Zion Market Research has published a new report titled “Neurorehabilitation Devices Market by Product Type (Neuro-Robotic Devices, Non-Invasive Stimulators, Wearable Devices, and Brain-Computer Interface), by Application (Parkinson’s Disease, Brain Trauma Injury, Spinal Cord Injury, Stroke, Schizophrenia, Cerebral Palsy, and Others), and by End-User (Hospitals/Clinics, Cognitive Care Centers, Research Institutes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024” According to the report, the global neurorehabilitation devices market was valued at approximately USD 1.2 billion in 2017 and is expected to generate revenue of around USD 3.2 billion by end of 2024, growing at a CAGR of around 15.3% between 2018 and 2024.
Neurorehabilitation devices are one of the therapeutic devices used in rehabilitation programs. Neurorehabilitation devices are used for patients suffering from neurological or central nervous system related damages and have lost the ability to perform routine activities due to injuries and diseases, such as traumatic brain injury, multiple sclerosis, epilepsy, Parkinson’s disease, brain tumor, and stroke, among others. The focus of neurorehabilitation is to improve the functioning of the nervous system or to look for new ways to achieve normal function.
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The major driver for the global neurorehabilitation devices market is increasing the prevalence of neurological disorders worldwide. Additionally, the growing geriatric population, surge in neurorehabilitation wearables and robotics, a significant rise in neurological diseases, and technological advancements in the neurorehabilitation devices are likely to drive the neurorehabilitation devices market during the forecast time period. However, high prices of the neurorehabilitation devices might hinder the market growth in the future. Additionally, the absence of personalized home care neurorehabilitation devices, insufficient disposable income in developing economies, and inaccessibility of skilled specialists to handle these devices might hamper the market growth. But, growing geriatric population and the prevalence of neurological disorders are projected to increase the demand for neurorehabilitation devices market in the upcoming years.
The neurorehabilitation devices market is segmented on the basis of product type into neuro-robotic devices, non-invasive stimulators, wearable devices, and brain-computer interface. The neuro-robotics segment was the largest segment of the global neurorehabilitation devices market in 2016, due to the advancements in robotics technology and its combination with neuroscience leading to the emergence of next-generation rehabilitation techniques. By application, the neurorehabilitation devices market is segmented into Parkinson’s disease, brain trauma injury, spinal cord injury, stroke, schizophrenia, cerebral palsy, and others. By end-user, the neurorehabilitation devices market is segmented into hospitals/clinics, research institutes, cognitive care centers, and others.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the key regional segments of the global neurorehabilitation devices market. North America is projected to dominate the global neurorehabilitation devices market. Rising geriatric population, growing incidences of Alzheimer’s and Parkinson’s disease, and federal governments funding, and the initiatives taken by the Senate of Canada are the key factors contributing toward the growth of this regional market. European neurorehabilitation devices market also has vast potential for expansion, due to the growing product awareness among the patients. The Asia Pacific is also likely to expand at a high rate, owing to awareness related to neurological disorders among people and the growing demand for neurorehabilitation devices across the region.
Some key players of the neurorehabilitation devices market are Hocoma AG, Medtronic, Bionik Labs, St. Jude Medical Inc., Denecor, Bioxtreme, Ectron Ltd., MagVenture A/S, Helius Medical Technologies, Ekso Bionics, Rehabtronics Inc., Rehab-Robotics Company Limited, Neuro Style, and Tyromotion, among others.
This report segments the global neurorehabilitation devices market as follows:
Global Neurorehabilitation Devices Market: By Product Type
Global Neurorehabilitation Devices Market: By Application
Global Neurorehabilitation Devices Market: By End-User
Global Neurorehabilitation Devices Market: By Region