The ‘Global Neurorehabilitation Devices Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global neurorehabilitation devices market, assessing the market on the basis of its segments like products, therapy areas, and major regions.
Neurorehabilitation Devices Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 12.1%
|Growth Rate CAGR||12.1%|
|Major Players||Biometrics Ltd, Kinestica d.o.o., Ectron Ltd, BIONIK Laboratories Corp., and Ekso Bionics,
The increasing demand for neurorehabilitation devices across healthcare units and the rising hospitalisation rates due to acquired brain injury and critical spinal cord conditions, are driving the market growth. The increasing geriatric population along with the surge in neuromuscular conditions are also bolstering the neurorehabilitation devices market growth.
Over the forecast period, the advancements in therapeutic techniques, along with the modern non-invasive treatment approaches being adopted by neuropsychologists are anticipated to propel the sales of neurorehabilitation devices in clinics, hospitals, and ambulatory surgical centres. Meanwhile, the dramatic increase in the cases of stroke, which is mainly caused by the growing prevalence of diabetes, high blood pressure, and heart-related diseases, is leading to a heightened dependance on neurorehabilitation devices.
According to World Stroke Organisation, the number of deaths due to stroke will climb to around 6.7 million people annually . The sedentary lifestyles led by the working-class population, increasing number of millennials inclined towards sporting activities, and increasing awareness about neurological disorders such as Sclerosis and Parkinson’s disease, among others, are some of the major factors offering lucrative growth opportunities to the global neurorehabilitation devices market.
In terms of region, North America accounts for a significant share in the market owing to the advanced healthcare infrastructure present across strong economies such as the United States of America. In addition, the strong foothold of major market players in the region is a crucial driving factor leading to progressive product innovations.
Meanwhile, the Asia Pacific region is anticipated to project strong numbers in terms of market growth owing to the large population base across emerging economies such as India and China. The neurorehabilitation devices market is further anticipated to be influenced positively by the increasing prevalence of neurological disorders in the region, coupled with the increasing health awareness among the people of these countries.
Neurorehabilitation Devices Industry Definition and Major Segments
Neurorehabilitation devices are defined as the medical equipment which are intended to bolster the comfort of patients suffering from neurological disorders. These devices help a patient boost their compatibility with the external environment in order to recover from a neurological trauma. Non-invasive stimulators or wearable devices are the emerging neurological treatment options for patients, which are bolstering the global neurorehabilitation devices market growth.
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Based on product, the market can be segmented into:
• Brain-computer interface
• Non-invasive Stimulators
• Wearable devices
The market can be broadly categorised based on therapy area into:
• Multiple Sclerosis
• Parkinson’s Disease
• Cerebral Palsy
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Neurorehabilitation Devices Market Trends
The technological advancements in the healthcare infrastructure, rapid advancements in the existing healthcare units, increasing efforts by the healthcare authorities aimed towards augmenting the preparedness in case of critical neurological emergencies are some of the major factors propelling the demand for neurorehabilitation devices. Also, the increasing number of neurorehabilitation devices options for patients, which include smart wearable devices and non-invasive stimulating devices, among others, are anticipated to drive the neurorehabilitation devices market.
In addition to this, the increasing number of high-end technical equipment, such as near infrared imaging systems and modern motor movement enhancers, are likely to boost the comfort of patients, leading to a higher reliability on these devices. Over the forecast period, the increasing inclination towards minimally invasive treatment procedures are leading to a heightened investments in the research and development activities thereby propelling the global market growth.
One of the key market trends include the increasing number of business startups for neurorehabilitation devices across the world. For instance, Nexstim, a startup based in Finland offers products aimed towards stimulating brain and bolstering the diagnosis of brain trauma. Some of the other major startups include MindMaze, ONWARD, NeuroLutions, and Atlantic Therapeutics. Additionally, the ongoing advancements across healthcare units, aimed towards boosting the neurological diagnosis and treatment process, are likely to offer lucrative growth opportunities to these startups, which are expected to aid the neurorehabilitation devices market growth in the coming years.
Furthermore, favourable reimbursement policies of the government across the emerging economies and growing expansion of the major market players are likely to catalyse the innovation and accessibility of the neurorehabilitation devices in the forecast period.
Key Market Players
Some major players in the market:
• Biometrics Ltd
• Ectron Ltd
• BIONIK Laboratories Corp
• Ekso Bionics
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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