Neurorehabilitation Devices Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global neurorehabilitation devices market size surpassed at US$ 1.3 Bn in 2020 and is projected to expand at a CAGR of 12.7% from 2021 to 2027. Rise in prevalence of neurological diseases has increased the patient pool undergoing interventional procedures followed by rehabilitation therapies globally, resulting in high demand for neurorehabilitation devices.

Global neurorehabilitation devices market size is projected to surpass US$ 3.5 billion by 2027.

In terms of application, the stroke and Parkinson’s disease segments accounted for major shares of the global neurorehabilitation devices market in 2020. The segments are anticipated to witness strong growth from 2021 to 2028.

The rate of incidence of neurological disorders increases with age. Currently, around 1% of the population above 60 years of age is estimated to be afflicted with Parkinson’s disease across the globe. The incidence rate increases to 5% for people above 85 years of age. Parkinson’s disease is an age-related neurodegenerative disorder that affects large number of people across the globe. It is characterized by muscle contraction, which leads to weakening of physical movement, tremors, muscle rigidity, and gait. It can affect multiple systems of the body. According to the U.S.-based Parkinson’s Foundation, around 7 million to 10 million people are afflicted with Parkinson’s disease across the globe. Around 1 million people in the U.S. suffer from the disease. Around 60,000 people in the U.S. are estimated to be diagnosed with Parkinson’s disease each year.

Rise in Prevalence of Neurological Disorders and Surge in Awareness about Usage and Benefits of Robotic Neurorehabilitation: A Key Driver

  • Rise in prevalence of neurological diseases has increased the patient pool undergoing interventional procedures followed by rehabilitation therapies globally, resulting in high demand for neurorehabilitation devices. Stroke is the leading cause of long-term disability in the U.S. Rise in prevalence of stroke across the world has increased the need of rehabilitation robotics technologies. According to the Internet Stroke Center, around 795,000 people suffer from stroke in the U.S. every year. Moreover, rise in prevalence of neuromotor disorders such as cerebral palsy, brain injury, and spinal cord injury globally drives demand for neurorobotic technologies, thereby fueling the growth of the neurorehabilitation devices market.
  • Manufacturers are making efforts to increase awareness among healthcare professionals and patients about the usage and benefits of neurorehabilitation robots. Neurorehabilitation robot manufacturers in developed countries such as the U.S. have begun to reach local communities by offering Continual Medical Education (CME) classes. This leads to increase in awareness among physicians and surgeons about the availability and usage of neurorehabilitation robots, thereby fueling the growth of the neurorehabilitation devices market.

Based on product, neurorobotic systems and brain stimulators segments are expected to grow at rapid pace during the forecast period, likely to augment the growth of the neurorehabilitation devices market. Neurorobotic systems and brain stimulators have a wide scope in the neurorehabilitation devices market. These are, however, only a fraction of the different applications being explored in universities, laboratories, and start-up companies for the neurorehabilitation devices.

Recent advancements in brain-computer interface in the field of neuroscience have been expanded in the development of sophisticated assistive technologies for disability disorders, likely to drive the neurorehabilitation devices market. This technology includes the machine (robot) interfaces of brain computer for connecting patients to computers via electrical signals. This device is primarily used to retain the motor abilities of an individual with disabilities.

The neurorehabilitation devices market is growing rapidly; however, it has few challenges/disadvantages that need to be addressed. A lot of neurorehabilitation devices have failed to address or assist the patient need as per his/her requirements. Hence, it is required to understand how living beings and machines work independently.

Focus on Geographic Expansion

  • Companies in the global neurorehabilitation devices market are increasingly turning to in-licensing and collaboration agreements to launch new products in North America and Europe. Rise in demand for technology-driven solutions, economic growth, and increase in awareness about neurological disorders present significant opportunities for players operating in the global neurorehabilitation devices market.
  • According to industry experts, high cost of neurorehabilitation devices could hamper the market growth. This is particularly true for various underdeveloped and developing countries. Prevalence of neurological disorders is high in developing regions such as Asia, Africa, Latin America, and the Middle East. Hence, growth of neurorehabilitation devices is expected to be faster in these regions. However, high cost of neurorobotic systems and wearable devices would be a deterrent for exploiting the full potential of these regions.

Long Implantation Procedure, High Cost, and Lack of Skilled Professionals to Hamper Market

  • The global neurorehabilitation devices market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the neurorehabilitation devices market, especially in the developing countries. Moreover, lack of reimbursement affects demand for neurorehabilitation devices.
  • Neurorehabilitation devices have been adopted by patients, therapists, and doctors in the last decade. However, standardization in training for product and accreditation guidelines to ensure physician competence and patience safety is still lacking. Hence, failure of neurorehabilitation devices has been observed during clinical practice, which results from product failure.

VR and FES Hold Promising Future in Wearable Devices

Since wearable technology is gaining prominence in every day-life applications, companies in the neurorehabilitation devices market are innovating in wristbands that have the potential to rehabilitate patients who have suffered from stroke. As such, wearable devices product segment of the neurorehabilitation devices market is projected for aggressive growth and the global neurorehabilitation devices market is projected to expand at a staggering CAGR of 12.5% during the forecast period.

Likewise, Facebook agreed to acquire brain-computing startup CTRL-labs that specializes in the neural interface technology and develops wristbands that delivers machine-interpretable commands. With the help of these novel wristbands, companies in the market for neurorehabilitation devices are tapping opportunities to improve recovery in patients suffering from multiple sclerosis, Parkinson’s disease, and other neurodegenerative diseases. Companies in the market for neurorehabilitation devices are also experimenting with VR systems and functional electrical stimulation (FES) to innovate in wearable technology.

Companies Combine Robotic Neurorehabilitation Devices with Non-invasive Brain Machine Interfaces

Robotic neurorehabilitation is acquiring prominence in the neurorehabilitation devices market. With the introduction of novel technologies, companies are able to enhance capabilities of robots to offer cost-effective solutions in clinical practice. However, lack of effective training modalities in these robotic devices poses as a restraint for healthcare companies in the neurorehabilitation devices market. Hence, companies are increasing their efficacy to design robotic devices with predefined training modalities depending on the appropriate control strategies.

Companies in the neurorehabilitation devices market are developing robots with passive and active training modalities where the robot is capable of imposing and modulating trajectories with respect to the patient’s intention to move. Companies in the neurorehabilitation devices market combining robot-aided neurorehabilitation with non-invasive brain machine interfaces. Robot-aided neurorehabilitation in combination with proper training regimen is also found to improve patient recovery. Companies are increasing the production of assistive controllers to aid movement in impaired limbs. Various strategies such as assist-as-needed are being widely employed to reduce patient reliance on robots to accomplish the rehabilitative task.

New Multi-electrode Stimulation Proves Efficacious in Treatment of Spinal Cord Injuries

New technologies in electrostimulation are engulfing the neurorehabilitation devices market. Researchers are increasing R&D to develop a new multi-electrode to stimulate the spinal cord in different points to improve patient quality of life. For instance, the international team of Sissa (International School for Advanced Studies), Italy, collaborated with the researchers at the University of California, Los Angeles and the University of Leeds to develop a new multi-electrode for spinal cord stimulation. Thus, companies in the market for neurorehabilitation devices should collaborate with researchers to advance in spinal cord stimulation.

The new electrode is capable of deploying diversified electric message to different fibers of the cord in a targeted and independent manner. This innovation has aided in fast recovery of voluntary limb movements. Hence, companies in the neurorehabilitation devices market are increasing their research efforts in the field of electrical stimulation to enhance recovery of motor functions.

Prominent Regions

North America held the largest share of the neurorehabilitation devices market in 2020. North America accounted for a significant share of the neurorehabilitation devices market in 2020. The market in the region is likely to grow at a rapid pace during the forecast period. The market in the region is driven by presence of key players, large number of research activities, and a highly structured healthcare industry. Increase in investment by key players in North America and rise in prevalence of neurological disorders are projected to propel the neurorehabilitation devices market in North America.

The U.S. is projected to dominate the neurorehabilitation devices market in the region during the forecast period, owing to early adoption of technologies such as Ekso Bionics Ekso GT. The country is anticipated to be the most attractive market for neurorehabilitation devices, with high attractiveness index. The neurorehabilitation devices market in the U.S. is expected to expand at a CAGR of 14% during the forecast period.

Increase in adoption of neurorehabilitation devices by hospitals, technological advancements, rise in research & development of neurorehabilitation devices for new applications, and surge in demand for rapid and safe neurorehabilitation products drive the neurorehabilitation devices market in the U.S.

Key Players

Major players operating in the neurorehabilitation devices market include Bionik Laboratories Corp., Ekso Bionics, DIH Technologies Corporation (Hocoma),Neurostyle Pte Ltd, Saebo, Inc., Neuro Device Group S.A., ReWalk Robotics, Tyromotion GmbH, Boston Scientific Corporation, DIH Technologies Corporation (Hocoma), Reha Technology AG, Medtronic plc, and MindMaze Holding SA.

Market Segmentation

By Product

  • Neurorobotic Systems
  • Wearable Devices
  • Brain-computer Interface
  • Brain Stimulators
  • Non-invasive Stimulators
  • Invasive Stimulators

By Application

  • Stroke
  • Parkinson’s Disease
  • Multiple Sclerosis
  • Cerebral Palsy
  • Brain & Spinal Cord Injury
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

 

Report Scope

The Neurorehabilitation devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Neurorehabilitation devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Neurorehabilitation devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Neurorehabilitation devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Neurorehabilitation devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Neurorehabilitation devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Neurorehabilitation devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Neurorehabilitation devices market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Neurorehabilitation devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Neurorehabilitation devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Neurorehabilitation devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Neurorehabilitation devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Neurorehabilitation devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Neurorehabilitation devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Neurorehabilitation devices market. These factors have benefited the growth of the global market for Neurorehabilitation devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Neurorehabilitation devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Neurorehabilitation devices are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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