New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Global Neurorehabilitation Devices Market size is projected to surpass around USD 6,076 Million by 2032 and it is poised to reach a registered CAGR of 12.7% from 2023 to 2032.
A rising number of neurological conditions like multiple sclerosis, stroke, and brain injuries are being reported. Patients with movement disabilities are increasing in number. Functional restoration is possible for patients with movement impairments using this progressive treatment method. These services provide the best environment for patients to perform their daily activities.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/neurorehabilitation-devices-market/request-sample/
Key Takeaway:
- By product, in 2022, Neurorobotic systems held the largest market share and are expected to grow at 18.29% CAGR during the forecast period.
- By indication, the largest market share was held by stroke, which is expected to grow at a high CAGR of 16.87% over the forecast period.
- In 2022, the North America region accounted significant share of 41.2% of the global neurorehabilitation devices market.
- Asia Pacific market will likely see greater growth. This market is forecast to grow at an average CAGR of 16% over the forecast period.
Technological advancements will help to expand the market, and a growing aging population will assist in this expansion. Multiple sclerosis, Parkinson's Disease, and other neurological diseases will continue to rise. This will restrict patient mobility and promote market expansion. Market growth is being driven by the aging population and improved neurorehabilitation systems like gaming systems. If the industry develops at a faster rate, it will see robust growth.
According to the report, the main obstacles to market growth for neurorehabilitation products are the difficulties of using them and their high cost, particularly in developing economies and low-income areas like Latin America, Africa, and the Middle East. The inability to find qualified professionals to handle these devices is another obstacle to the global market.
Factors affecting the growth of Neurorehabilitation Devices industry
There are several factors that can affect the growth of the Neurorehabilitation Devices industry. Some of these factors include:
- The absence of skilled specialists.
- Inability to find qualified professionals to handle these devices.
Top Trends in Global Neurorehabilitation Devices Market
The use of computer-aided and electronic robotics has led to a shift in neurorehabilitation. These devices can help improve patients' responses to rehabilitation therapy. As neurological disorders become more common, this sector is expected to grow rapidly. This is another reason why neurorehabilitation devices are seeing an increase in market revenue.
Recent WHO studies predict that 65-year-olds will increase from 7% in 2000 to 16% by 2050. The aging population is more susceptible to age-related neurological diseases like Parkinson's because they have weaker immune systems. This will lead to a rise in demand for rehabilitation devices over the forecast period. Neurorehabilitation equipment in Asia will become more popular due to the aging population and the untapped potential. The most common sign of neurological disorders is immobility. According to the American Stroke Association, stroke is the leading cause of disability and the fifth-leading cause of demise in the US. Multiple sclerosis affects around 2.5 million people in the world. In recent years, these factors have been predicted as increasing the global market CAGR.
Growth in the industry is due to an increase in neurological disease rates, greater patient and care provider awareness, and an increase in the patient population. The increasing number of adult population has led to an increase in the incidence of age-related neurological disorders and movement impairments. This is the main reason for the industry's growth. There will be an increased demand for neurorehabilitation services and tools that are effective and efficient. Some neurological conditions are not easily treated or have no effective treatment. Neurorehabilitation can be used to save patients and allow them to continue their day. In recent years, these services have seen major improvements. This will drive the market for neurorehabilitation products during the forecast period.
Regional Analysis
North America is the largest region for neurorehabilitation equipment. This market is driven by the increasing prevalence of neurological conditions, aging population, and better and more efficient healthcare infrastructure. Canada and the US dominated the North American market for neurorehabilitation devices. Stroke is the leading cause of death in the US. More than 400,000 Canadians are affected by long-term stroke disorders.
Asia Pacific will see greater growth. The market is expected to grow at an average CAGR rate of 16% during the forecast period. Growth is driven by two factors: a growing awareness of Asian markets, and an improving infrastructure for healthcare. Many companies are making strategic moves to expand their operations in this market because of the potential. Hocoma AG, a Swiss company, has entered India in order to offer neurorehabilitation services.
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Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Biometrics Ltd, Bioness Inc., Ectron Limited, Ekso Bionics, Abbott, NEURO REHAB VR, Rex Bionics Ltd, ReWalks Robotics, Kinova Inc., Tyromotion GmbH, Helius Medical Technologies, Reha Technology AG, Medtronic, Saebo, Inc., and other key players.
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 1,894 Million |
| Forecast Revenue 2032 | US$ 6,076 Million |
| CAGR (2023 to 2032) | 12.7% |
| North America Revenue Share | 41.2% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
There has been an increase in neurological disorders in recent years. This is due to increased awareness and investment in healthcare. According to the Centers for Disease Control and Prevention, approximately 130,000 Americans are affected by fatal strokes every year. There has been an increase in demand for neurorehabilitation equipment due to the increasing number of strokes. Large numbers of Parkinson's sufferers live in the US, the UK, and Ireland. This is due to their high use of neurorehabilitation devices, which has helped fuel market growth. The development of neurological-related disorders is influenced by age. All neurorehabilitation devices, including wearable technology, robotics, and nanotechnology, aim to improve the nervous systems. This reduces disability and improves daily functioning.
Market Restraints
The major obstacle to the market growth for neurorehabilitation products is their difficulty in use and unaffordability. This is especially true in emerging economies as well as low-income countries like Latin America, Africa, and Asia. The inability to find qualified professionals to handle these devices also hampers the global market.
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Report Segmentation of the Sports Medicine Market
Product Type Insight
The market can be divided according to products: neurorobotic systems, brain-computer interfaces, wearable devices, and brain stimulators. The market share of neurorobotic systems was the highest in 2022. They are forecast to grow at 18.29% CAGR over the forecast period. The skull stabilization and fixation systems market are dominated by the neurorobotic systems segment. The future will see a similar trend due to technological advances in robotics and their integration into neuroscience. This will allow for the development of next-generation rehabilitation techniques. The neurorobotics market is also driven by technological advancements, growing neurological problems, and a growing geriatric population.
Indication Insight
The market by indication is divided into stroke (bilateral sclerosis), stroke, and multiple sclerosis. Stroke holds the largest market share and is expected to grow at a CAGR of 16.87% during the forecast period. There are many possible outcomes of strokes, including cognitive impairment, movement impairment, and sensory impairment. The most common outcome of stroke is movement impairment. A majority of stroke cases involve one side of the body being damaged, which can lead to a disability. Rehabilitation robotics technology has seen an increase in demand due to the rise in stroke incidence around the world.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/neurorehabilitation-devices-market/request-sample/
Market Segmentation
By Product
- Neurorobotics
- Brain-computer Interface
- Wearable Devices
- Non-invasive Stimulators
By Indication
- Stroke
- Multiple Sclerosis
- Parkinson’s Disease
- Cerebral Palsy
- Other Indications
By End-User
- Rehabilitation Centers
- Hospitals and Clinics
- Home Care
- Other End-Users
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Recent Development of the Neurorehabilitation Devices Market
- In August 2023, ReWalk Robotics Ltd. acquired AlterG, Inc., a manufacturer of anti-gravity systems for physical and neurological rehabilitation in order to expand its portfolio.
- In June 2022: Spine X, Inc., a manufacturer of clinical bioelectric medical devices, announced that their first patient was enrolled in a critical study evaluating the SCONE device. The SCONE study is a critical study that evaluates the safety of SCONE devices for the treatment of neurogenic bladders. This is the first significant study to try non-invasive spinal nerve control techniques for treating neurogenic bladder.
- In June 2020, ReWalk Robotics announced its distribution agreement for two additional neurorahiblitaion products in the US.
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