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Description
The global neurorehabilitation market size valued at USD 1.26 billion in 2020 and expected to reach USD 3.25 billion by 2027, at a CAGR of 12.4% during forecast period 2021 to 2027. Neurorehabilitation is the medical procedure that aims to recover the nervous system injury that resulting into functional nervous system from the non-functional nervous system and improving well-being of an individual. Neurorehabilitation devices are used in the 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 suffering 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.
