Neurorehabilitation Devices Market: Introduction
Transparency Market Research has published a new report titled, “neurorehabilitation devices market”. According to the report, the global neurorehabilitation devices market was valued at US$ 1.12 Bn in 2018 and is projected to expand at a CAGR of 12.5% from 2019 to 2027. Rise in prevalence of neurological diseases has increased the patient pool undergoing interventional procedures followed by rehabilitation therapies globally, resulting in high demand for neurorehabilitation devices.
In terms of application, the stroke and Parkinson’s disease segments accounted for major shares of the global neurorehabilitation devices market in 2018. The segments are anticipated to witness strong growth from 2019 to 2027.
The rate of incidence of neurological disorders increases with age. Currently, around 1% of the population above 60 years of age is estimated to be afflicted with Parkinson’s disease across the globe. The incidence rate increases to 5% for people above 85 years of age. Parkinson’s disease is an age-related neurodegenerative disorder that affects large number of people across the globe. It is characterized by muscle contraction, which leads to weakening of physical movement, tremors, muscle rigidity, and gait. It can affect multiple systems of the body. According to the U.S.-based Parkinson’s Foundation, around 7 million to 10 million people are afflicted with Parkinson’s disease across the globe. Around 1 million people in the U.S. suffer from the disease. Around 60,000 people in the U.S. are estimated to be diagnosed with Parkinson’s disease each year.
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Based on product, neurorobotic systems and brain stimulators segments are expected to grow at rapid pace during the forecast period, likely to augment the growth of the neurorehabilitation devices market. Neurorobotic systems and brain stimulators have a wide scope in the neurorehabilitation devices market. These are, however, only a fraction of the different applications being explored in universities, laboratories, and start-up companies for the neurorehabilitation devices.
Recent advancements in brain-computer interface in the field of neuroscience have been expanded in the development of sophisticated assistive technologies for disability disorders, likely to drive the neurorehabilitation devices market. This technology includes the machine (robot) interfaces of brain computer for connecting patients to computers via electrical signals. This device is primarily used to retain the motor abilities of an individual with disabilities.
The neurorehabilitation devices market is growing rapidly; however, it has few challenges/disadvantages that need to be addressed. A lot of neurorehabilitation devices have failed to address or assist the patient need as per his/her requirements. Hence, it is required to understand how living beings and machines work independently.
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Neurorehabilitation Devices Market: Prominent Regions
North America held the largest share of the neurorehabilitation devices market in 2018. North America accounted for a significant share of the neurorehabilitation devices market in 2018. The market in the region is likely to grow at a rapid pace during the forecast period. The market in the region is driven by presence of key players, large number of research activities, and a highly structured healthcare industry. Increase in investment by key players in North America and rise in prevalence of neurological disorders are projected to propel the neurorehabilitation devices market in North America.
The U.S. is projected to dominate the neurorehabilitation devices market in the region during the forecast period, owing to early adoption of technologies such as Ekso Bionics Ekso GT. The country is anticipated to be the most attractive market for neurorehabilitation devices, with high attractiveness index. The neurorehabilitation devices market in the U.S. is expected to expand at a CAGR of ~13% during the forecast period.
Increase in adoption of neurorehabilitation devices by hospitals, technological advancements, rise in research & development of neurorehabilitation devices for new applications, and surge in demand for rapid and safe neurorehabilitation products drive the neurorehabilitation devices market in the U.S.
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Neurorehabilitation Devices Market: Key Players
Key players in the neurorehabilitation devices market focus on strengthening their positions in the neurorehabilitation devices market. Players are collaborating with other companies to secure and strengthen their positions in the neurorehabilitation devices market. For instance, in January 2017, Abbott Laboratories acquired St. Jude Medical, a global medical device manufacturer, in order to expand its portfolio.
Additionally, regulatory approvals is expected to be a major trend in the next few years, leading to advancements and competition in the neurorehabilitation devices market. For Instance, in July 2017, Saebo, Inc. product, SaeboVR, a virtual ADL (activities of daily living) rehabilitation system designed to engage neurological clients in both physical and cognitive challenges involving simulated functional tasks, received the U.S. Food and Drug Administration (FDA) clearance. The SaeboVR is the world’s first FDA-approved ADL-focused virtual reality rehabilitation system, and was made available to clinicians.
Major players operating in the neurorehabilitation devices market include Bionik Laboratories Corp., Ekso Bionics, DIH Technologies Corporation (Hocoma),Neurostyle Pte Ltd, Saebo, Inc., Neuro Device Group S.A., ReWalk Robotics, Tyromotion GmbH, Boston Scientific Corporation, DIH Technologies Corporation (Hocoma), Reha Technology AG, Medtronic plc, and MindMaze Holding SA.
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