Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Neurorehabilitation Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Global Neurorehabilitation Devices Market is expected to grow at a CAGR of around 14.8% from 2020 to 2027 and reach the market value of over US$ 3,476.3 Mn by 2027.
North America is dominating the global neurorehabilitation devices regional market from the past and will continue its trend in the forecast period. This is due to the high prevalence of the rising geriatric population suffering from stroke, high prevalence of Alzheimer’s and Parkinson's disease, and technological advancements for the growth of North America regional market to grow to its fullest.
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On the other hand, Asia Pacific regional market will gain a steady pace in the neurorehabilitation devices market in the coming years. This is achieved due to rising disabilities in the ageing population and the rate of people suffering from stroke. Further, the Asia Pacific market is expected to record highest CAGR of around 15.5% in the forecast period. Rising patient base with neurological disorders and robust improvement in healthcare infrastructure will create lucrative opportunities for the companies to enter in such a lucrative market. Due to promising market potential, companies are adopting strategic initiatives to expand the operations in Asia Pacific regional market for neurorehabilitation devices market.
Market Driver
Rising awareness and benefits associated with robotic neurorehablitation devices
With surge in neurological disorders coupled with rising patient pool followed by rehabilitation therapies results in demand for neurorehabilitation devices. Manufacturers are focusing upon spreading awareness among the healthcare professionals and patients about the usage and benefits associated with neurorehabilitation devices robots. Neurorehabilitation robots manufacturers in developed countries such as the US have begun to reach local communities by providing Continual Medical Education (CME) classes. This resulted into rising awareness among the physicians and surgeons about the availability and usage of neurorehabilitation devices thereby bolstering the neurorehabilitation devices market globally.
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Market Restraints
Higher cost of the neurorehabilitation devices hinders market growth
Lack of ease of associated with usage of this devices and its unaffordability mainly in emerging economies and low income regions such as Middle East and Africa, and Latin America. Additionally, unavailability of skilled specialists to handle these devices limits growth of the global neurorehabilitation devices market growth globally.
Market Opportunity
High cases of neurological disorders have assisted the market of neurorehabilitation devices market to grow to its fullest in the coming years. Rising people awareness about the devices and investments in the healthcare industry fuels the market growth. Thus regions with higher geriatric population will give rise to immense opportunities for growth of the neurorehabilitation devices market globally. As neurorehabilitation devices reduces disability and ease daily functioning of individuals cerate immense opportunities for the market to grow.
Segmental Outlook
The neurorehabilitation devices market is segmented based on products and application.
By products, the market is segmented as neurorobotics, brain-computer interface, wearable devices, and noninvasive stimulators. By application, the market is segmented as stroke, multiple sclerosis, Parkinson’s disease, cerebral palsy, and among others.
Among the products, it is projected that neurorobotics will record a significant share in the global market in the forecast period. Advancement in the field of technology and prominent manufacturers focusing upon development of new technological devices that is best suited for neurorehabilitation devices market to grow to its fullest globally. Further, by application segment, stroke segment will record significant market revenue for the neurorehabilitation devices market worldwide.
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Competitive Landscape
The global Neuro-rehabilitation Devices market is highly competitive in nature. 'the competition is marked by implementation of sustainability strategies by prominent players such as Alter G, Bioness, Hocoma, Ekso Bionics, St Jude Medical, Instead Technologies, Meditouch, Touch Bionics, Kinova Robotics and among others, and among others.
Some of the key observations regarding neurorehabilitation Devices industry include:
- In January 2019, Ekso Bionics Holdings, Inc. announced expansion of its medical exoskeleton portfolio with upper extremities rehabilitation device namely, EksoUE. The study of EksoUE being integrated with a unique therapeutic neuro-animated game that is in testing for early stroke recovery. This new therapy aims to engage patients in more diverse and complex motor movements by increasing active range of motion and reducing patient fatigue.
- In December 2018, BIONIK Laboratories announced a multiyear agreement with Kindred Hospital Rehabilitation Services for multiple units of the companies InMotion Arm robotic system. As part of this agreement Kindred will start installing InMotion robots in its existing inpatient rehabilitation hospitals and similar facilities across the US with a second phase to include installation in new kindred inpatient rehabilitation hospitals and similar facilities within the next four years.
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