilitation Devices as Intensive Research Becomes a Priority Players in the healthcare and medical devices industry have recognized the growing need for neurorehabilitation devices owing to the surging rise in the incidence of various neurological disorders. As a result, manufacturers of neurorehabilitation devices such as St. Jude Medical, Inc., Ekso Bionics Holding, Inc., Medtronic plc, Hocoma AG, Bioness, Inc., and AlterG, Inc. have begun offering a wide variety of technologically advanced and more effective devices, including brain-computer interfaces, wearable devices, neurorobotic systems, and non-invasive brain stimulators. Among the aforementioned companies, Transparency Market Research has found that Medtronic, St. Jude Medical, and Hocoma – the top three vendors catering to the demand for neurorehabilitation devices – together accounted for a 50% share in the global market. “Over the past century, brain research has made tremendous progress and has almost been keeping up with the pace at which neurodevelopmental disorders are growing,” a TMR analyst states.
“Technological as well as scientific research is being carried out in various disciplines and sectors, demonstrating the potential of the neurorehabilitation devices market. The goal of neurorehabilitation device manufacturers is to lessen the long-term disability of the patient, maximize their quality of life, and improve their overall psychosocial outcomes. Innovative strategies for various neurological disorders are being developed by integrating wearable technology, nanotechnology, robotics, Internet of Things, and non-invasive medical technologies with the neurorehabilitation. A case in point would be St. Jude Medical’s Proclaim ELITE. This is the first and only non-rechargeable and upgradeable spinal cord stimulation system that has received approval for the delivery of burst stimulation to relieve chronic pain that can be treated with neurorehabilitation. “Strategic collaborations for business expansion is another crucial move manufacturers of neurorehabilitation devices have been making to tighten their hold on the global market,” the author of the study claims. Medtronic’s purchase of Sapiens Steering Brain Stimulation in August 2014 and its acquisition of Covidien plc in June 2014 has not only expanded Medtronic’s portfolio but also accelerated the company’s growth. Dearth of Neurological Services a Deterrent in Low-income Countries