The global neurorehabilitation gaming systems market is profitable, both for existing players as well as new entrants. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players have adopted different strategies and innovative research & development techniques to expand their business and secure their position in the global neurorehabilitation gaming systems market. In recent years, strategic movements by major players included approvals, which have been used as market penetration strategies and a means to reduce competition.
The growth of market vendors is dependent on market conditions, government support, and industry development. Thus, vendors should focus on geographical expansion and product improvement. It has also been predicted that improvement of the global economic scenario, combined with efforts to enhance infrastructure, can fuel market growth, making it an ideal time to launch new products and increase the market presence.
Vendors with better technical and financial resources could develop innovative products. Therefore, vendors must develop new technologies to stay abreast of emerging technologies that could affect the continuing competitiveness of their product lines in the market.
There are numerous players operating in this market all over the globe. Most of these players exist in the American and European regions. The major players in the global neurorehabilitation gaming system market are MindMaze, XRHealth, Microsoft Corporation, Neofect, and Barron Associates Inc.
MindMaze, headquartered in Lausanne in Switzerland, develops medical-grade virtual reality (VR) products to stimulate neural recovery. It develops a platform to build intuitive human-machine interfaces combining VR, computer graphics, brain imaging, and neuroscience. The company’s product MindMotion GO brings gamified neurorehabilitation, which offers real-time audio and visual feedback, to assess patient progress and performance. MindMotion GO is currently available in European markets and is cleared by the US Food and Drug Administration (FDA) in May 2018. MindMaze also received the FDA clearance for its MindMotion Pro platform, a motion capture system that can be used in rehabilitation of stroke and traumatic injury patients. Recently, MindMaze also acquired Neuro Motor Innovations, a company that also utilizes game therapy as a complementary treatment for stroke patients. The company’s innovative computing platform is helping to gain market dominance.
XRHealth (US) is the first VR/AR telehealth platform in the world that addresses a wide variety of neurocognitive, emotional, and physical symptoms. XRHealth is the first certified virtual reality medical company in the world, and all its medical Applications are FDA authorized. XRHealth specializes in developing medical tools and content while delivering real-time analytics. XRHealth entered in partnership with Healing Healthcare Systems, where participating hospitals could gain access to XRHealth’s VRHealth platform in 2019. These ongoing partnerships would help the company to gain maximum share in the market.
Microsoft Corporation (US) is a multi-national company that develops, manufactures, licenses supports, and sells computer software, consumer electronics, and personal computers and services. The company offers an array of services including cloud-based solutions that provide customers with software, services, platforms, and content as well as solution support and consulting services. Kinect is Microsoft’s motion sensor add-on for the Xbox 360 gaming console. Such product launches would help the company to get maximum share in the global neurorehabilitation gaming systems market.
Neofect is a US-based MedTech company. The company is engaged in developing innovative smart rehabilitation solutions to help patients with neurological and musculoskeletal injuries. High customer satisfaction level, exceptional performance in new markets, and strong brand portfolio add to the company’s competitive advantage within the global neurorehabilitation gaming systems market.
Barron Associates Inc. is a research & development company based in the US. The company is focused on providing novel solutions such as intelligent and adaptive technologies in the market. The company offers a wide range of software and hardware products and services to various sectors including aerospace, health systems, science, and defense sectors. In June 2017, Barron Associates Inc. launched the SaeboVR product under the marketing and distribution agreement with Saebo, Inc. (US). This helped it to strengthen its rehabilitation product portfolio. SaeboVR is an FDA-cleared and CE-marked software system used with Microsoft Kinect, which supports in repetitive task practice for rehabilitation of adults in a clinical or home setting. Such an innovative product platform would help the company to capture the maximum share in the market.
Threat of New Entrants
The threat of new entrants is moderate to high in the global neurorehabilitation gaming systems market. Any neurorehabilitation gaming systems developing company trying to enter the market are required to accept or abide by the mandatory regulatory standards. The neurorehabilitation gaming systems market was also characterized by a reasonable degree of brand loyalty, which is now turning out that the end users are opting for new software demos instead of choosing the most popular software. Moreover, the increasing use of technology in the healthcare industry is influencing many of the start-ups to take a keen interest in the field of healthcare IT, which increases the possibility of new entrants in the market.
Bargaining Power of Suppliers
The suppliers in the global neurorehabilitation gaming systems industry are the developers of the neurorehabilitation gaming systems. There is a limited number of suppliers in the global neurorehabilitation gaming systems market, which leads to a moderate amount of bargaining power in the market. Additionally, the switching cost of these suppliers is low as suppliers tend to enter into long term associations with the software developers. However, some companies in developing countries offer the software at a relatively lower price due to low healthcare expenditure, which reduces the profit potential of the neurorehabilitation gaming systems industry.
Threat Of Substitutes
The threat of substitutes in the global neurorehabilitation gaming systems market is low. There are very a smaller number of substitutes present for the neurorehabilitation gaming systems that pose a moderate threat to the global neurorehabilitation gaming systems market. Buyers’ inclination towards substitutes is low due to their less availability. Additionally, the high degree of switching cost minimizes the threat of substitutes.
Bargaining Power of Buyers
The bargaining power of buyers is low in the global neurorehabilitation gaming systems market. The market consists of a limited number of buyers, including neurological patients. Furthermore, the market is characterized by a low degree of brand identity. Moreover, the buyers can exert moderate pressure on the neurorehabilitation gaming systems developers as they already provide high-quality software. Therefore, due to a moderate level of services provided by the neurorehabilitation gaming systems manufacturers, the bargaining power of suppliers tends to be low.
Intensity Of Rivalry
The degree of competition in the neurorehabilitation gaming systems market is low to moderate. The restrained degree of product differentiation among existing players increases the intensity of rivalry in the market. Neurorehabilitation gaming systems developing companies are trying to create less expensive systems to make procedures more affordable in developing regions. To overcome the competition, players are engaged in developing low-cost solutions. Moreover, the players are more focused on developing advanced systems to overcome their rivals.
