Neurorehabilitation Devices Sales to Burgeon by 15% as Demand for Neurorobotic Systems Rises at 16% CAGR
Fact.MR's report on the neurorehabilitation devices market gives insights on significant trends including opportunities, challenges, and competitive scenarios driving the market. It presents this information across several segments that are classified based on product type, application, end user, and region.
NEW YORK, Sept. 8, 2022 /PRNewswire/ -- The global neurorehabilitation devices market is slated to expand at an impressive CAGR of 15% during the forecast period from 2022 to 2026. At the moment, the global neurorehabilitation devices market is valued at US$ 1.3 billion and is predicted to attain a market valuation of US$ 2.3 billion by 2026.
Neurorehabilitation devices target to improve a patient's brain function by curing the harm caused by a neurological disease or injury. To achieve this, neurorehabilitation devices tap into the patient's central nervous system and transmit required electrical signals to the spinal cord.
Key factors leading the growth in the neurorehabilitation devices market are increasing cases of neurological diseases such as cerebral palsy, Parkinson's disease, multiple sclerosis, brain stroke, spinal cord injury, traumatic brain injury, and others. Additionally, people are more aware of such diseases than ever before, leading them to seek medical attention. Henceforth, boosting demand in the neurorehabilitation devices market.
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Moreover, rising prevalence of movement-related neurological disabilities, which need sophisticated neurorehabilitation devices is another factor augmenting the demand in the market. Subsequently, increasing investments and funds for developing new technological solutions in several healthcare organizations to cure neurological disorders will also boost the demand. In addition, authorities have eased the regulatory hurdles for neurological devices, which is expected to further help growth in this market.
Key Takeaways:
- Based on product type, brain computer interface segment accounts for almost one-fourth of the global market share for the neurorehabilitation devices market.
- Nearly 45% of neurorehabilitation devices market sales to be contributed by neurorobotic systems.
- Based on application, the stroke segment is anticipated to witness fastest growth in the market.
- The U.S. is expected to be the most lucrative market on the back of rising adoption of neurorehabilitation devices for neuro critical care in hospitals
- China is expected to vanguard the sales in East Asia market, with sales projected to surge at a prolific 20% CAGR over the forecast period.
Growth Drivers:
- Accelerating innovations in robotics and neurorehabilitation technology are driving growth in this market.
- Rising incidence of neurological disorders around the world is boosting demand in the neurorehabilitation devices market.
Restraints:
- Neurorehabilitation devices are expensive and have a high maintenance cost, which may restrict growth in the market.
- Lack of skilled professionals is another factor which may derail growth in the neurorehabilitation devices market.
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Competitive Landscape:
Key players in the neurorehabilitation devices market are consistently trying to improve their products and come up with new technologies to meet the increased demand. Some of the leading healthcare companies are also focused on obtaining regulatory clearances and are involved in merger and acquisition activities.
For example:
- In 2022, to enhance the creation of technologically advanced brain-computer interface solutions, Blackrock Neurotech acquired MindX. By combining its hardware DNA with MindX's software DNA, Blackrock aimed to improve its neural data analysis and offer flexibility and modification for numerous BCI applications.
Key Companies Profiled by Fact.MR
- Neofect
- AlterG, Inc.
- Eodyne
- Kinestica
- Hocoma AG
- Abbott Laboratories
- Medtronic plc
- Biometrics Ltd.
- Bioness Inc.
- BIONIK Laboratories Corp.
- Boston Scientific Corporation
- Ekso Bionics Holdings Inc.
More Valuable Insights on Neurorehabilitation Devices Market
In the latest study, Fact.MR offers a detailed study on global neurorehabilitation devices market for the forecast period of 2022 to 2026. This study also highlights key drivers promoting the sales of neurorehabilitation devices through detailed segmentation as follows:
By Product:
- Neurorobotic Systems
- Brain Computer Interface
- Wearable Devices
- Brain Stimulators
By Application:
- Stroke
- Parkinson's Disease
- Brain & Spinal Cord Injury
- Cerebral Palsy
- Multiple Sclerosis
- Others
By End User:
- Rehabilitation Centers
- Hospitals & Clinics
- Home Care
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Neurorehabilitation Devices Market Report
- What is the projected value of the neurorehabilitation devices market in 2022?
- At what rate will the global neurorehabilitation devices market grow until 2026?
- Which are the factors hampering the growth in the neurorehabilitation devices market?
- Which region is expected to lead in the global neurorehabilitation devices market during 2022-2026?
- Which are the factors driving the neurorehabilitation devices market during the forecast period?
- What is the expected market value of the neurorehabilitation devices market during the forecast period?
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