According to the latest report by IMARC Group, titled “Neurorehabilitation Devices Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global neurorehabilitation devices market reached a value of US$ 1.5 Billion in 2021. Neurorehabilitation devices refer to the equipment used to examine the brain or central nervous system. They consist of non-invasive brain stimulators, neurorobotic systems, brain-computer interfaces, and wearable devices that send specific electric signals to fibers of the spinal cord to recover limb movement. Neurorehabilitation devices are intended to improve neurological functions, diagnose and treat diseases pertaining to the nervous system, and alleviate symptoms, thus ensuring the well-being of an individual. As a result, they are widely used in optimal recovery from multiple sclerosis and neurological disorders, such as Parkinson’s disease and cardiovascular stroke.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Neurorehabilitation Devices Market Trends:
The increasing incidences of neurological disorders, such as stroke, meningitis, tetanus, encephalitis, epilepsy, multiple sclerosis, and migraine, are key factors driving the market growth. Additionally, the rising geriatric population across the globe that is more susceptible to such ailments is favoring the market growth. Neurorehabilitation devices are widely used in upper or lower extremities exercises to promote neuro-motor recovery. Apart from this, the integration of virtual reality (VR), robotics, and artificial intelligence (AI), with neurorehabilitation devices to track limb movement, provide personalized training, and promote recovery are providing an impetus to the market growth. In line with this, the launch of voice-recognition algorithms to enhance the functionality and flexibility of the devices and the utilization of the Internet of Things (IoT) with rehabilitation robotics to assist healthcare professionals in delivering assessment and treatment to patients over the internet are positively influencing the market growth. Other factors, including the rising healthcare expenditure capacities of the masses, the emergence of wearable technology, and extensive research and development (R&D) activities, are anticipated to drive the market further. On account of the aforementioned factors, the market value is expected to reach US$ 3.0 Billion by 2027, exhibiting a CAGR of 12.26% during 2022-2027.
- Based on the product type, the market has been classified into neurorobotic devices, wearable devices, non-invasive stimulators, and brain-computer interface.
- On the basis of the application, the market has been divided into stroke, multiple sclerosis, Parkinson's disease, cerebral palsy, and others.
- Based on the end user, the market has been categorized into hospitals and clinics, cognitive care centers, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some of the key players being Biometrics Ltd, Bioness Inc., Bionik Laboratories Corp, BioXtreme Ltd., Boston Scientific Corporation, Ectron Ltd, Ekso Bionics, Hocoma AG (DIH International Limited), Kinestica, Kinova Inc., Medtronic plc, Saebo Inc and Tyromotion GmbH.
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