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Neurorehabilitation Industry to Grow $2.45 Billion
Asia-Pacific offers profitable opportunities for key players operating in the neurorehabilitation market, hence is expected to register the fastest growth rate.
PORTLAND, OREGON, UNITED STATES, November 9, 2023 /EINPresswire / -- Allied Market Research recently released a comprehensive report titled "Neurorehabilitation Market ," providing a thorough analysis of the industry landscape. The report categorizes the market by type into Neuro-Robotic Devices, Non-Invasive Stimulators, and Brain-Computer Interfaces. Additionally, it examines various applications such as Brain Stroke, Parkinson's Disease, Multiple Sclerosis, Spinal Cord Injury, Traumatic Brain Injury, Cerebral Palsy, among others.
The global neurorehabilitation market demonstrated significant growth, with a reported size of $1.09 billion in 2020. Projections indicate a robust expansion, anticipating a market value of $2.45 billion by 2030. This trajectory reflects a Compound Annual Growth Rate (CAGR) of 8.35% from 2021 to 2030.
The report outlines the market's end-user segmentation, encompassing Rehabilitation Centers, Hospitals, and Clinics. This strategic breakdown enhances the understanding of the market dynamics and potential areas of investment. The findings underscore the increasing demand for neurorehabilitation solutions and the evolving landscape of healthcare interventions.
As industries continue to prioritize advancements in medical technologies, the neurorehabilitation market stands as a focal point for innovation and investment opportunities. This detailed analysis by Allied Market Research provides valuable insights for stakeholders, investors, and decision-makers navigating the evolving dynamics of the neurorehabilitation sector.
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Major market players
Bionik Laboratories Corp.
Bioventus (Bioness Inc.)
BioScience Managers Ltd (Rex Bionics Ltd)
Ekso Bionics Holdings, Inc.
DIH (Hocoma AG)
Neofect
Eodyne
Reha Technology AG
Neuro Rehab VR
ReWalk Robotics Ltd.
The global neurorehabilitation market is propelled by several key drivers, contributing to its substantial growth. The escalating prevalence of neurological diseases is a primary factor underscoring the increasing demand for neurorehabilitation solutions. Furthermore, the continuous influx of product approvals by regulatory authorities serves as a catalyst for market expansion, instilling confidence in both healthcare professionals and consumers.
Despite these positive factors, the market encounters a notable restraint in the form of the high cost associated with neurorehabilitation devices. This financial barrier poses a challenge to widespread adoption and limits accessibility, thereby impeding the overall growth trajectory of the market.
Covid-19 scenario:
The onset of the Covid-19 pandemic introduced unprecedented challenges to the healthcare sector, significantly impacting the workflow within neurorehabilitation units. The need to redirect resources and infrastructure to address the surge in Covid-19 cases led to a reduction in the number of available beds in neurorehabilitation units. This shift was imperative to accommodate the escalating demand for intensive care facilities and the unique requirements of patients afflicted by the novel coronavirus.
In response to the evolving circumstances, in-patient neurorehabilitation underwent a strategic transformation. The focus shifted towards prioritizing patients with post-acute disabilities and degenerative diseases, aligning with the imperative to manage resources efficiently during the pandemic. This prioritization aimed to ensure that individuals requiring critical neurorehabilitation interventions continued to receive necessary care while adapting to the limitations imposed by the ongoing public health crisis.
The constraints on in-patient neurorehabilitation services underscore the adaptability and resilience of the healthcare sector in navigating unforeseen challenges. The realignment of priorities and resources reflects a concerted effort to balance the diverse and pressing healthcare needs arising from both neurological conditions and the pandemic.
As the global healthcare landscape continues to respond dynamically to the evolving impact of Covid-19, neurorehabilitation units and practitioners remain integral components of the broader healthcare ecosystem. The strategic adjustments made during the pandemic serve as a testament to the sector's commitment to maintaining essential services while effectively managing public health crises. Moving forward, the lessons learned from this period are likely to inform future strategies, ensuring a more robust and adaptable healthcare infrastructure capable of addressing multifaceted challenges.
The non-invasive stimulators segment dominated the market
In the intricate landscape of the neurorehabilitation market, the non-invasive stimulators segment emerged as the dominant force in 2020, commanding nearly half of the global market share. This segment's prominence is further underscored by its projected trajectory, anticipating the highest Compound Annual Growth Rate (CAGR) of 8.77% during the forecast period. The ascendancy of non-invasive stimulators can be attributed to a confluence of factors, including the relentless surge in technological advancements and an escalating demand for non-invasive techniques within the neurorehabilitation domain.
The robust growth of this segment is indicative of the industry's responsiveness to evolving technologies and the increasing preference for interventions that minimize invasiveness. As the neurorehabilitation landscape continues to witness innovations, non-invasive stimulators stand at the forefront, offering effective and patient-friendly solutions.
While the non-invasive stimulators segment takes center stage, the comprehensive report extends its purview to include a meticulous analysis of other pivotal segments, namely neuro-robotic devices and brain-computer interfaces. This holistic approach ensures a nuanced understanding of the market dynamics, fostering informed decision-making for stakeholders and industry players alike.
As the neurorehabilitation market evolves, the dominance of the non-invasive stimulators segment not only reflects current trends but also serves as a barometer for the industry's trajectory. The confluence of technological advancements and a growing preference for non-invasive methodologies positions this segment as a focal point for innovation and investment in the pursuit of enhanced patient outcomes and therapeutic efficacy.
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North America to hold the largest share
Geographical dynamics play a pivotal role in shaping the contours of the global neurorehabilitation market, and in 2020, North America emerged as the leading force, claiming more than two-fifths of the market share. This regional dominance is underpinned by a surge in investments fueling Research and Development (R&D) activities and the strategic expansion of neurorehabilitation device companies across the North American landscape. The commitment to innovation and geographic reach has positioned North America as a key player in steering the trajectory of the neurorehabilitation market.
In contrast, the Asia-Pacific region is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 9.53% from 2021 to 2027. This projection reflects a burgeoning demand for neurorehabilitation solutions in the Asia-Pacific region and a recognition of the transformative potential these technologies hold. As the market in this region undergoes rapid expansion, it signifies a fertile ground for opportunities, drawing attention from industry players, investors, and stakeholders alike.
The contrasting dynamics between North America's established market dominance and Asia-Pacific's exponential growth highlight the global nature of the neurorehabilitation landscape. While North America remains a stronghold for industry leaders, the Asia-Pacific region presents a compelling narrative of untapped potential and emerging opportunities.
As the neurorehabilitation market continues to evolve, stakeholders and decision-makers must navigate these regional nuances to capitalize on the diverse prospects each geography offers. The interplay between established markets and burgeoning regions underscores the global significance of neurorehabilitation and the imperative for strategic insights to drive sustainable growth across continents.
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