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Neurorehabilitation Devices Market

Neurorehabilitation Devices Market

Neurorehabilitation Devices Market Analysis By Product (Neurorobotic Systems, Brain Computer Interface, Wearable Devices & Brain Stimulators) By Application, By End-User and By Region – Global Market Insights 2022 to 2026

Neurorehabilitation Devices Market
FACT7600MR
  • Aug-2022
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Healthcare

Neurorehabilitation Devices Market Outlook (2022-2026)

Worldwide demand for neurorehabilitation devices is expected to rise at a prolific CAGR of 15% from 2022 to 2026. At present, the global neurorehabilitation devices market is valued at US$ 1.3 billion and is anticipated to reach a market valuation of US$ 2.3 billion by 2026.

Demand for neurorobotic systems is expected to balloon at 16% CAGR over the forecast period. People who are physically weak or have experienced trauma receive body assistance from neurorobotic systems. The high availability and increasing efforts by producers to create innovative systems and platforms are major factors driving the sales of neurorobotic systems.

Report Attributes

Details

Neurorehabilitation Devices Market Size (2022)

US$ 1.3 Billion

Projected Market Value (2026)

US$ 2.3 Billion

Global Market Growth Rate (2022-2026)

15% CAGR

Market Share of Brain Computer Interface

25%

Key Companies Profiled

  • Neofect
  • AlterG, Inc.
  • Eodyne
  • Kinestica
  • Hocoma AG
  • Abbott Laboratories
  • Medtronic plc
  • Biometrics Ltd.
  • Bioness Inc.
  • BIONIK Laboratories Corp.
  • Boston Scientific Corporation
  • Ekso Bionics Holdings Inc.

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Sales Analysis of Neurorehabilitation Devices (2017-2021) Vs. Market Outlook (2022-2026)

“Rising Prevalence of Neurological Disorders Increasing Usage of Neurorehabilitation Devices”

According to Fact.MR, a market research and competitive intelligence provider, global sales of neurorehabilitation devices are expected to increase at a stupendous CAGR of 15% from 2022 to 2026.

Neurorehabilitation devices aim to enhance performance while easing the effects of nervous system illnesses and injuries. To restore limb movements, neurorehabilitation devices are utilized to assess the central nervous system and to send particular electric signals to the spinal cord’s fibers.

These systems are frequently used in neurorehabilitation physiotherapy to enhance patient quality of life and reduce symptoms and improve neurological function. The high prevalence of neurological disorders, growing elderly population, and technological advancements are expected to drive market growth.

Globally, the senior population is growing, which has raised the frequency of age-related neurological illnesses and, in turn, the prevalence of movement impairments. The demand for adequate and effective neuro-rehab tools and services would consequently rise.

Some neurological diseases cannot be fully cured or do not currently have effective treatments. In these situations, neurorehabilitation completely saves the patients and enables them to perform daily tasks.

Due to the incorporation of many technological advances, these services have undergone significant changes recently, resulting in improved performance and efficiency with the aid of the computer and electronic robotic devices.

Neurorehabilitation devices market forecast by Fact.MR

Which Latest Markets Trends are Driving Demand for Neurorehabilitation Systems?

“Rapid Advancements in Robotics and Neurorehabilitation Technology Driving Market Growth”

The market is expected to benefit from an increase in the number of new businesses offering advanced products and easier access to healthcare services. Next-generation rehabilitation approaches are being developed and made available due to the rapid advancements in robotics and neuroscience.

The continued focus of businesses on innovations to create novel gadgets capable of providing better therapeutic alternatives for neurological diseases and increasing patient outcomes is also beneficial to the market expansion.

The market for neurorehabilitation devices is being overtaken by new electrostimulation technology. To improve patient quality of life, researchers are stepping up their research and development on a novel multi-electrode that can stimulate the spinal cord at various points.

The novel electrode can deliver various electric messages to various cord fibers in a focused and autonomous manner. This development has facilitated a rapid return of voluntary limb motions.

A few growth possibilities for the global market for neurorehabilitation devices include the development of wearable technology and robots, as well as the growing expenditure on healthcare infrastructure. Customers desire to own a single, small device that can fulfil all of their computing and monitoring needs.

This inclination offers a chance for the creation of hybrid and multi-function wearable devices that offer customers ease and combine the capabilities of numerous devices into a single small wearable. This aspect is anticipated to offer businesses an excellent opportunity to introduce wearable technology products.

Another significant growth-promoting aspect is the incorporation of voice-recognition algorithms to improve the functioning and adaptability of gadgets. In addition, the top players are concentrating on fusing the Internet of Things (IoT) with rehabilitation robotics to help medical practitioners deliver patient assessment and therapy online.

An Adaptive Approach to Modern-day Research Needs

What Restraints are Impeding Neurorehabilitation Devices Market Expansion?

“Lack of Skilled Professionals & High Price of Neurorehabilitation Devices Hampering Market Growth”

The high price of new neurorehabilitation devices highlights the question of affordability, which restrains the market growth. Moreover, the market for neurorehabilitation devices is impacted by a lack of funding for product innovation.

In the past ten years, patients, therapists, and doctors have all started using these devices for neuro-rehab care. To assure physician competency and patient safety, accreditation norms and uniformity in product training are still absent.

As a result of product failure, neurorehabilitation equipment failure has been noted in clinical practice. These factors are hampering the neurorehabilitation market growth.

How are Start-ups Sculpting Their Progress in the Neurorehabilitation Devices Market?

“New Market Entrants Focusing on R&D Initiatives for Advancements in Products”

Emerging market players are concentrating on research and development operations, which is enabling them to improve their products and give end customers greater convenience. These initiatives aid in enhancing their market growth potential.

To produce encouraging outcomes in stroke rehabilitation, new industry entrants in the neurorehabilitation devices market should work with neuroscientists.

  • Synchron, a start-up based in the U.S., developed an endovascular brain implant called Stentrode, which enhances functional independence by enabling patients to wirelessly control digital devices with their thoughts. A motor neuroprosthesis (MNP), also known as a motor BCI, is the core component of Synchron's technology and is implanted via the jugular vein utilizing neurointerventional procedures frequently used to treat stroke. This procedure does not involve opening the skull or performing open brain surgery. The system is intended for those with paralysis brought on by a variety of illnesses. It is made to be dependable and user-friendly for patients to utilize on their own.

Which Region Accounts for High Demand for Neurorehabilitation Systems?

“Rapidly Rising Patient Awareness about Neurorehabilitation Devices in North America”

North America dominates the global neurorehabilitation devices market due to the rising prevalence of neurological illnesses, the ageing population, and the accessibility of approved technologies. The market is expected to rise as a result of increased patient awareness about neurorehabilitation device benefits and the availability of strong healthcare infrastructure.

Rising demand for products to treat traumatic brain injuries, the presence of key players, growing research activities, and rising investments by key players driving the market growth in North America.

Country-wise Insights

What is the U.S. Neurorehabilitation Devices Market Scenario?

“Increase in Ischemic Strokes Driving U.S. Market Expansion”

The U.S. market for neurorehabilitation devices is being driven by the rise in ischemic strokes, rising adoption of neurorehabilitation devices by hospitals, increasing efforts for the development of neurorehabilitation devices for neuro critical care, and a surge in demand for quick and secure products.

Key companies are increasingly projected to develop neurorehabilitation programs due to more awareness and a rise in acceptance, which is expected to fuel the market expansion in the United States over the forecast period.

Will China Offer Lucrative Opportunities for Neurorehabilitation Device Suppliers?

“Growing Usage of Wearable Devices to Drive Market Revenue in China”

The China neurorehabilitation devices market is expected to surge ahead at a CAGR of 20% from 2022 to 2026.

The market is expanding in China due to the high demand for high-end neurointerventional devices and the growing usage of wearable devices.

Growing awareness among healthcare professionals about rehabilitation therapies is driving the market growth in China.

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Category-wise Insights

Why is the Popularity of Neurorobotic Systems Rising Rapidly?

“Growing Usage of Neurorobotic Systems for Restoring Movement in Patients with Neurological Illnesses”

Based on product, the neurorehabilitation devices market is classified into neurorobotic systems, brain computer interface, wearable devices, and brain stimulators. Neurorobotic systems account for 45% share of the global market.

The term "neurorobotic systems" refers to a novel approach to treating neurological illnesses that combines neuroscience, rehabilitation, and robotics; the method employed for therapy frequently relies on the precise function that needs to be restored.

With growing uses for restoring movement in patients with spine and neurological illnesses, brain trauma, spinal cord injuries, intellectual disabilities, and other disorders, robotic therapy is currently gaining prominence.

Which Application Holds a Dominant Stance in the Market?

“Rising Need of Stroke Rehabilitation to Enhance Patients' Quality of Life”

The neurorehabilitation devices market is segmented into the stroke, Parkinson’s disease, brain & spinal cord injury, cerebral palsy, multiple sclerosis, and others based on the application.

Because the blood and nutrient supply to the brain is cut off during a stroke, brain cells eventually die. An older population and those with lifestyle conditions are particularly vulnerable to stroke.

Movement disability, sensory impairment, cognitive deficits, and vision problems are just a few of the possible effects of a stroke. Movement impairment is the most frequent deficit associated with a stroke among these. Most often, a patient's body is only afflicted on one side, which results in physical impairment.

The neurorehabilitation procedure aids in enhancing patients' quality of life while assisting in the reduction of disabilities. The demand for neurorehabilitation robotic devices has increased due to the rise in stroke incidence around the world.

Competitive Landscape

Key players in the global neurorehabilitation devices market are focused on obtaining regulatory clearances, developing technologically advanced products, introducing new products, and partnering with and acquiring other businesses.

For instance :

  • In 2022, to enhance the creation of technologically advanced brain-computer interface solutions, Blackrock Neurotech acquired MindX. By combining its hardware DNA with MindX's software DNA, Blackrock aimed to improve its neural data analysis and offer flexibility and modification for numerous BCI applications.

Key Segments in Neurorehabilitation Devices Industry Research

  • By Product :

    • Neurorobotic Systems
    • Brain Computer Interface
    • Wearable Devices
    • Brain Stimulators
  • By Application :

    • Stroke
    • Parkinson’s Disease
    • Brain & Spinal Cord Injury
    • Cerebral Palsy
    • Multiple Sclerosis
    • Others
  • By End User :

    • Rehabilitation Centers
    • Hospitals & Clinics
    • Home Care
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

- FAQs -

At present, the global neurorehabilitation devices market is valued at US$ 1.3 billion.
Neofect, AlterG, Inc., and Eodyne are the top neurorehabilitation device producers.
The market for neurorehabilitation devices is anticipated to rise at 15% CAGR through 2026.
Sales of neurorehabilitation devices are predicted to reach US$ 2.3 billion by 2026.
The Germany neurorehabilitation devices market is set to rise at 13% CAGR.
Neurorobotic systems account for 45% share of the global market.

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