(MENAFN- GlobeNewsWire - Nasdaq) Houston, TX, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2022 global neurorehabilitation devices market will reach USD 5.67 billion in 2032. Ageing causes shrinkage and dysfunction in the brain, causing people to lose mental and physical abilities. The chances of arthritis increase with age. As a result, neurological problems and neurodegenerative diseases will increase due to an ageing population. The world is extremely busy and competitive, causing severe stress in the population and emerging as a major contributor to brain tumours, traumatic brain injury, etc. Moreover, the market will be brain-computer interface development, and improvements that allow seamless data flow are treatment options.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 2 Billion |
| Market Size in 2032 | USD 5.67 Billion |
| CAGR | 11% |
| No. of Pages in Report | 236 |
| Segments Covered | Product Type, Application and End-User |
| Drivers | The increasing incidence of neurological disorders |
| Opportunities | The increasing research and development |
| Restraints | The high cost of neurorehabilitation devices |
Key Insight of the Global Neurorehabilitation Devices Market
North America is expected to dominate the market during the forecast period.
Given the rising prevalence of Parkinson's disease, brain and spinal cord injuries, the presence of large market participants encourages research, development, and creation of new products that meet the growing need for neurorehabilitation equipment. The availability of cutting-edge technology, well-established biotechnology and pharmaceutical infrastructure further expands the market. The government's growing amount of money on enhancing the healthcare industry will also help the market expand. The industry will benefit from the availability of rehabilitation facilities that provide neurorehabilitation therapies and programmes throughout the region.
In 2022, the non-invasive stimulation segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
The product type segment is divided into neuro-robotic devices, brain-computer interfaces, non-invasive stimulators, and wearable devices. In 2022, the non-invasive stimulation segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
In 2022, the brain stroke segment dominated the market with the largest market share of 39% and revenue of 0.78 billion.
The application segment is divided into brain stroke, multiple sclerosis, traumatic brain injury, Parkinson's disease, spinal cord injury, cerebral palsy, and others. In 2022, the brain stroke segment dominated the market with the largest market share of 39% and revenue of 0.78 billion.
In 2022, the rehabilitation centres segment dominated the market with the largest market share of 43% and revenue of 0.86 billion.
The end-user segment is divided into hospitals, clinics and rehabilitation centres. In 2022, the rehabilitation centres segment dominated the market with the largest market share of 43% and revenue of 0.86 billion.
Advancement in market
February 2022 - MindMaze, a company primarily using gamified software to treat neurological disorders and injuries, raised USD 105 million in fresh funding. Concord Health Partners, a private equity firm focused on healthcare, led the financing round. Hambro Perks and AlbaCore Capital Group, previous investors, also contributed. The cash will be used by MindMaze, which has offices in Lausanne, Switzerland, London, and Baltimore, to support important business initiatives. Product development, the creation of clinical evidence, business expansion, and strategic alliances between devices and products are a few of these. Consolidating and expanding the clinical and commercial pipeline will be the priority worldwide.
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Market Dynamics
Driver: the rising prevalence of neurological conditions.
Parkinson's disease, dementia, stroke, and other neurological illnesses are rising due to the ageing population. The number of infants born with congenital neurological disorders has also increased. The increased number of individuals with neurological problems is also a result of the increasing frequency of accidents and traumas. War, migration-related mental health issues, challenges, poverty, and other factors also seriously harm brain development. Other environmental and lifestyle factors, such as substance addiction and growing pollution levels, are driving up the prevalence of neurological problems in otherwise healthy people. Therefore, the expansion of the global market for neurorehabilitation devices will be fueled by the rising number of people who have neurological problems.
Restraints: The high price of neurorehabilitation devices.
Neurorehabilitation equipment utilizes the latest cutting-edge hardware, software, and systems. They use cutting-edge technologies like robotics and neural networks to enable efficient neurorehabilitation. These gadgets require expensive research, development, and production processes. These devices are expensive and hence inaccessible to a sizable portion of the world's population due to a lack of insurance coverage or government support. Thus, the high price of neurorehabilitation equipment will restrain the market's expansion.
Opportunities: increased investment in research & development.
There have been substantial scientific advances due to greater research into the neurological system, particularly the functioning of the brain, which has led to the creation of new gadgets that are more efficient at assisting rehabilitation processes. The market will benefit from the government and commercial sectors boosting their financing for such research. Therefore, the market's expansion throughout the forecast period will be driven by research and development of novel technologies for improving neurorehabilitation.
Challenges: the lack of skilled professionals.
Neurorehabilitation is a scientific process with evidence-based practices that are taught to medical professionals in the industry. The whole process requires qualified and trained personnel. The sophistication of the devices also means the professional is equipped with the knowledge to operate them. The mental exhaustion and other problems that come with time-consuming neurorehabilitation for the patients also require a skilled professional to handle them. Therefore, given the demanding nature of the job, the lack of skilled professionals will challenge the market'' growth.
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Some of the major players operating in the global neurorehabilitation devices market are:
. Abbott Laboratories
. Bionik Laboratories Corp.
. BioScience Managers Ltd
. Bioventus
. Ectron Ltd.
. Ekso Bionics Holdings, Inc.
. Hocoma AG
. Neofect
. Reha Technology AG
. REHABTRONICS INC
Key Segments cover in the market:
By Product Type
. Neuro-Robotic Devices
. Brain-Computer Interface
. Non-Invasive Stimulators
. Wearable Devices
By Application
. Brain Stroke
. Multiple Sclerosis
. Traumatic Brain Injury
. Parkinson's Disease
. Spinal Cord Injury
. Cerebral Palsy
. Others
By End-User
. Hospitals
. Clinics
. Rehabilitation Centres
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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