May 17, 2024

Neurorehabilitation Devices Market driven by Rising Cases of Neurological Disorders

Neurorehabilitation devices are used to help patients recover neurological functions that are impaired due to injury, stroke, or other medical condition. These devices help restore motor and cognitive functions through intensive training programs and assistive technologies. With technology advancements, neurorehabilitation devices now offer better comfort, control, and engagement for patients undergoing therapy. Some commonly used neurorehabilitation devices include cerebral stroke rehabilitation equipment, brain injury rehabilitation equipment, spinal cord injury rehabilitation equipment, neurological impairment treatment systems, and parallel bars. The global neurorehabilitation devices market is expected to exhibit significant growth over the forecast period owing to the rising prevalence of neurological disorders such as Parkinson’s disease, Alzheimer’s disease, cerebral palsy, and traumatic brain injury.

The global Neurorehabilitation Devices Market is estimated to be valued at US$ 1.48 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The adoption of robot-assisted therapy is growing rapidly in the neurorehabilitation devices market. Robots aid therapists in delivering effective, consistent, and repetitive therapy to patients. Some robotic devices can understand patient performance and adjust the challenge level and guidance accordingly. This aids in faster recovery and helps patients stay motivated during the rehabilitation process. With miniaturization of technologies, robotic devices are becoming more compact and portable for home-based therapy. This shift from clinician-dependent to self-administered therapy is a major trend in the market.

Porter’s Analysis

Threat of new entrants: The neurorehabilitation devices market requires high R&D investments and compliance with regulations which poses barriers for new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of products however large healthcare providers and institutions wield significant bargaining power.

Bargaining power of suppliers: The market has a concentration of suppliers with specialized components and technologies used in manufacturing neurorehabilitation devices giving them moderate bargaining power.

Threat of new substitutes: Limited substitute options exist for specialized neurorehabilitation therapies and devices.

Competitive rivalry: The market has presence of global as well as regional players with focus on innovative product launches and geographic expansion increasing competition.

Key Takeaways

The global Neurorehabilitation Devices Market is expected to witness high growth. The market size for 2024 is US$ 1.48 Bn registering a CAGR of 13% during the forecast period of 2023 to 2030.

Regional analysis: North America dominates the global market currently due to presence of advanced healthcare infrastructure and favorable reimbursement policies for neurorehabilitation therapies. Asia Pacific is expected to witness fastest growth during the forecast periodled by increasing healthcare investments, rising neurological disorders and expanding medical tourism in the region.

Key players: Key players operating in the Neurorehabilitation Devices market are Neofect, Boston Scientific Corporation, AlterG Inc., Eodyne, Medtronic plc, Biometrics Ltd., Bioness Inc., Kinestica, Hocoma AG, BIONIK Laboratories Corp., Ekso Bionics Holdings Inc., Abbott Laboratories. Players are focusing on technology advancements, geographic expansion and strategic collaborations for business growth.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it