Rising Demand For Products To Treat Traumatic Brain Injuries, The Presence Of Key Players, Growing Research Activities, And Rising Investments By Key Players Driving The Market Growth In North America.
Rising Demand For Products To Treat Traumatic Brain Injuries, The Presence Of Key Players, Growing Research Activities, And Rising Investments By Key Players Driving The Market Growth In North America.
According to Fact.MR, a market research and competitive intelligence provider, global sales of neurorehabilitation devices are expected to increase at a stupendous CAGR of 15% from 2022 to 2026.
Worldwide demand for neurorehabilitation devices is expected to rise at a prolific CAGR of 15% from 2022 to 2026. At present, the global neurorehabilitation devices market is valued at US$ 1.3 billion and is anticipated to reach a market valuation of US$ 2.3 billion by 2026.
Demand for neurorobotic systems is expected to balloon at 16% CAGR over the forecast period. People who are physically weak or have experienced trauma receive body assistance from neurorobotic systems. The high availability and increasing efforts by producers to create innovative systems and platforms are major factors driving the sales of neurorobotic systems.
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The major factors contributing to the growth of this industry are increasing incidences of neurological disorders, increasing awareness among the care providers and patients, and an upsurge in the target patient population (majorly elderly people) across the world.
The growth in the geriatric population worldwide has resulted in an increased prevalence of age-related neurological disorders, thereby resulting in an increasing prevalence of movement disabilities. This in turn would lead to increased demand for the appropriate and efficient neuro-rehab devices and services.
Key Takeaways From Market Study-
- The China neurorehabilitation devices market is expected to surge ahead at a CAGR of 20% from 2022 to 2026.
- Based on product, the neurorehabilitation devices market is classified into neurorobotic systems, brain computer interface, wearable devices, and brain stimulators. Neurorobotic systems account for 45% share of the global market.
- The neurorehabilitation devices market is segmented into the stroke, Parkinson’s disease, brain & spinal cord injury, cerebral palsy, multiple sclerosis, and others based on the application.
Analysts’ Viewpoint
Gamifying rehabilitation for stroke survivors with the help of VR has set the benchmark for innovation in the neurorehabilitation devices market. Neurorobotic systems and non-invasive brain stimulation have helped to enhance the quality and intensity of neurorehabilitation. Non-invasive brain stimulation is being combined with advanced technologies, such as functional MRI and near infrared spectroscopy, to treat neurological disorders.
Electric stimulation is acquiring popularity to restore lost functionality due to spinal cord injuries. However, physiological stimulus is lost after injury, which poses as a hurdle for healthcare companies. Hence, companies should innovate in the new multi-electrode stimulation technology to make the injured spinal cord more responsive to weak incoming messages coming from the brain.
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Impact Of Covid-19 On Neurorehabilitation Market
“New Market Entrants Focusing on R&D Initiatives for Advancements in Products”
Emerging market players are concentrating on research and development operations, which is enabling them to improve their products and give end customers greater convenience. These initiatives aid in enhancing their market growth potential.
To produce encouraging outcomes in stroke rehabilitation, new industry entrants in the neurorehabilitation devices market should work with neuroscientists.
- Synchron, a start-up based in the U.S., developed an endovascular brain implant called Stentrode, which enhances functional independence by enabling patients to wirelessly control digital devices with their thoughts. A motor neuroprosthesis (MNP), also known as a motor BCI, is the core component of Synchron’s technology and is implanted via the jugular vein utilizing neurointerventional procedures frequently used to treat stroke. This procedure does not involve opening the skull or performing open brain surgery. The system is intended for those with paralysis brought on by a variety of illnesses. It is made to be dependable and user-friendly for patients to utilize on their own.
Competitive Landscape
Key players in the global neurorehabilitation devices market are focused on obtaining regulatory clearances, developing technologically advanced products, introducing new products, and partnering with and acquiring other businesses.
For instance:
- 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.
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Key Segments in Neurorehabilitation Devices Industry Research
- 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
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global neurorehabilitation market along with the current trends and future estimations to explain the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the neurorehabilitation market growth is provided in the report.
- Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing neurorehabilitation market opportunities.
- Extensive analysis of the key segments of the industry helps to understand the application and products of neurorehabilitation used across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the neurorehabilitation market.
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Neurointerventional Devices Market - Rising geriatric population is also expected to fuel demand for neurointerventional devices. Increasing scope of application in the healthcare industry will be favorable for neurointerventional device manufacturers over the coming years.
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