Neurorehabilitation Devices Market is anticipated to grow at ~15% CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Neurorehabilitation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global neurorehabilitation devices market is estimated to be over US$ 1.5 Billion in 2019. It is anticipated to grow at ~15% CAGR from 2019 to 2030.
In case of neurological disorders, there are often physical and mental limitations which require individualized concepts to enable safe and effective implementation of the training and rehabilitation programs. Wide scale adoption of robot-assisted devices is observed in neurorehabilitation for supporting and controlling the required movements to restore normal functionality of body. The latest development in robotics includes wearable robots adapted to the human body, which helps in precise adapted support for physical movements. Moreover, increasing prevalence of neurological disorder is contributing in the market growth. For instance, according to Alzheimer’s Association, by 2050 the number of people age 65 and older with Alzheimer’s dementia will grow to a projected 13.8 million. However, the lack of technicality and ease of usage of these devices along with shortage of personalized home care equipped with neurorehabilitation devices hinders the growth of neurorehabilitation devices market to a certain extent during the forecast period.
Rising geriatric population suffering with several neurological disorders is on rise which in turn is attributed to the growth of the market. The most common neurological disorders encountered in aging population are strokes, neuropathy, Alzheimer’s disease and Parkinson’s disease. For instance, according to the Parkinson’s Foundation Prevalence Project it is estimated that by 2020, around 930,000 people in the United States will be suffering with Parkinson’s disease. The number is predicted to rise to 1.2 million by 2030. Neurorehabilitation a non-pharmaceutical treatment provides training for behavioral adaptations which can assist patients to cope better with their motor and non-motor symptoms observed during Parkinson’s disease.
Several developmental strategies such as product launches, collaborations, mergers and acquisitions by key players are essentially driving the growth of neurorehabilitation devices market. For instance, in January 2020, Ectron announced partnership with MAG & More for developing strong and reliable stimulators to offer right solution for customer’s individual requirements. Similarly, Ectron in November, 2019 entered in partnership with Fesia Technology for expanding its product range by providing Fesia Walk a latest functional electrical stimulation solution for foot drop which helps the patients to improve their walking pattern. Moreover, key players are focusing on launching several novel neurorehabilitation devices. For instance in 2019, Ekso Bionics released its latest neurorehabilitation suit, the EksoNR designed primarily for helping people to recover from a stroke, by recreating the natural movement of the legs.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Neurorehabilitation Devices Market By Product Type (Neurorobotic Systems, Non-invasive Stimulators, Wearable Devices and Brain-computer Interface), By Application (Brain Stroke, Spinal Cord Injury, Parkinson’s Disease, Cerebral Palsy and Brain Trauma Injury), By End User (Hospitals/Clinics, Cognitive Care Centers and Research Institutes) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/neurorehabilitation-devices-market/250
However, partial knowledge of disability services, narrow range of physical medicines, limited rehabilitation workforce, guidelines & accreditation standards, improper coordination amongst healthcare sectors; and political commitment holds a serious concern for the growth of neurorehabilitation devices market.
Asia Pacific is estimated to account for the highest CAGR in neurorehabilitation devices market over forecast period. Extensive research & development and collaborations by key players in this region is attributed to the market growth. For instance, in January 2019, Ekso Bionics Holdings, Inc. and Zhejiang Youchuang Venture Capital Investment Co., Ltd (ZYVC) announced $100 Million Joint Venture for development and selling of exoskeleton products in China, Hong Kong, Singapore, and Malaysia.
Some prominent players in the neurorehabilitation devices market include Medtronic, Ectron, Abbott, Boston Scientific Corporation, Ekso Bionics, MagVenture, Inc., Hocoma, Neuro Style, Neofect, and Tyromotion GmbH among others.
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