Neurorehabilitation Devices Market Analysis
The global neurorehabilitation devices market is predicted to touch USD 2.25 billion at a 6.3% CAGR over the forecast period (2016-2022), as per the latest Market Research Future (MRFR) report. Neurorehabilitation devices, simply put, are therapeutic devices or handy electronic machines that are used in rehabilitation programs especially for patients that recover from various neurological damages as well as have lost the ability of performing routine activities owing to diseases and injuries such as Parkinson’s disease, epilepsy, brain tumor, stroke, and traumatic brain injury multiple sclerosis.
In neurorehabilitation, the key focus is on improving the working of the nervous system or looking for new means of attaining the normal function. These devices ensure thorough functional restoration of patients suffering from neurological disorders. The neurorehabilitation process helps in facilitating the reduction in disabilities and impairments, thus ultimately improving the patient’s quality of life.
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Various factors are propelling the neurorehabilitation devices market growth. These factors, in accordance with the MRFR report, include rising government programs and funding in developing regions for supporting the research and development activities for the creation of new devices, advancements in technology especially in connected and smart devices, proliferation of ubiquitous technologies such as IoT, AI, and AR, and integration of the same in the neurorehabilitation devices. Additional factors pushing market growth include growing prevalence of movement disability that is attributed to different neurological disorders especially stroke and multiple sclerosis, need for comprehensive management, and commercialization of new products. Moreover, improving economic conditions which allow access to quality care and changing lifestyle due to growing industrialization and urbanization are also boosting the market growth.
On the contrary, high cost of devices, lack of awareness about the advantages and availability of neurorehabilitation devices, and lack of medical practitioners and skilled surgeons in developing countries are factors that may impede the neurorehabilitation devices market growth over the forecast period.
Neurorehabilitation Devices Market Segmentation
The MRFR report provides a complete segmental analysis of the neurorehabilitation devices market report on the basis of type, application, and end user.
Based on product type, the neurorehabilitation devices market is segmented into non-invasive stimulators, brain-computer interface, neuro-robotic devices, wearable devices, and others. Of these, the neurorobotics segment will have the largest share in the market over the forecast period. This is owing to the high availability of prosthetics and exoskeletons to treat movement disabilities.
Based on end user, the neurorehabilitation devices market is segmented into research institutes, clinics, cognitive care centers, hospitals, and others.
Based on application, the neurorehabilitation devices market is segmented into Cerebral Palsy, Parkinson’s disease, Schizophrenia, Brain Trauma Injury, Spinal Cord Injury, Stroke, and others.
Neurorehabilitation Devices Market Regional Analysis
By region, the neurorehabilitation devices market report covers the latest trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will remain the driving force in the market over the forecast period. This is owing to increasing incidences of neurological disorders, technological advancements, growing awareness about the benefits of neurorehabilitation devices, and the presence of well-established healthcare infrastructure.
The neurorehabilitation devices market in Europe is predicted to have considerable growth over the forecast period. This is owing to government support, favorable government initiatives, a resurging economy, and the proliferation of the healthcare sector. Germany is the chief contributor in the region.
The neurorehabilitation devices market in the APAC region is predicted to have a lucrative growth over the forecast period. This is owing to the constantly developing healthcare infrastructure and vast development opportunities. Japan, China, and India are the key contributors in this region.
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Neurorehabilitation Devices Market Key Players
Leading players profiled in the neurorehabilitation devices market report include Tyromotion, St Jude Medical Inc., Neuro Style, Rehabtronics Inc., Rehab-Robotics Company Limited, Hocoma AG, Medtronic, Bionik Labs, MagVenture A/S, Ekso Bionics, Bioxtreme, Ectron Ltd., Denecor, Bioness, Inc., and Helius Medical Technologies. Key market players have embraced vital technologies for enhancing their product portfolios such as robotics, nanotechnology, and Internet of Things.