Neurorehabilitation Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2729
Neurorehabilitation Devices Market size is projected to experience significant growth from 2018 to 2024.
Neurorehabilitation devices market size should witness significant growth due to increasing prevalence of neurological disorders. Increasing prevalence of neurological conditions including stroke, Parkinson’s disease, and multiple sclerosis may lead to movement disabilities in patients. WHO has estimated that the number of patients with neurological diseases will rise from 95 million in 2015 to 103 million in 2030.
Increasing geriatric population across the globe will serve to be a high impact rendering factor for the market. As per United Nations, the number of people aged 60 years or over will increase form 901 million to 1.4 billion 2015 to 2030. As the geriatric people are prone to the neurological diseases, increasing life expectancy, and absolute number of geriatric people will drive the neurorehabilitation devices market growth over the forecast timeframe.
Neurorehabilitation therapy has undergone notable change over the last two decades due to incorporation of computer and robotic electronic devices. New and advanced rehabilitation orthotic devices are being designed to support patients’ movement. Robot for upper limb training, apparatus for transcranial magnetic stimulation, brain computer interfaces are some technological advances that is expected to drive neurorehabilitation devices industry growth. However, lack of skilled and trained professionals for providing neurorehabilitation therapies acting as major barrier should hamper business growth.
Brain computer interface product segment should witness robust growth. This technology enables transformation of thoughts of patients into robotic device or neuro prosthetic arm’s movement. Brain computer interface technology used for rehabilitation and restoration of brain stroke, disability, and psychological disorders will boost market growth.
Stroke application segment will grow due to the high prevalence of stroke across the globe. As reported by Stroke Association, stroke is the second most common cause of death across the globe that causes 6.7 million deaths every year. It is a serious medical condition caused by the obstruction in blood flow to the brain that may affect person’s ability to speak, may cause paralysis and memory loss. Researcher striving to develop an effective measure for the rehabilitation of such patients should foster market growth over the forecast timeline.
U.S. neurorehabilitation devices market will witness substantial growth over the forecast timeframe due to the favorable demographic trends and high prevalence of neurological disorders. The total medical cost of stroke alone in U.S was USD 75.2 billion in 2013. Aging population of the country will further escalate the burden of neurological diseases over the forecast period. Additionally, developed healthcare infrastructure and presence of organizations such as American Society of Neurorehabilitation working for better rehabilitation of disabled patients will influence the regional growth.
China neurorehabilitation devices market should grow lucratively owing to increasing number of stroke incidence. In China, stroke is the leading cause of disabilities and every year around 2,000,000 people suffered from first stroke. Furthermore, population of china is aging rapidly and prevalence of self-reported stroke in individual aged over 65 years is significantly high. Aging population coupled with high prevalence of neurological diseases will propel Chinese neurorehabilitation market growth over forecast period.
Some of the industry players include, Alter G, Bioness, Hocoma, Ekso Bionics, St Jude Medical, Instead Technologies, Meditouch, Touch Bionics, Kinova Robotics. Market players are adopting new product launch and strategic partnerships as a growth strategy to garner greater market share. For instance, In May 2017, Bioness entered into partnership with Ottobock, a German based firm. The partnership expanded bionics offering in UK, Norway, Switzerland, India and Turkey.
Neurorehabilitation devices market by product, 2013-2024 (USD Million)
- Brain computer interface
- Neurorobotic system
- Non-invasive stimulators
- Wearable devices
Neurorehabilitation devices market by application, 2013-2024 (USD Million)
- Traumatic brain injury
- Spinal cord injury
- Parkinson’s disease
- Cerebral palsy
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Alter G
- Ekso Bionics
- Instead Technologies
- Kinova Robotics
- St Jude Medical
- Touch Bionics
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