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Description
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
