Neurorehabilitation Devices Market By Product Type (Non-invasive Stimulators, Wearable Devices, Neurorobotic System, Brain-computer Interface), By Disease Type (Brain Stroke, Parkinson’s Disease, Cerebral Palsy, Traumatic Brain Injury, Others), By End-User (Hospitals, Clinics, Ambulatory Surgical Centers), and Geography
The global neurorehabilitation market size was valued at USD 1.26 billion in 2021 and is expected to reach USD 3.25 billion by 2028, at a CAGR of 12.4% during the forecast period 2022 to 2028. Neurorehabilitation is the medical procedure that aims to recover the nervous system injury that results in the functional nervous system from the non-functional nervous system and improve the well-being of an individual. Neurorehabilitation devices are used in Parkinson’s disease, cerebral palsy, multiple sclerosis, stroke recovery, and brain injury among others. The neurorehabilitation procedure allows for the reduction of deficits and impairments, thereby enhancing the patient's quality of life. Neurorehabilitation devices include invasive stimulators, non-invasive stimulators, neurorobotics, and brain-computer interfaces. Global market exhibiting lucrative growth owing to increase in the prevalence of neurovascular diseases. According to World Health Organization 2014, approximately 15 Mn people are affected with neurological disorders each year, from which approximately 5 Mn people suffer from permanent disability. Moreover, market players are actively involved in the development of innovative products with novel technologies such as nanotechnology, wearable technology, robotics, and other non-invasive technologies to garner larger market share. In addition, acquisitions and mergers between the market players is a key strategy adopted by market players for generating larger revenue in neurorehabilitation market. For instance, in March 2016, Bionik Laboratories Corp. inked a merger agreement with Interactive Motion technologies, Inc. for expanding the company’s neurorehabilitation devices portfolio. Key Developments: In October 2017, Civitas Solution acquired Mentis Neuro Rehabilitation, LLC for the expansion of business in neurorehabilitation devices
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Increase in the prevalence of neurological diseases such as brain injury and Parkinson’s disease, rise in preference for minimally invasive procedures, technological advancements in the neurorehabilitation devices, and favorable reimbursement policies are anticipated to fuel the neurorehabilitation devices market over the forecast period. Moreover, rise in R&D for the innovation of newer products, increase in geriatric population, and rise in healthcare expenditure, and advancements in robotic surgery are anticipated to boost the neurorehabilitation devices market over the forecast period. However, high cost of devices, stringent regulatory policies for product approval, and product recall may hamper the growth of neurorehabilitation devices market over the forecast years.
Geographically, global market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America neurorehabilitation devices market has a significant growth owing to increase in the prevalence of neurological disorders (according to Centers for Disease Control and Prevention, approximately 130,000 fatal stroke cases observed every year), well-developed healthcare infrastructure, and availability of skilled professionals in the region. Europe neurorehabilitation devices market is exhibiting lucrative growth owing to adoption of newer devices, increase in prevalence of neurological disorders due to change in lifestyle, and innovation of newer devices. Asia Pacific neurorehabilitation devices market presents significant growth prospects due to rise in geriatric population, increase in healthcare expenditure, and rise in demand for minimally invasive surgical procedures.
Latin America
Europe
Asia Pacific
Middle East
North America
The neurorehabilitation devices market is projected to expand at a CAGR of 12.4% during the forecast period
Medtronic, Abbott Laboratories, Hocoma AG, Ekso Bionics Holding Inc.
North America is the fastest-growing region for the neurorehabilitation devices market
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