Neurorehabilitation Devices Market Overview
Neurorehabilitation Market Outlook 2019 to 2023 is latest research report published by Market Research Future (MRFR). According to MRFR,Neurorehabilitation Devices Market information, by product type (Neuro-robotic devices, wearable devices, non-invasive stimulators, brain computer interface), by Application (Parkinson’s disease, spinal cord injury, brain trauma injury, stroke, cerebral palsy, Schizophrenia, and others) by end user (Hospitals/clinics, cognitive care centers, research institutes, and others) – Forecast to 2022
Neurorehabilitation deals with the daunting challenges of learning to live with the various neurological conditions such as Alzheimer’s disease, ADHD, epilepsy, Parkinson’s disease, multiple sclerosis, brain tremor and spinal cord injuries, peripheral nervous disorders and amyotrophic lateral sclerosis.
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Neurorehabilitation devices are used during the treatment of the above mentioned neurological disorders. In-addition to the recovery of people suffering from these disorders, neurorehabilitation devices also help the designers to better understand and formulate designs, measurement and control systems for biomedical devices used in the treatment. With the extensive research in the field of development of advent devices and compensatory strategies, these neurological devices can help to optimize the body function and hence, independence.
Off late, neurorehabilitation devices market is witnessing huge accruals mainly due to the growing prevalence of various neurological diseases and disorders. The market has been witnessing the emergence of many advent devices over the past few years that are offering effective outcomes. As a result, the global neurorehabilitation devices market is increasing pervasively. Also, the risk factors for these disorders are speeding up the market growth, creating the demand for the better devices.
Acknowledging the heightened accruals this market is witnessing currently, Market Research Future (MRFR), in its recently published study report, asserts that the Global Neurorehabilitation Devices Market will register reach approximately USD 2.25 Bn. by 2022, registering a healthy 6.3% CAGR between 2016 -2022.
Additional factors substantiating the market growth include increasing governmental funding and programs especially in the developing regions to support the R&D activities undertaken for the invention of new devices. Technological advancements that took place in the smart and connected devices and the proliferation of some ubiquitous technologies such as AR, AI and IoT and the integration of these technologies in the neurorehabilitation devices foster the market growth.
Furthermore, factors fostering the market growth include the changing lifestyle led by the growing urbanization and industrialization alongside the improving economic conditions that enable access to the quality care and to the improved healthcare worldwide. Despite the emergence of various innovative devices, most of the countries worldwide, including well-developed regions are struggling with shortages of neurorehabilitation devices.
To respond to this situation, manufacturers are developing devices with the advanced technologies which can improve the specificity in the neurohabilitation and enhance the confidence of caregivers, improving the estimation of excision margins and reducing the total cost of the devices.
On the flip side, factors such as high costs associated with these devices and the lack of awareness towards the availability and advantages of these devices are some of the major factors impeding the market growth. Adversely, new products and services made available in the developing and developed countries by the matured market players are some of the factors expected to support the market growth during the review period, filling up the demand and supply gap.
Neurorehabilitation Devices Market Segments:
Neurorehabilitation devices’ market has been segmented on the basis of product type which comprises neuro-robotic devices, wearable devices, non-invasive stimulators, brain computer interface, and others. On the basis of application, the market is segmented into Parkinson’s disease, spinal cord injury, brain trauma injury, stroke, cerebral palsy, schizophrenia, and others. On the basis of end user, market is segmented into hospitals/clinics, cognitive care centers, research institutes, and others.
Neurorehabilitation Devices Market Regional Outlook
The regions among which the Global Neurorehabilitation Devices Market is currently thriving include Europe, Asia Pacific, North America and the rest of the world (RoW).
Leaving behind the competition in the global neurorehabilitation devices market is the region of North America region, accounting for a substantial share. Europe and Asia Pacific follow suit, accounting for the second-largest and the third- largest shares, respectively.
The market in North America is rising at an exponential rate owing to continuous technological innovations paired with the surging prevalence of neurological disorders. Other factors promoting the growth of the market include the presence of well-established healthcare infrastructure, along with the increasing awareness regarding the benefits of neurorehabilitation devices.
The Europe market for neurorehabilitation devices is predicted to expand at a significant CAGR over the review period, on account of favorable initiatives by the government. Moreover, proliferation of healthcare industry resulting from the resurging economy will most likely foster the market growth in the coming years. Among all the countries, Germany will be the leading market, contributing massively to the ongoing growth, in terms of revenue.
The market for neurorehabilitation devices in Asia Pacific region has manifested into a highly gainful one backed by a number of factors. Growing number of opportunities offered by the continually advancing healthcare infrastructure in the region has done wonders for the overall growth of the market in recent years. Countries like India, Japan and China are at the top, in terms of adopting neurorehabilitation devices. Moreover, the region is characterized by the burgeoning geriatric populace which have a beneficial impact on the market, as elderly people are prone to various neurological diseases. Apart from this, the neurorehabilitation devices market in China is exhibited to grow at a exhilarate pace, on account of the rising number of stroke incidence. In the country, stroke has been leading reason behind disabilities, with at least 2,000,000 people suffering from stroke every year.
Neurorehabilitation Devices Market Analyzed By Top Vendors
The top vendors expanding their presence in the global neurorehabilitation devices market are Denecor, Ectron Ltd., St Jude Medical Inc., Ekso Bionics, Rehabtronics Inc., MagVenture A/S, Bioxtreme, Medtronic, Helius Medical Technologies, Bionik Labs, Hocoma AG, Neuro Style, Bioness, Inc., Rehab-Robotics Company Limited, Tyromotion among others.
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