Global Neurorehabilitation Devices Market Size, Share, Industry Analysis 2023-2031

(MENAFN- Straits Research) Introduction

Neurorehabilitation devices are specialized medical devices designed to aid in recovering and rehabilitating patients who have suffered from neurological disorders or injuries. These apparatuses are utilized to augment or restore the nervous system's functional capacities, including the brain, spinal cord, and periphery. Neurological disorders and injuries have the potential to result in a range of impairments, such as irregularities in cognitive functioning, sensory perception, and motor function. Neurorehabilitation devices are commonly employed with other therapeutic modalities to address multiple facets of rehabilitation.

Market Dynamics Increasing Prevalence of Neurological Diseases Drives the Global Market

The increasing prevalence of neurological illnesses, including but not limited to migraine, dementia, Alzheimer's disease, brain tumors, and epilepsy, will stimulate market expansion. For example, recent research from the World Health Organization (WHO) indicates that around one billion people are afflicted with neurological disorders. Similarly, neurological disorders are the leading reason for disability-adjusted life years and the second leading cause of mortality globally, accounting for 9 million deaths annually, according to a study published in the Lancet in 2020.

Additionally, epilepsy is responsible for over 0.5% of the worldwide disease burden and constitutes an estimated 13 million disability-adjusted life years, per the WHO. In addition, the rising prevalence of Alzheimer's disease among the elderly is anticipated to stimulate market expansion. WHO estimates that approximately 50 million persons worldwide have dementia, with an anticipated 10 million new cases being identified annually. Thus, given the high prevalence of neurological disorders worldwide, this is anticipated to stimulate the global market for neurorehabilitation devices.

Technological Advancements Creates Tremendous Opportunities

Prominent market participants are concentrating on introducing technologically advanced products to meet the escalating demand for neurorehabilitation devices. For instance, in January 2019, Flint Rehab, a notable producer of neurorehabilitation devices, formally unveiled MiGo, the initial commercially available wearable activity tracker specifically engineered for stroke survivors.

MiGo is a device that tracks movement patterns and locomotion in the upper extremities of patients diagnosed with stroke. The device is equipped with a smartphone app that provides motivational support via digital coaching, formulating progressive goals, and social networking with individuals who have also experienced a stroke. These developments are anticipated to generate opportunities to expand the market.

Regional Analysis

North America is the most significant global neurorehabilitation devices market shareholder and is expected to expand substantially during the forecast period. The market for neurorehabilitation devices in North America is anticipated to expand for various reasons, including the prevalence of neurological disorders and an increase in government initiatives favorable to patients. Similarly, the market for neurorehabilitation devices in North America is anticipated to experience favorable effects due to the rise in product launches, approvals, and demand. For instance, in April 2021, marketing authorization was granted by the U.S. FDA for an innovative device intended to support muscle re-education and enhance range of motion in stroke rehabilitation patients who are 18 years of age or older.

Additionally, the region provides substantial funding for the R&D of novel neurorehabilitation devices. An example of this can be seen in August 2022, when the health technology company Neurofenix, based in the United Kingdom, successfully obtained a EUR 7 million capital investment. Utilizing this funding, the organization intends to initiate clinical trials in the United States and broaden its product line. Increased patient engagement and support are evident as the startup implements an innovative, patient-centered strategy for recovery and at-home neurorehabilitation therapy. These elements are fostering the expansion of the regional market.

Key Highlights

• The global neurorehabilitation devices market was valued at USD 1,084.25 million in 2022. It is estimated to reach USD 3,309.38 million by 2031, growing at a CAGR of 13.2% during the forecast period (2023–2031).
• Based on product, the global neurorehabilitation devices market is divided into neurorobotics, brain-computer interface, wearable devices, non-invasive stimulators, and others.
  The neurorobotics segment dominates the global market and is expected to expand substantially over the forecast period.
• Based on application, the global neurorehabilitation devices market is bifurcated into stroke, Parkinson's disease, multiple sclerosis, cerebral palsy, and others.
  The stroke segment is the highest contributor to the market and is expected to expand significantly over the forecast period.
• Based on end-users, the global neurorehabilitation devices market is divided into rehabilitation centers, hospitals and clinics, home care, and others hospitals and clinics segment owns the highest market share and is expected to expand substantially throughout the forecast period.
• North America is the most significant global neurorehabilitation devices market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

Bioventus

Ectron

Hocoma

Tyromotion Inc.

Biometrics Ltd.

DIH

Medtronic

Bionik Laboratories Corp. (BNKL)

BioXtreme Ltd.

Kinestica

Kinova Inc.

Ekso Bionics

Neuro Rehab VR

Saebo, Inc.

Abbott

Recent Developments

Recent Developments

• October 2023- MedRhythms, a company headquartered in the United States, declared its neurorehabilitation system InTandem prescription-only, accessible to individuals afflicted with chronic walking impairments caused by stroke.
• August 2023- ReWalk Robotics Ltd. ("ReWalk"), a prominent supplier of cutting-edge technologies that facilitate mobility and well-being for individuals with neurological disorders during rehabilitation and daily life, announced the completion of a final agreement to acquire AlterG, Inc. ("AlterG"), a pioneering provider of Anti-Gravity systems utilized in physical and neurological rehabilitation.

Segmentation

By Product

Neurorobotics

Brain-Computer Interface

Wearable Devices

Non-Invasive Stimulators

Others

By Applications

Stroke

Parkinson's Disease

Multiple Sclerosis

Cerebral Palsy

Others

By End-User

Rehabilitation Centers

Hospitals and Clinics

Home Care

Others

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