Neurorehabilitation Device Market Size, Share, Statistics, Trends, Competitive analysis, Regional Growth from 2022 to 2030

The Global Neurorehabilitation Devices Market is expected to grow at a CAGR of around 14.8% from 2022 to 2030 and expected to reach the market value of around USD 5,492 Million by 2030.

Neurorehabilitation Devices Market Report Key Highlights
• Global neurorehabilitation devices market size was USD 1,625 million in 2021 and is expected to grow at CAGR of 14.8% from 2022 to 2030
• North America neurorehabilitation devices market is expected to lead with more than 38% market share
• The Asia-Pacific neurorehabilitation devices market is expected to grow with over 15% CAGR during the forecast period from 2022 to 2030
• According to the Pan American Health Organization (PAHO) worldwide data, 533,172 people lost their lives due to neurological disorders in 2019
• Among applications, stroke occupied more than 40% of the total market share

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The growing burden of neurological disorders is the leading aspect that is driving the neurorehabilitation devices market share. According to the Pan American Health Organization (PAHO) 2019 World Report, neurological illnesses Years of life lost due to premature mortality (YLLs) account for 7.5 million, with men accounting for 3.5 million YLLs and women accounting for 3.9 YLLs. Furthermore, according to the same data, there were more than 8.2 million years lived with disability (YLDs) in 2019 with men accounting for 3.1 million YLDs and 5.1 million YLDs for women. The growing elderly population is an important factor boosting the global neurorehabilitation devices market growth. Furthermore, growing research & development activities along with technological advancements are the two popular neurorehabilitation devices market trends that are strengthening the industry growth.

Neurorehabilitation Device Market Dynamics

Rising awareness and benefits associated with robotic neurorehabilitation devices

The surge in neurological disorders coupled with a rising patient pool followed by rehabilitation therapies results in demand for neurorehabilitation devices. Manufacturers are focusing on spreading awareness among healthcare professionals and patients about the usage and benefits associated with neurorehabilitation device robots. Neurorehabilitation robot manufacturers in developed countries such as the US have begun to reach local communities by providing Continual Medical Education (CME) classes. This resulted in rising awareness among physicians and surgeons about the availability and usage of neurorehabilitation devices thereby bolstering the neurorehabilitation devices market globally.

Market Restraints

The higher cost of the neurorehabilitation devices hinders the market growth

Lack of ease associated with usage of these devices and its unaffordability mainly in emerging economies and low-income regions such as the Middle East and Africa, and Latin America. Additionally, the unavailability of skilled specialists to handle these devices limits the growth of the global neurorehabilitation devices market value globally.

Market Opportunity

High cases of neurological disorders have assisted the market of neurorehabilitation devices market to grow to its fullest in the coming years. Rising people's awareness about the devices and investments in the healthcare industry will fuel the neurorehabilitation devices market growth. Thus regions with a higher geriatric population will give rise to immense opportunities for growth of the neurorehabilitation devices market globally. As neurorehabilitation devices reduce disability and ease the daily functioning of individuals create immense opportunities for the market to grow.

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Neurorehabilitation Devices Market Segmentation

The neurorehabilitation devices market is segmented based on products and application.

By products, the market is segmented as neurorobotics, brain-computer interfaces, wearable devices, and noninvasive stimulators. According to our neurorehabilitation devices industry analysis, it is projected that neurorobotics will record a significant share in the global market in the forecast period. Advancement in the field of technology and prominent manufacturers focusing on the development of new technological devices that are best suited for the neurorehabilitation devices market to grow to its fullest globally.

By application, the market is segmented as stroke, multiple sclerosis, Parkinson's disease, cerebral palsy, and among others. Further, by application segment, the stroke segment will record significant market revenue for the industry worldwide as per our neurorehabilitation devices market forecast.

Neurorehabilitation Devices Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the neurorehabilitation devices market industry.

North America is dominating the global neurorehabilitation devices regional market in the past and will continue its trend in the forecast period. This is due to the high prevalence of the rising geriatric population suffering from stroke, the high prevalence of Alzheimer's and Parkinson's disease, and technological advancements for the growth of the North American regional market to grow to its fullest. According to PAHO neurological conditions in the US accounted for 47.39 deaths per 100,000 in 2019.

On the other hand, Asia-Pacific regional market will gain a steady pace in the neurorehabilitation devices market in the coming years. This is achieved due to rising disabilities in the aging population and the rate of people suffering from a stroke. Further, the Asia Pacific market is expected to record the highest CAGR of around 15.5% in the forecast period. A rising patient base with neurological disorders and robust improvement in healthcare infrastructure will create lucrative opportunities for companies to enter such a lucrative market. Due to promising market potential, companies are adopting strategic initiatives to expand their operations in the Asia-Pacific neurorehabilitation devices market.

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Neurorehabilitation Devices Market Players

The global neuro-rehabilitation devices market is highly competitive in nature. The competition is marked by the implementation of sustainability strategies by prominent players such as Alter G, Bioness, Hocoma, Ekso Bionics, St Jude Medical, Instead Technologies, Meditouch, Touch Bionics, Kinova Robotics and among others, and others.

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