Wilmington, Delaware, United States, July 06, 2023 (GLOBE NEWSWIRE) -- The global wearable neurorehabilitation devices market was valued at US$ 552.8 Mn in 2022. The market was projected to advance at a CAGR of 13.7% from 2023 to 2031 to reach US$ 1.7 Bn by 2031.
Rise in usage of non-invasive brain stimulation tools for the treatment of (symptoms after) traumatic brain injury (TBI) is expected to bolster the market size. Rapid development of non-invasive wearable sensors that are used in epilepsy monitoring is anticipated to strengthen the market size.
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Advancements in wearable technology, such as range of sensors, is expected to augment the market size in the near future. Rapid incorporation of novel pressure sensors for state-of-the-art wearable neurorehabilitation devices is likely to propel the market. Increase in adoption of these devices for gait-training people with Parkinson’s disease presents significant opportunities for market players.
Key Findings of Study
Significant Usage of Wearable Neurorehabilitation Devices in Hospital Settings
Based on end-user, the hospitals/clinics segment accounted for the major market share in 2022. Significant demand for neurological treatments in hospitals/clinics is anticipated to propel the segment. Rise in usage of advanced wearable neurorehabilitation devices in hospital settings for the treatment of patients after stroke is expected to augment the segment in the near future. Rehabilitation centers accounted for the second leading market share in the same year. Increase in number of these centers in developing countries is anticipated to fuel the market in these regions. Surge in incidence of sports-related incidents and motor vehicle accidents is likely to bolster the rehabilitation centers segment.
Rapid Adoption of Wearable Technology in Stroke Rehabilitation Applications
Significant usage of wearable sensors in stroke rehabilitation research is paving the way to improved wearable neurorehabilitation devices. Rise in number of patients who seek specialized healthcare services for rehabilitation after stroke is broadening the market outlook. Introduction of compact and energy-efficient wearable devices used in the treatment of stroke patients is expected to create lucrative opportunities for medtech companies operating in the wearable neurorehabilitation devices market. Focus on personalized treatments and home-based rehabilitative training for stroke patients is likely to accelerate the segment growth in the next few years.
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Key Growth Drivers of Wearable Neurorehabilitation Devices Market
- High prevalence of stroke and Parkinson’s diseases is a key driver of the global wearable neurorehabilitation devices industry. Stroke is key cause of disability in affected individuals. Traumatic brain injury (TBI) is also a key cause of death and disability in the elderly and young adults, which is expected to augment the demand for neurorehabilitation. Wearable devices are effective in neurorehabilitation of these patients.
- Increase in product launches and technological advancements in wearable technology are expected to propel the market
Regional Growth Dynamics
North America accounted for the leading market share in 2022. Considerable R&D activities in the diagnosis and treatment of neurodegenerative diseases is expected to fuel the market development in the region. Rise in incidence of stroke in the U.S. and Canada is expected to create substantial revenue opportunities for companies in the market in North America. Surge in the demand for rehabilitation therapies at hospitals and rehabilitation centers in recent years has boosted market growth. Favorable reimbursement scenario in the region is anticipated to spur market growth.
Competition Landscape
Prominent companies in the wearable neurorehabilitation devices market are Cadence Biomedical, Flint Rehab, Ekso Bionics Holdings, Inc., Myomo Inc., and Rewalk Robotics. Leading players are focusing on development of wearable neurorehabilitation devices with improved patient comfort and ease of use in order to stay ahead of competitors.
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Segmentation
The wearable neurorehabilitation devices market is segmented based on
Application
- Stroke
- Spinal Cord Injury
- Cerebral Palsy
- Others (Parkinson’s Disease, Brachial Plexus Injury, and Multiple Sclerosis)
End-user
- Hospitals/Clinics
- Rehabilitation Centers
- Others (Academic & Research Institute and Home Settings)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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